(IT-NEWSWIRE.COM, August 13, 2019 ) 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 minimize 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.
IoT engineering services market size is expected to grow from USD 9.87 Billion in 2017 to USD 29.53 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period.
The major vendors providing IoT engineering services are:
Happiest Minds (India)
Tech Mahindra (India)
Browse 83 Market Data Tables and 28 Figures spread through 135 Pages and in-depth TOC on "IoT Engineering Services Market - Global Forecast to 2022"
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.
Product engineering services offer business values, such as reduction in product development expenditure and cycle times, standardization 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 cutting-edge product engineering services, thereby leading to the growth of the market.
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