According to TechSci Research report, “Middle East & Africa IoT Engineering Services Market By Service, By End User Sector, By Country, Competition Forecast & Opportunities, 2013 – 2023”, IoT engineering services market in the region is projected to grow at a CAGR of 23.86%, in value terms, during 2018-2023. Adoption of IoT is growing across the finance and insurance sectors, giving rise to the emergence of ‘Fin’-ternet-of-Things, along with various FinTech and InsurTech start ups. The application of IoT engineering services, majorly analytics, security and maintenance services in BFSI operations offerspromising security compliance, enhanced customer experience, automated workflow and better risk mitigation strategies. Thus, IoT engineering services market in the region is expected to register double-digit growth during forecast period.
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Industrie 4.0 (IIoT) is driving the convergence of OT and IT, that is, the physical world of sensors, devices and tools combined with the information processing and analytical capabilities of IT. This powerful mix is accelerating the digitalization and progressive smart environment development (smart home, smart city and smart finance) in the marketplace, further, highlighting the innovative use of convergence such as Digital Twin and Edge Computing.
Over the coming years, security engineering segment is likely to grow at the fastest rate in the Middle East & Africa IoT engineering services market, on account of growing concerns regarding data privacy, theft and loss due to increasing business vulnerabilities owing to growing business-technology interdependencies.
“For the Internet-of-Everything, such as smart homes, smart cities, smart healthcare, smart government and smart society, the demand for information processing power, communication and intelligence capabilities is anticipated to increase, consequently, requiring highly scalable, energy efficient and versatile 5G network for the emerging heavy computational tasks. This is anticipated to further empower rich IoT services and insightful content across the MEA region over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Middle East & Africa IoT Engineering Services Market By Service, By End User Sector, By Country, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of the IoT engineering services market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities existing in the market.
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