Global IoT Engineering Services Market was valued US$ 10.36 Bn in 2018, and expected to reach US$ XX Bn by 2026, at CAGR of XX % during forecast period.
Growing demand for IoT engineering services for various activities like security, maintenance, analytics, product engineering, as well as rising focus on operational efficiency enhancement and risk moderation across critical sectors like, manufacturing, energy & utilities, government and healthcare are expected to positively influence the global IoT engineering services market during forecast period.
In terms of service type,a product engineering services offer business values like, reduction in product development expenditure and cycle times, standardization of design processes, developed product performance, reduced rework cycles, and advancements in the existing IoT infrastructure. Growing demand for moving customer experience places emphasis on cutting-edge product engineering services, thereby leading to the growth of the market.
SMEs have realized that immediate response, quick business decisions, and customer satisfaction are the key features to expand the business, generate more revenues, and ensure the desired outcome. So that, SMEs are coming up with tailored needs to manage heterogeneous devices and online transaction processing, using reliable device management solutions. It is also believed that the SMEs are facing strong challenges to monitor and manage their heterogeneous devices and systems. As a result, they are adopting reliable IoT engineering services to monitor and manage the business operations and functions.
Based on vertical, healthcare vertical is expected to grow at highest CAGR during the forecast period. Connected devices enable healthcare organizations to streamline operations, business processes, and aid in real-time patient care, even from remote locations.
In terms of region, Asia Pacific is expected to hold the largest market share and expected to grow at the fastest CAGR during the forecast period. IoT service providers are looking at expanding the base of their services to most of the countries in the region, because of the improving infrastructure and other business strategic moves.
Some of the key players in the IoT engineering services market are Wipro, Aricent, IBM, Capgemini, TCS, Happiest Minds, Infosys, eInfochips, Cognizant, Tech Mahindra, and RapidValue among others.
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Scope of Global IoT Engineering Services Market:
Global IoT Engineering Services Market, by Service Type:
• Cloud Engineering
• Maintenance Services
• Product Engineering
• Experience Engineering
• Security Engineering
• Maintenance Services
Global IoT Engineering Services Market, by End User:
• Small & Medium Enterprises
• Large Enterprises
Global IoT Engineering Services Market, by Vertical:
• IT & Telecom
• Energy & Utilities
• Aerospace & Defense
• Industrial Manufacturing
• Transportation & Logistics
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