IoT Engineering Services Market Size Expected to Reach USD 65.02 Billion at a CAGR of 21.1%, by 2027
IoT Engineering Services Market Size – $ 15.01 billion in 2019, 21.1% CAGR, social, mobile, analytical and cloud (SMAC) technologies acceleration.
NEW YORK, NY, UNITED STATES, December 12, 2021 /EINPresswire.com/ – The growing need for improved operational efficiency and reduced system troubleshooting is driving the market for IoT engineering market.
The Global IoT Engineering Services Market Expected to reach $ 65.02 billion by 2027 The Internet of Things (IoT) is gaining popularity based on its recent advancements and increasing accessibility. The growing need to reduce system troubleshooting and improve operational efficiency, the growing requirement for risk mitigation to reduce data loss, and the growing adoption of microservices are driving the IoT engineering services market. However, managing devices across billions of connected devices presents a challenge for the market.
The growing acceptance of smart mobile devices in everyday life is encouraging engineering companies to break new ground and use technology for business. IoT-enabled products are connected to on-board technology to facilitate communication between products. Engineers make things more relevant in device development while improving the service proposition in the market. For example, thanks to improvements in IoT technology, homes or industrial facilities in remote locations can be monitored wirelessly in greater detail and with greater precision.
The main participants are Aricent, Wipro, Capgemini, IBM, TCS, Happiest Minds, Infosys, Cognizant, eInfochips and Tech Mahindra, among others.
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The impact of COVID-19:
The market faces a mixed response as part of the industry is witnessing a reduction in demand, while others are experiencing an increase. The imposition of the lockdown reduced consumer consumption, which impacted consumer analysis. The sector is experiencing a sharp drop in demand as consumer spending is limited to the essentials. Without forced locking, remote access tools are seeing an increase with video applications like zooming. Digital twins are also used to create digital representations of the end-to-end supply chain that allow customers to explore dynamic sourcing options, assess risk, and assess trade-offs to accelerate or automate. the decisions.
Other key findings from the report suggest,
• IoT enabled devices have made remote monitoring possible in healthcare and help patients stay safe and healthy, and also enable doctors to provide better care. It also increases patient engagement and physician satisfaction more easily and effectively. It also has a significant impact on reducing healthcare costs and improving treatment outcomes.
• Large companies are quickly adopting the market after realizing its advantages. For example, HCL Technologies used an IoT-based solution to enable remote monitoring of cooling installations, which improved visibility into the performance of the installed base of chillers at one of the sites of his clients. This means that the technology services company has helped its engineering customers provide better machine predictability and contain breakdowns.
• Industry 4.0 is driving the adoption of Digital Twin technology in manufacturing, healthcare, utilities, transportation and logistics, and other sectors. The growing adoption of the booming IoT engineering services market across different industries is driving its demand in the North American region.
• The Asia-Pacific region is expected to grow at a CAGR of 26.2% during the forecast period. IoT service providers are looking to expand their base in most countries in the region, due to improved infrastructure and other strategic business initiatives. The rapid growth of technological innovations and the increased use of connected devices have led organizations to invest in advanced security services.
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For the purpose of this report, reports and data have been segmented on the global IoT Engineering Services market on the basis of application type, organization size, end-users, and region:
Outlook Application Type (Revenue, USD Billion; 2017-2027)
Organization Size Outlook (Revenue, USD Billion; 2017-2027)
Small and medium-sized enterprises (SMEs)
End User Outlook (Revenue, USD Billion; 2017-2027)
Aeronautics and Defense
Transport and logistics
IT and telecom
Energy and utilities
Regional Outlook (Revenue, USD Billion; 2017-2027)
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Key Benefits of IoT Engineering Services Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the IoT engineering services industry
• Profiling of key players as well as their business insight, business strategies, agreements and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
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