Introduction

The IoT in Product Development Market is booming — valued at USD 43.25 billion in 2024, it is forecast to hit USD 131.58 billion by 2032, growing at a 15% CAGR. But what’s behind this surge? Businesses today demand smart, connected, and efficient products to cut costs, automate operations, and enhance customer experiences. From smart homes and wearables to industrial automation and healthcare devices, IoT integration is shaping the future of product innovation.

The question is: how fast will enterprises adapt to unlock these benefits while managing security and interoperability challenges?

Key Players

Leading companies are investing heavily to power IoT-driven product strategies. Key names include:

• Cognizant, Wipro, Accenture, Capgemini, and Infosys – offering end-to-end IoT product design and integration.
• Tata Consultancy Services (TCS), HCL Technologies, and EPAM Systems – accelerating digital transformation with AI and IoT.
• N-iX, DataArt, Softeq, and Syberry – helping startups and enterprises design smarter products.

Recent moves include Wipro’s partnership with Siemens for digital twin technologies and Cognizant’s Neuro Edge platform, enabling real-time AI processing. Could such collaborations redefine product lifecycles entirely?

Segmentation

The market is segmented by service type, component, and end-use:

• By Service Type: Design & engineering led with 38% share, while IoT-enabled prototyping grows fastest at 17.61% CAGR.
• By Component: Hardware dominated (45%) with sensors and connectivity modules, while software grows fastest (16.57% CAGR), driven by analytics and automation.
• By End-Use: Manufacturing leads (28%) with Industry 4.0 adoption, while healthcare grows fastest (17.67% CAGR) via connected medical devices and remote monitoring.

With North America leading and Asia-Pacific growing fastest, IoT in product development is at the heart of global digital transformation.

The big question remains: will interoperability and security keep pace with innovation?

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