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According to a new report, published by KBV research, 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.
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 category of IoT consulting services is predicted to grow with the largest market share due to its use in creating various strategies, use cases, and roadmaps, evaluating technologies, and defining IoT architectures. The correct IoT applications and infrastructure are designed and implemented by businesses with the help of IoT consulting services.
The SMEs segment is experiencing a CAGR of 9% during (2022 - 2028). SMEs need services that use business intelligence and online transaction processing to handle client data. SMEs use IoT technology to automate company processes and offer customer-focused services. SMEs have learned that the critical elements required to grow their businesses, increase income, and guarantee the intended result are prompt response, swift business choices, and customer happiness.
The On-Premises segment is generating highest revenue share in the Global IoT Professional Services Market by Deployment Type in 2021 thereby, achieving a market value of $107.8 billion by 2028. The internal IT personnel of a firm installs and hosts the on-premises IoT professional services within its IT infrastructure. Businesses deal with sensitive and private information about their customers and their products.
The Smart Energy segment has shown the growth rate of 7.2% during (2022 - 2028). Smart transport and logistics integrate cutting-edge technologies with the current transportation and logistics infrastructure to deliver real-time online information regarding traffic flow, asset tracking, and passengers/commuters. It is also used for freight management, cargo and containers tracking, fleet management, passenger information system management, supply chain and logistics management, traffic management, ticketing administration, and parking management.
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. The Europe market is exhibiting a CAGR of 6.5% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 7.5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Organization Size
By Deployment Type