IoT Engineering Services Global Market Report 2022: Ukraine-Russia War Impact

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Dec 06, 2022, 08:40 ET

NEW YORK, Dec. 6, 2022 /PRNewswire/ --

Major players in the IoT engineering services market are Tata Consultancy Services, Infosys Limited, Cognizant, Happiest Minds Technologies Limited, Capgemini SE, Wipro Limited, Cisco Systems Inc, EPAM Systems Inc, Telefonaktiebolaget LM Ericsson, Luxoft Holding Inc, Arrow Electronics, KORE Wireless, NTT Data Corporation, Nitor Infotech and Coforge Limited.

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The global IoT engineering services market is expected to grow from $20.36 billion in 2021 to $25.33 billion in 2022 at a compound annual growth rate (CAGR) of 24.42%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The IoT engineering services market is expected to reach $58.48 billion in 2026 at a compound annual growth rate (CAGR) of 23.26%.

The IoT engineering services market consists of sales of IoT engineering services by entities (organizations, sole traders, and partnerships) that are used as a communication medium between all departments of a business and help automate repetitive tasks to improve operational efficiency and productivity.IoT engineering services are employed by organizations to reduce operational and maintenance costs and improve the security of data.

IoT engineering services refer to a set of design, development, and deployment of various IoT devices to assess business performance that helps to increase the business functions.

The main services of IoT engineering services include product engineering, cloud engineering, experience engineering, analytics services, maintenance services, security engineering, and other service types.Product engineering is used in automating production to enhance efficiency, reduce product development costs, and reduce human error, device design and configuration, as well as the selection of hardware components.

Product engineering refers to the use of IoT technology to deliver operational and actionable insights to enhance product features.The various types of organizations include small enterprises, mid-size enterprises, and large enterprises.

The various types of end users include healthcare, automotive, information technology & telecom, building automation, agriculture, public utilities, retail, and other end users.

North America was the largest region in the IoT engineering services market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa

The rising demand for IoT solutions for smart manufacturing is expected to propel the IoT engineering services market going forward.Smart manufacturing refers to a broad category of manufacturing operations that are used in computer-integrated programs for design and development, and monitoring and manufacturing of easy supply chain functions.

IoT solutions are used in smart manufacturing departments of a business to automate the performance of tasks as they help in enabling and monitoring assets, managing production tasks, and providing insights into business operations.For instance, according to SaM Solutions, a Germany-based company specializing in software development, in July 2021.

The total global value of manufacturing operations integrated with IoT solutions was $3.9 trillion and is expected to reach $11.1 trillion by 2025. Companies adopt the integration of IoT solutions with manufacturing operations for automation of production lines to reduce the time and cost associated with manufacturing. Therefore, the rising demand for IoT solutions for smart manufacturing is driving the growth of the IoT engineering services market.

Technological advancement is a key trend gaining popularity in the IoT engineering services market.Major market players are concentrating their efforts on creating innovative technologies such as LoRaWAN by working on Downlink Queue Management and Network Analyzer features to strengthen their position in the market.

For instance, in January 2022, Amazon.com Inc., a USA-based technology company specializing in eCommerce, cloud computing, and artificial intelligence, introduced LoRaWAN technology integrated with new features such as real-time information that helps to join multiple IoT devices at the same time to reduce time. This technology provides Downlink Queue Management and Network Analyzer features that offer the ability to send a message to a device that is not immediately reachable and to manage and monitor communication between customers.

In October 2019, Accenture PLC, an Ireland-based technology company specializing in information technology and consulting services, acquired Nytec Inc. for an amount of $1.5 billion. This acquisition helps Accenture to expand its product portfolio in IoT engineering services, software platform development, and IoT-connected systems for connected devices and product reach in North America. Nytec Inc. is a US-based technology company pioneering in IoT engineering services, software design, and consulting services to various industries.

The countries covered in the IoT engineering services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The IoT engineering services market research report is one of a series of new reports that provides IoT engineering services market statistics, including IoT engineering services industry global market size, regional shares, competitors with a IoT engineering services market share, detailed IoT engineering services market segments, market trends and opportunities, and any further data you may need to thrive in the IoT engineering services industry. This IoT engineering services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06370360/?utm_source=PRN

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