IoT Professional Services Market: Everything You Need to Know about the Internet of Things

Overview

The Internet of Things, sometimes known as IoT, is the collective network of linked objects and the technology that permits communication with one another and the cloud. As a result of the advancement of low-cost computer chips and high-bandwidth telephony, we now have many devices connected to the internet. This implies that daily devices like automobiles, vacuum cleaners, and robots utilize sensors to gather data and wryly answer users.

The IoT is one of the significant technologies of the 21st century. The global IoT professional services market was valued at USD 110.69 billion in 2022 and is expected to grow to USD 206.90 billion at a CAGR of 6.5% during the forecast period.

Major Growth Driving Factors

• Growing Need for Advanced Networking Technologies: The demand for IoT professional services has increased due to the rapidly expanding global adoption of communication and advanced networking technologies, as well as the need for connected assets, real-time analytics, and machine security. These factors and the need for related assets, real-time analytics, and machine security have contributed to this increase.
• Increasing Need for IoT and Data Analytics: To easily acquire data and make better strategic decisions more quickly, there has been an increasing need and demand for data processing and advanced analytics, which is expected to be one of the key factors driving the IoT professional services market growth over the forecasted period. Big data analytics has become widely recognized as a critical technique for analyzing data generated by connected devices. It enables people to take charge of and improve their decision-making abilities.
• Rising Demand for Digital Transformation: The growing acceptance of these services is also fueled by increased demand for IoT-based digital transformation from various organizations worldwide because they may improve their operational efficiency by using IoTs. The latest technologies, such as cloud computing, big data analytics, and edge computing, significantly impact the need for digital transformation in various industries, including manufacturing, retail, agriculture, and transportation.

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Top Report Findings:

• A prominent reason driving the rapid expansion of the IoT professional services market demand is the trend that is constantly rising toward the use of a variety of connected devices across industrial sectors due to an increase in applications, business models, and decreasing device costs.
• Market segmentation is based on application, deployment, service type, and region.
• The IoT professional services market share is highest in the Asia Pacific region.

Market Trends

• IoTs Benefits: The strong focus of leading firms on the development and improvement of their products/services, combined with the vast range of advantages given by new and advanced IoTs in improved data analytics, cost reduction, and predictive maintenance, are accelerating IoT professional services market.

Segment Review

• The Biggest Market Share in Smart Manufacturing

The increased reliance of manufacturers on cutting-edge, connected devices to increase productivity, automate business processes, and shorten decision-making cycles is largely responsible for the category market's expansion. In addition, manufacturers are heavily implementing the construction of intelligent solutions and expanding their product/service offerings to reach a wider variety of consumers, contributing significantly to the segment's growth. This is due to the increasing global rivalry.

• Cloud Sector Holds a Largest Market Share

During the forecast period, it is predicted that the cloud segment will grow fastest and represent a sizable portion of the market's revenue. Traditional systems' migration to cloud services will primarily spur this growth, resulting in lower service and licensing costs. Additionally, firms implementing cloud services see very high investment returns and may quickly spend their savings on other significant advancements and innovations to expand their market.

Geographical Analysis

Asia Pacific: Growing infrastructure improvements and several favorable economic conditions for the advancement of digitalization in nations like China, India, and Indonesia are the key drivers of the regional market's expansion. Additionally, some of the IoT professional services market key players are Infosys, Tech Mahindra Ltd., Wipro Limited, and Tata Consultancy Services, as well as their increasing efforts to improve connected device services and offerings are likely to have a significant impact on market growth soon.

North America: Due to aggressively increasing expenditures in cutting-edge technologies across several industrial verticals, including energy & utilities, oil & gas, and manufacturing, the North American region held a sizable market share and led the IoT professional services market.

Recent Developments

• Boingo Wireless, a supplier of distributed antenna systems and private networks, announced in February 2022 that it had partnered with Qualcomm Technologies Inc. and the Qualcomm Accelerator Programme to speed up the deployment of different IoT devices for business and platform customers utilizing Qualcomm's suite of IoT Services.

Frequently Asked Questions

• How huge is the market?
• What is the evaluated market size of IoT professional services?
• What is the market growth rate of the IoT?
• Who are the key market players?
• Which segment holds the largest market share?

By Application Outlook

• Smart Building
• Smart Manufacturing
• Smart Transport & Logistics
• Smart Healthcare
• Smart Retail
• Smart Energy

By Deployment Outlook

• On-premises
• Cloud

By Service Type Outlook

• IoT Consulting
• IoT Infrastructure
• System Designing and Integration
• Support and Maintenance
• Education and Training

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)