According to Future industry Insights (FMI), the IoT in product development industry would generate $35 billion in revenue by 2022. Forecasts show a strong growth trajectory, with a predicted Compound Annual Growth Rate (CAGR) of 14.5% from 2023 to 2033.
By the end of the forecast period, the IoT in product development market is expected to have a significant worth of US$155.8 billion. The design and engineering area within the IoT in product development industry is particularly important, since it is expected to become a key income generator. This category is likely to grow significantly, with a CAGR of more than 14.1% from 2023 to 2033.
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IoT Enhances Product Development with Connectivity and Insights:
IoT technology empowers the creation of intelligent, interconnected products that communicate with each other and users. Devices like smart home gadgets, wearable fitness trackers, and connected vehicles exemplify the potential of IoT.
Embedded IoT devices gather substantial data on usage, performance, and surroundings. This data is analyzed to refine product design, identify maintenance requirements, optimize operations, and offer personalized services.
Furthermore, IoT enables remote monitoring and maintenance, decreasing the need for physical checks. Manufacturers can track performance, detect anomalies, and address issues proactively, ensuring product reliability, minimizing downtime, and boosting customer satisfaction.
Key Factors Fostering Demand in IoT Product Development:
- The expansion is propelled by progress in network connectivity technologies like 5G and edge computing.
- The convergence of IoT and artificial intelligence in consumer electronics is anticipated to stimulate demand for IoT in product development in the projected timeframe.
- Increasing apprehensions about safeguarding sensitive data and network security are predicted to elevate demand.
- The widespread adoption of IoT devices and platforms has resulted in interoperability and standardization, vital aspects for seamless industrial tool operation, offering growth prospects throughout the forecast period.
Key Drivers of IoT Integration in Product Development:
The rapid proliferation of the Internet of Things (IoT) is exerting a significant impact on product development across various sectors. Accelerated progress in technology, especially in realms like wireless connectivity, miniaturization, data analysis, and cloud computing, is gaining momentum.
Technological advancements have emerged as pivotal catalysts in driving the expansion of IoT. These innovations have streamlined the integration of connectivity and intelligent features into a diverse array of products, presenting a cost-effective approach.
IoT’s application in product development is specifically geared toward crafting interconnected and intelligent IoT products. This category encompasses a broad spectrum of devices, ranging from smart household appliances to industrial sensors and wearable gadgets. By infusing IoT capabilities—such as connectivity, sensors, and data analysis—into these products, devices can gather and exchange data, fostering communication among devices or systems and delivering enhanced functionalities.
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Competitive Landscape:
Prominent participants in the industry are prioritizing the integration of robust security features within their offerings. These encompass encryption, authentication, and fortified communication protocols. Additionally, the incorporation of cloud platforms to manage data storage, processing, and analysis is gaining traction.
Strategic collaborations are being forged with technology providers, software firms, and fellow manufacturers to foster comprehensive IoT solutions.
Noteworthy manufacturers are also dedicating resources to advanced analytics tools and algorithms, aimed at extracting valuable intelligence from IoT data streams, ultimately enhancing product efficacy.
Key Players:
Key players in the market are N-iX, CHI Software, DataArt, Syberry, iTechArt Group, Provectus, Transition Technologies PSC, Soft EQ, ITRex, Group, and Yalantis.
Market Segmentation:
By Service Type:
- Design & Engineering
- Connected Hardware & Firmware Development
- Prototyping
- Manufacturing Support
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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