IoT Application Development Services Market: Introduction
- The Internet of Things is a system of interconnected virtual machines, computing devices, and objects that are delivered with unique identifiers. IoT application development services can be used to develop IoT apps for various industries such as telecommunication, energy & utilities, automobile, manufacturing, and aerospace & defense.
- IoT application development services in the automotive sector are utilized for vehicle monitoring and fleet management, safe driver and no texting services, vehicle tracking, remote vehicle diagnostics, and connected vehicles. IoT application development services are advantageous to develop scalable IoT platforms and make connected devices smarter. Furthermore, several organizations are adopting IoT application development services to improve flexibility, efficiency, transparency, and customer satisfaction in their facilities to efficiently manage the extended system of connected devices.
- The Covid-19 outbreak has disrupted many markets, including IoT application development services. Covid-19 has impacted projects due to low profitability, and organizations are slowing down the adoption of IoT application development services. Thus, growth of the IoT application development services market declined in 2020 as compared to year 2019. Technologies such as extended reality, data analytics, Internet of Things, and artificial intelligence are aiding governments and companies to solve unique challenges posed by Covid-19.
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Global IoT Application Development Services Market: Dynamics
Global IoT Application Development Services Market: Key Drivers
- The major factor driving the growth of the IoT application development services market is the rising demand for cost-efficient business operations. Trends driving the IoT application development services market include the data analysis of automation, application development, and connected devices. IoT application development services provide various features such as flexibility, increased efficiency, reduced costs, and upsurge in business productivity, which is likely to create potential growth opportunities for the IoT application development services market during the forecast period.
North America to Account for Major Share of the IoT Application Development Services Market
- In terms of region, the global IoT application development services market is divided into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
- North America is projected to be the major regional market for the global IoT application development services market due to the early adoption of digital technologies in the U.S. and Canada. These countries have established economies which in turn empower them to avidly invest in research and development activities, thereby contributing to the development of new technologies. The region is technologically developed and a number of government initiatives have adopted Industrial IoT and smart cities.
Global IoT Application Development Services Market: Competitive Landscape
Key Players Operating in the IoT Application Development Services Market
Key Players of the IoT Application Development Services Market Include:
- Blockchain Education Network
- Finoit Technologies
- Hidden Brains Infotech
- SAP SE
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Global IoT Application Development Services Market Dynamics: Research Scope
Global IoT Application Development Services Market, by Service
- Application Development
- Software Testing and Quality Assurance
- Integration and Implementation
- Support and Maintenance
Global IoT Application Development Services Market, by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
Global IoT Application Development Services Market, by Industry
- Rack mount
Global IoT Application Development Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of MEA
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.