According to the new market research report 'IoT Engineering Services Market by Service Type (Product Engineering, Cloud & Platform Engineering, UI/UX Design, Analytics, Security, Maintenance Services), End User, Vertical (Industrial Manufacturing and Automotive), and Region - Global Forecast to 2022', size is expected to grow from $9.87bn in 2017 to $29.53bn by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period.
The demand for IoT engineering services is said to be driven by the growing need for reduced system troubleshooting and enhanced operational efficiency, increasing requirement of risk mitigation to minimise the data loss, the increasing adoption of micro services, and the accelerating Social, Mobile, Analytics, and Cloud (SMAC) technologies.
The IoT engineering services market is expected to gain a major traction during the forecast period.
Some of the prominent key players in the IoT engineering services market are:
Product engineering service type is expected to have the largest market share during the forecast period
Product engineering services offer business values, such as reduction in product development expenditure and cycle times, standardisation of design processes, improved product performance, reduced rework cycles, and advancements in the existing IoT infrastructure.
The growing demand for enriching customer experience places emphasis on product engineering services, thereby leading to the growth of the market.
Healthcare vertical is expected to grow at the highest CAGR during the forecast period
Connected devices enable healthcare organisations to streamline operations, business processes, and aid in real time patient care, even from remote locations.
According to the research findings, connected devices in the field of healthcare could lead to a savings of 15-20% in the health expenditure; thus, there is a large integration of IoT engineering services into healthcare organisations’ functioning systems and infrastructure.
IoT engineering services are applied in the key areas of the healthcare vertical. The key areas include recording devices, healing or therapeutic appliances, radiology apparatus, respiratory devices, in-vitro devices, and diagnostics and monitoring devices.
Asia Pacific (APAC) is expected to hold the largest market share in 2022 and estimated to grow at the highest CAGR during the forecast period
APAC is expected to hold the largest market share in 2022 and estimated to grow at the fastest CAGR during the forecast period.
The countries in this region are believed to be driving the market growth, owing to the increasing adoption of advanced technologies, steady economic growth, ongoing smart city initiatives, and fragmented competition among the players.
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. 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.