The Global IoT Professional Services Market size is expected to reach $170.7 billion by 2028, rising at a market growth of 6.7% CAGR during the forecast period.
IoT professional services offer a wide range of resources, including advising, training, and technical support to customers who want to install IoT solutions and get the most out of their investments. Organizations use external companies to design, develop, deploy, and manage Internet of Things (IoT) solutions and provide advisory services for IoT strategy. Professional IoT services help address device vulnerabilities, provide constant connectivity, order the internet, and solve data security risks related to using connected devices.
IoT, which connects many devices to the internet, enables businesses to become more sophisticated with continuing operational availability of knowledge with reduced operating expenses. By utilizing sensors and networks to track assets (tools, equipment, machinery, and others), IoT will improve asset monitoring and enable businesses to benefit from real-time experiences. IoT opens up new business chances and allows companies to make money from fresh revenue streams brought on by innovative tactics and solutions.
Strong business cases are developed, the time to market is shortened, and IoT-driven innovations increase the return on investment. The widespread deployment of IoT technologies is responsible for the growth. The manufacturing, retail, healthcare, transportation and energy, and logistics industries use IoT in various ways. The proliferation of IoT-based systems has increased the demand for professional services to ensure proper implementation and operation.
Professional IoT services assist businesses in achieving their objectives and maximizing the returns on their IoT investments. Understanding the customer's requirements, high-level designing, architecture framing, transformation readiness, outcome validation, program plan development, adoption readiness, deployment execution, business review, and value realization are just a few of the phases that go into the delivery of IoT professional services.
The Covid-19 pandemic has benefited the market for professional IoT services. IoT device utilization has increased across a number of industries throughout the epidemic, including healthcare, transportation, utilities, manufacturing, and logistics. IoT professional services, for instance, are increasingly being used in telemedicine applications like remote patient monitoring and diagnostics. In addition, businesses are considering intelligent asset management systems for remote monitoring, alerts and notifications, remote services, and control, which is projected to propel market growth.
Growing Demand For IoT-Enabled Digitalization Of Enterprises And The Increasing Necessity For IoT And Data Analytics
Data processing and analytics have become much more widely used in recent years. Big data analytics tools further leverage IoT to collect data. When the entire Internet of Things (IoT) system serves as a platform for data processing, the significance of big data in IoT becomes critical. Big data analytics is a potent way to evaluate data produced by connected devices in the Internet of Things (IoT), allowing people to take charge and improve decision-making.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
The market under study benefits from the rising trend of connected device adoption in the industrial sectors. According to Ericsson, the number of significant IoT connections is anticipated to have doubled, approaching about 200 million contacts. The same source predicts that 40% of cellular IoT connections will be broadband by the end of 2027, with 4G providing the majority of connections.
The global demand for linked devices is growing, and the IoT markets are expanding swiftly. IoT solutions have attracted a lot of startups and business owners due to the market's rapid expansion. However, as long as gadgets are sharing data, it is crucial to follow any changes in governmental rules and laws. For firms, putting such principles into practice presents many difficulties. Regulation load, complexity, and organization size can all provide barriers to a market's expansion.
Based on the Type, the market is divided into IoT Consulting, IoT Infrastructure, Support & Maintenance, Education & Training, and System Design & Integration. IoT Infrastructure is demonstrating the market's encouraging growth pace. Infrastructure IoT Professional Services are made to ensure that an IoT solution is successfully implemented. These services assist businesses in migrating their current business procedures and enhancing cooperation with partners, clients, and other stakeholders.
Based on Organization Size, The IoT Professional Services Market is divided into Large Enterprises and SMEs. Over the projection period, the Large Enterprises segment is anticipated to make substantial advancements and hold the greatest market share. The major enterprise sector uses the IoT professional services system to facilitate efficient IoT device deployment, integration, and administration for business activities. Some of the first large organizations to use professional IoT services.
Based on Deployment Type, the market is categorized into On-Premises and Cloud. The cloud segment is expected to have the greatest CAGR during the forecast period. Many firms have experienced a large reduction in license and service expenses due to the migration from traditional systems to cloud services. It has been found that moving platforms to the cloud is typically much less expensive than renewing the licenses for their older software.
Based on application, The IoT Professional Services Market is divided into six categories: Smart Buildings, Smart Manufacturing, Smart Transport & Logistics, Smart Energy, Smart Healthcare, and Smart Retail. Smart Manufacturing has the biggest market share in the market for IoT professional services. Manufacturers can adopt and employ internet of things (IoT) technologies to make better business decisions with the aid of IoT expert services. Predictive maintenance, facility optimization, product design, and energy savings are examples of applications.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 109.5 Billion |
| Market size forecast in 2028 | USD 170.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 6.7% from 2022 to 2028 |
| Number of Pages | 307 |
| Number of Tables | 473 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Organization Size, Deployment Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on geography, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. North America is expected to register the largest revenue share globally over the predicted period. North America is home to several critical IoT hardware, software, and 5G network operator manufacturers. Several regional governments are also evaluating intelligent city projects, which would fuel the initiatives for the region's development throughout the forecast period.
Free Valuable Insights: Global IoT Professional Services Market size to reach USD 170.7 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Accenture PLC, IBM Corporation, Oracle Corporation and Tata Consultancy Services Ltd. are the forerunners in the IoT Professional Services Market. Companies such as Infosys Limited, Capgemini SE, Cognizant Technology Solutions Corporation are some of the key innovators in IoT Professional Services Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Cognizant Technology Solutions Corporation, IBM Corporation, Oracle Corporation, Tata Consultancy Services Ltd., NTT Data Corporation, Infosys Limited, Atos Group, Capgemini SE, and DXC Technology Company.
By Type
By Organization Size
By Deployment Type
By Application
By Geography
The global IoT Professional Services Market size is expected to reach $170.7 billion by 2028.
Growing Demand For IoT-Enabled Digitalization Of Enterprises And The Increasing Necessity For IoT And Data Analytics are driving the market in coming years, however, Insufficient Common Standards And Compatibility restraints the growth of the market.
Accenture PLC, Cognizant Technology Solutions Corporation, IBM Corporation, Oracle Corporation, Tata Consultancy Services Ltd., NTT Data Corporation, Infosys Limited, Atos Group, Capgemini SE, and DXC Technology Company.
The IoT Consulting segment acquired maximum revenue share in the Global IoT Professional Services Market by Type in 2021 thereby, achieving a market value of $59.5 billion by 2028.
The North America market dominated the Global IoT Professional Services Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $63 billion by 2028.
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