Internet of Things (IoT) Engineering Services Market to Drive Innovation with a CAGR of 12.2% by 2030
According to a new report published by MarkWide Research, titled, “Internet of Things (IoT) Engineering Services Market,” the global market for IoT engineering services is expected to experience significant growth. IoT engineering services play a crucial role in designing and implementing IoT solutions for various industries.
The report reveals that the global IoT engineering services market is projected to witness a robust CAGR of 12.2% over the forecast period from 2023 to 2030. This growth is driven by the increasing adoption of IoT technologies across industries, the demand for customized IoT solutions, and advancements in sensor technology.
Key Findings from the Report:
- IoT Solution Development: IoT engineering services encompass the design, development, and integration of IoT solutions tailored to industry-specific needs.
- Industry Applications: IoT is applied in sectors such as healthcare, manufacturing, agriculture, and smart cities, creating diverse opportunities.
- Technological Advancements: Ongoing research focuses on enhancing IoT device capabilities and connectivity.
- Global Connectivity: The market aligns with the need for seamless IoT connectivity and data analytics.
- Customized Solutions: Engineering firms offer expertise in developing IoT solutions that address unique challenges.
Market Forecast:
The report indicates that the global IoT engineering services market is currently valued at $24.7 billion in 2023 and is projected to reach $59.2 billion by 2030, with a CAGR of 12.2% during the forecast period. North America and Asia-Pacific are expected to be key regions for market growth, driven by IoT adoption in various sectors.
Company Profiles:
Key players in the global IoT engineering services market include IBM Corporation, Accenture PLC, and Capgemini SE. These companies specialize in providing IoT engineering services, including solution design, deployment, and maintenance.
Conclusion:
The global IoT engineering services market is set for significant growth, driven by the increasing importance of IoT in industries worldwide. With a projected CAGR of 12.2% by 2030, this market offers opportunities for engineering firms to support innovation and digital transformation.