Asia Pacific IoT Engineering Services Market by Service (Product Engineering, Cloud Engineering, Experience Engineering, Security Engineering & Others), By End User (BFSI, Automotive, Aerospace & Defense, Healthcare, Transportation & Logistics, IT & Telecom, Industrial Manufacturing, Others), By Country, Competition, Forecast and Opportunities, 2018-2028F.
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAsia Pacific IoT Engineering Services Market by Service (Product Engineering, Cloud Engineering, Experience Engineering, Security Engineering & Others), By End User (BFSI, Automotive, Aerospace & Defense, Healthcare, Transportation & Logistics, IT & Telecom, Industrial Manufacturing, Others), By Country, Competition, Forecast and Opportunities, 2018-2028F.
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 7.36 Billion |
| CAGR (2023-2028) | 24.7% |
| Fastest Growing Segment | Cloud Engineering |
| Largest Market | China |
Market Overview
Key Market Drivers
Rapid Digital Transformation Across Industries
Government Initiatives and Policies
Rising IoT Device Adoption
Evolving 5G Infrastructure
Key Market Challenges
Data Security and Privacy Concerns
Interoperability and Standards Complexity
Key Market Trends
Edge Computing Integration
AI and Machine Learning Integration
Industry-Specific IoT Solutions
Segmental Insights
Service Insights
End User
Based on End User, the "BFSI" (Banking, Financial Services, and Insurance) emerged as the dominant segment in the Asia Pacific IoT (Internet of Things) Engineering Services Market, and it is poised to maintain its leadership position throughout the forecast period. This dominance stems from the BFSI industry's profound recognition of IoT's transformative potential to revolutionize financial services and enhance customer experiences. IoT-enabled solutions in the BFSI sector include smart ATMs, connected payment devices, and real-time transaction monitoring, all of which enhance operational efficiency and security. Moreover, IoT sensors can be employed to monitor physical security, ensuring the protection of valuable assets and data centers.
The ongoing digital transformation initiatives in the BFSI sector across the Asia Pacific region are further bolstering the demand for IoT engineering services. The adoption of IoT devices and applications allows BFSI organizations to gather critical data insights, optimize processes, and deliver personalized financial services. These enhancements not only boost customer satisfaction but also strengthen competitive positions in an increasingly tech-savvy marketplace. As the BFSI sector continues to prioritize IoT as a cornerstone of innovation, the Asia Pacific IoT Engineering Services Market will witness sustained growth and innovation. Engineering services providers are tailoring solutions to meet the specific needs of the BFSI industry, offering end-to-end IoT deployment, management, and security services. This strategic alignment between IoT engineering services and the BFSI sector cements its leadership position and ensures that it remains at the forefront of IoT adoption and integration in the Asia Pacific region.
Regional Insights
Recent Developments
- In February 2023, a prominent company specializing in digitaltransformation, consulting, and technology services made an officialannouncement regarding its definitive agreement to acquire Mobica, a globalleader in IoT engineering services. This strategic move is set to bolsterCognizant's expertise in IoT embedded software engineering, with a particularfocus on expanding its capabilities within the technology and automotivesectors.
- In March 2023, Wipro, a prominent global company specializing ininformation technology, consulting, and business process services, revealed itsacquisition of Altocloud, a Singapore-based firm offering IoT engineeringservices. This strategic acquisition is poised to enhance Wipro's IoT expertisewithin the Asia Pacific region, enabling the company to provide comprehensiveend-to-end IoT solutions to its customer base.
- In April 2023, HCL Technologies, a prominent global provider of ITsolutions and services, disclosed its intent to acquire AxisTech, aSingapore-based company specializing in IoT engineering services. Thisstrategic acquisition is set to support HCL Technologies in broadening itsportfolio of IoT offerings in the Asia Pacific region and catering to theincreasing demand for IoT solutions in this area.
Key Market Players
- Altran Technologies SA
- CapgeminiSE
- CognizantTechnology Solutions Corporation
- IBMCorporation
- InfosysLimited
- TataConsultancy Services
- TechMahindra Limited
- HappiestMinds Technologies Private Limited
- ArrowElectronics Asia (S) Pte. Ltd.
- ProdaptSolutions Private Limited
| By Service | By End User | By Country |
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