Get In Touch

IoT Engineering Services: Introduction

  • IoT engineering services efficiently connect all the assets of the organization such as people, process, and technology, enabling them to communicate with each other by collecting real-time data, and make the entire process safer and more efficient
  • IoT engineering services have ushered in the next level of the industrial revolution. Companies have deployed automation, robots, and advanced machines in their production units, and adoption of IoT engineering services helps control machines easily and reliably.
  • In small factories, IoT engineering services make equipment maintenance a smart and cost-effective process. The IoT infrastructure provides real-time data on equipment health, tracks depreciation, and predicts failure before it occurs. This, in turn, increases productivity, saves costs, and enhances operational efficiency.
  • The global IoT engineering services market is estimated to expand at a rapid pace during the forecast period, as expanding sectors such as e-commerce, retail, healthcare, manufacturing, logistics, supply chain, government, and utility are adopting IoT technology at a rapid pace 
iot engineering services market size and forecast

Global IoT Engineering Services Market: Dynamics

Global IoT Engineering Services Market: Key Drivers

  • Rise in demand for connected wearable devices and increase in investment by governments to promote the development of IoT based infrastructure, such as smart cities, are expected to drive the demand for IoT engineering services during the forecast period
  • Advancements in artificial intelligence, 5G, IoT, and digital technologies in various field are estimated to further boost the IoT engineering services market during the forecast period
  • Widespread applications of IoT-based services in expanding sectors such as automotive, consumer durable, IT, and telecommunication is expected to boost the IoT engineering services market during the forecast period
  • Rising number of smart city projects and the deployment of IoT-enabled building management systems (BMS) in residential buildings, shopping malls, and commercial buildings, which make buildings more efficient and sensor generated data improves the user experience in buildings, is expected to increase the demand for IoT engineering services during the forecast period
  • However, lack of strong internet infrastructure is a major obstacle for connecting IoT devices and rising risk of cyber-attacks are expected to hamper the market during the forecast period
iot engineering services market dynamics

Impact of COVID-19 on Global IoT Engineering Services Market

  • Increase in cases of COVID-19 across the globe is resulting in global lockdown, and the demand of IoT products and services declined because organizations across the world reduced their infrastructure expenses. Customers are working from home and spending a significant time at home; however, it seems they are not going out and buying personal IoT devices. Thus, COVID-19 has had a negative impact in terms of adoption of IoT engineering services.

North America to Hold Major Share of Global IoT Engineering Services Market

  • In terms of region, the global IoT engineering services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America dominated the global IoT engineering services market. The U.S. holds a prominent share of the IoT engineering services market due to its strong connectivity infrastructure to support IoT devices and increasing adoption of AI, machine learning, IoT in the commercial and utility sectors in the region.
  • The IoT engineering services market in Asia Pacific is projected to expand at a rapid pace during the forecast period. In India, Japan, and China, increasing government investment in smart cities and Industry 4.0 projects has propelled the demand for IoT based services in Asia Pacific, which in turn is projected to fuel the demand for IoT engineering services.
iot engineering services market region analysis

Global IoT Engineering Services Market: Competition Landscape

In India, retailers are aggressively investing to build IoT and cloud infrastructures. In August 2019, Reliance Jio announced a strategic partnership with Microsoft Corporation to strengthen its IoT, Al, and cloud infrastructure in order to improve operational efficiency and customer experience.

Key Players Operating in Global IoT Engineering Services Market Include:

  • Cisco System, Inc.
  • Dell Technologies
  • Tata Consultancy Services
  • Cognizant Technology Solutions
  • Infosys Technologies Pvt. Ltd.
  • Harman International Industries
  • Tech Mahindra
  • Tieto Corporation
  • Virtusa Corporation
  • Accenture PLC
  • Luxoft Holding, Inc
  • EPAM Systems, Inc
  • NIIT Technologies

Global IoT Engineering Services Market: Research Scope

Global IoT Engineering Services Market, by Application

  • Product engineering
  • Cloud engineering
  • Experience engineering
  • Analytics services
  • Maintenance services
  • Security engineering
  • Others

Global IoT Engineering Services Market, by Size of organization

  • Small enterprises
  • Mid-size enterprises
  • Large enterprises

Global IoT Engineering Services Market, by Application

  • Healthcare
  • Automobile
  • IT & Telecommunication
  • Building automation
  • Agriculture
  • Public utility
  • Retail
  • Others

Global IoT Engineering Services Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying

Iot Engineering Services Market