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%, owing to the acceleration in the adoption of smart technologies and the modernization of the legacy infrastructure.
The major players in the IoT engineering services market include 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). These players have adopted various growth strategies, such as new service launches, partnerships, agreements, mergers and acquisitions, and expansions. Out of the above-mentioned strategies, partnerships, service launches, and acquisitions come under the major strategies adopted by these players to achieve a strong foothold in the IoT engineering services market.
Wipro was founded in 1945 and is headquartered in Karnataka, India. It is a leading IT, consulting, and outsourcing firm, and helps customers with a comprehensive portfolio of services and vertically aligned business models. It offers comprehensive IoT engineering services, which helps transform many businesses. The company offers Internet Protocol (IP) solutions, technical expertise, strong partner ecosystem, deep industry-specific knowledge, and a robust delivery mechanism to the users to advance their IoT ecosystem. The company focuses on integrated strategies to become an innovator in offering robust IoT services. The objective of the company is to provide end-to-end IoT professional services to its clients. Wipro is a leading provider of maintenance and modernization services for IoT and its related technologies. The company provides high-tech, competitive range of services. Wipro has adopted the inorganic growth strategy. For instance, in January 2015, it partnered with Software AG, a German enterprise software company, to develop advanced IoT solutions for smart and connected products, and also provide analytics and support services.
Another key player, IBM, was founded in 1911 and is headquartered in New York, US. It is a globally recognized vendor of software, hardware, and related services. The company caters its services to the diverse industries of Banking, Financial Services, and Insurance (BFSI), communications, hospitality, energy and utilities, healthcare, retail, travel and transportation, metals and mining, government sector, media and entertainment, and education. It currently has its presence in over 175 countries, with an employee strength of 380,000. IBM offers IoT engineering solutions to various enterprises for their business transformation. The key features of IBM’s services include agile product development, providing tools to build connected products, collaborating, planning and change management, architecture and design, and practices and process management. IBM has been executing a strategy to transform its business, thereby increasing its capabilities using various strategies. The strategic intent of the company is to shift its business mix portfolio into higher margin business areas. It aims at increasing its presence in the high-value areas, such as services and software. As a part of this shift, the company has acquired more than 140 companies since 2000, complementing and scaling its portfolio of services. As a part of its organic strategy, the company increased its R&D investment from 6.42% in 2015 to 7.2% in 2016.
IoT Engineering Services Market by Service Type (Product Engineering, Cloud & Platform Engineering, UI/UX Design, Analytics, Security, Maintenance Services), End User, Vertical (Industrial Manufacturing & Automotive), and Region - Global Forecast to 2022
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