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24.5% CAGR projected for IoT engineering services market

IT Market Research

The IoT Engineering Services Market is projected to reach $29.53 billion by 2022 & growing at 24.5% CAGR.

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The Small and Medium-Sized Enterprises (SMEs) end user segment is expected to have the fastest growth rate during the forecast period

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. Therefore, 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 tough 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.

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Key Target audience for IoT Engineering Services Market:

  1. IoT platform providers
  2. Cloud service providers
  3. Device manufacturers
  4. Government agencies
  5. IT companies
  6. Investors and Venture Capitalists (VCs)
  7. Product engineering service providers
  8. System integrators
  9. Value-Added Resellers (VARs) and distributors

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IoT Engineering Services Market is said to be driven by the growing need for reduced system troubleshooting and enhanced operational efficiency, the increasing requirement of risk mitigation to minimize the data loss, the increasing adoption of micro services, and the accelerating Social, Mobile, Analytics, and Cloud (SMAC)technologies. However, enterprises face various obstacles while adopting IoT engineering services, due to varying IoT standards and protocols for interconnectivity and interoperability.

The break-up profiles of primary participants are given below:

  1. By company: Tier 1:53%, Tier 2:33%, and Tier 3:14%
  2. By designation: C-level:60%, Manager level:30%, and Director Level:10%
  3. By region: North America:35%, Europe:30%, APAC:25%, and RoW:10%

Asia Pacific (APAC) is expected to have the fastest growth rate during the forecast period

APAC is estimated to have the fastest growth rate and expected to dominate the IoT engineering services market during the forecast period, owing to the increasing adoption of advanced technologies, steady economic growth, and ongoing smart city initiatives. The competition in this region is fragmented and the 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.

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Organizations in the region lag behind their counterparts, North America and Europe, in terms of information, security awareness, and technical expertise. The adoption of IoT engineering and testing services is said to be gaining traction in the region to transform the business operations.

This region covers some of the potential countries, namely, China, Japan, South Korea, Indonesia, Thailand, Malaysia, and Singapore.

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