IoT Engineering Services Global Market Report 2022: Ukraine-Russia War Impact
NEW YORK, Dec. 6, 2022 /PRNewswire/ --
Major players in the IoT engineering services market are Tata Consultancy Services, Infosys Limited, Cognizant, Happiest Minds Technologies Limited, Capgemini SE, Wipro Limited, Cisco Systems Inc, EPAM Systems Inc, Telefonaktiebolaget LM Ericsson, Luxoft Holding Inc, Arrow Electronics, KORE Wireless, NTT Data Corporation, Nitor Infotech and Coforge Limited.
North America was the largest region in the IoT engineering services market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The rising demand for IoT solutions for smart manufacturing is expected to propel the IoT engineering services market going forward.Smart manufacturing refers to a broad category of manufacturing operations that are used in computer-integrated programs for design and development, and monitoring and manufacturing of easy supply chain functions.
IoT solutions are used in smart manufacturing departments of a business to automate the performance of tasks as they help in enabling and monitoring assets, managing production tasks, and providing insights into business operations.For instance, according to SaM Solutions, a Germany-based company specializing in software development, in July 2021.
The total global value of manufacturing operations integrated with IoT solutions was $3.9 trillion and is expected to reach $11.1 trillion by 2025. Companies adopt the integration of IoT solutions with manufacturing operations for automation of production lines to reduce the time and cost associated with manufacturing. Therefore, the rising demand for IoT solutions for smart manufacturing is driving the growth of the IoT engineering services market.
Technological advancement is a key trend gaining popularity in the IoT engineering services market.Major market players are concentrating their efforts on creating innovative technologies such as LoRaWAN by working on Downlink Queue Management and Network Analyzer features to strengthen their position in the market.
For instance, in January 2022, Amazon.com Inc., a USA-based technology company specializing in eCommerce, cloud computing, and artificial intelligence, introduced LoRaWAN technology integrated with new features such as real-time information that helps to join multiple IoT devices at the same time to reduce time. This technology provides Downlink Queue Management and Network Analyzer features that offer the ability to send a message to a device that is not immediately reachable and to manage and monitor communication between customers.
In October 2019, Accenture PLC, an Ireland-based technology company specializing in information technology and consulting services, acquired Nytec Inc. for an amount of $1.5 billion. This acquisition helps Accenture to expand its product portfolio in IoT engineering services, software platform development, and IoT-connected systems for connected devices and product reach in North America. Nytec Inc. is a US-based technology company pioneering in IoT engineering services, software design, and consulting services to various industries.
The countries covered in the IoT engineering services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The IoT engineering services market research report is one of a series of new reports that provides IoT engineering services market statistics, including IoT engineering services industry global market size, regional shares, competitors with a IoT engineering services market share, detailed IoT engineering services market segments, market trends and opportunities, and any further data you may need to thrive in the IoT engineering services industry. This IoT engineering services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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