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(Wireless-NewsWire.Com, May 26, 2018 ) SUMMARY
The 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 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 are said to be driving the market growth.
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The IoT engineering services market report has been broadly classified on the basis of service types, end users, verticals, and regions.
The security engineering service type is expected to have the fastest growth rate during the forecast period. Security engineering is a process of designing and developing an array of security technologies and monitoring the solutions to detect and prevent attacks. The team develops solutions that help organizations in empowering their security technologies to protect an organization’s or a user’s personal and professional data from cyber threats. These benefits are expected to lead the growth of the IoT engineering services market in the coming years.
The healthcare vertical is expected to grow at the highest CAGR in the IoT engineering services market during the forecast period. Connected healthcare devices enable healthcare organizations to streamline the operations and business processes, and aid in real-time patient care, even from remote locations. These 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 organizations’ functioning systems and infrastructure. IoT engineering services provide in-depth knowledge about the benefits and features that the new service would offer for the patients and caretakers. IoT engineering services are applied in 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.
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Asia Pacific (APAC) is said to be in its initial growth phase; however, in 2022, it is expected to hold the largest market share in the global IoT engineering services market. The competition among the players 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. Due to the rapid growth in the technological innovations and the increased usage of connected devices, organizations have started investing in advanced security services. This, in turn, is expected to provide growth opportunities for the IoT engineering service vendors during the forecast period.
The market faces challenges in terms of device management across billions of connected devices.
The major vendors providing IoT engineering services are Aricent (US), Wipro (India), Capgemini (France), IBM (US), TCS (India), Happiest Minds (India), Infosys (India), Cognizant (US), eInfochips (US), RapidValue (US), and Tech Mahindra (India).
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