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IoT Professional Services Market Share

ID: MRFR//6377-HCR | 110 Pages | Author: Aarti Dhapte| May 2024

The market tendencies of IoT professional services underwent a significant diversification and growth impulse in their recent history that sends a signal that IoT environments are not immune to the dynamics in the world. Nowadays, business organizations new found interest in developing and use of IoT technologies to make things operate in a more effective manner and be much more connected has caused a notable increase in demand for professional services. The high focus on full-range solution which IoT service company provide from consulting, developing to implementing and maintenance is one of the major trend. As such, the all-encompassing approach enables interference of IoT devices and existing infrastructure, meeting technologies and client requirements specific to diverse industries.

Additionally, the number of cloud-based IoT services is rising amongst organizations, which enable the adoption and utilization of data analytics and real time insights. Cloud systems support scaling, improve adaptability, and enhance efficiency, meaning that a company can effortlessly develop and increase their IoT projects without any additional problems. In addition to this, AI and ML integration are one more important trend among IoT services. Thanks to this integration it is possible to equip devices with the capacity for self-education and adaptability. The subject point here is to advance optimization of the Internet of Things (IoT) solutions to predictive maintenance, anomaly detection, and more powerful analytics, thus improving the effectiveness of the connected systems.

While IP addresses may not seem like a buzzworthy topic, the importance of their role in protecting data can’t be understated. Companies are under the pressure of finding the qualified specialists for developing the project of full IoT integration which would include security measures, and more productive strategies. Security issues, as we have noted, have been the task that bothers most of the people with advancement in the number of connected devices creating the networks susceptible to cyber attacks. A direct reaction is therefore the necessity of IoT security services in their professional offerings, including data encryption, risk management, and others to safe against threats and maintain integrity in the IoT system.

The emergence of 5G technology coupled with the rapid expansion of the IoT professional services sector has been the main driver for its ongoing success. Impressive enough, yet efficient 5G allows for simultaneous communication and connections of a wide range of IoT devices at least super-fast speeds with very insignificant lags. This enables many industries to achieve the previously unknown possibilities, like healthcare, manufacturing, and intelligent cities. As companies try to exploit the transformative aspect in 5G adoption, the demand rises for services that aim at providing channels to make 5G network integrate well with current IoT infrastructures to retain the reliability and optimal performance.

Covered Aspects:

Report Attribute/Metric	Details

IoT Professional Services Market Highlights:

IoT Professional Services Market Trends

IoT Professional Services Market Analysis

IoT Professional Services Market Share

IoT Professional Services Companies

IoT Professional Services Market Synopsis

IoT professional services market is expected to grow from USD 22.65 billion in 2022 to USD 182.4 Billion by 2030 at a CAGR of 7.3% from 2022 to 2030. The growth can be attributed to the wide adoption of IoT technologies. IoT has a wide range of uses across the manufacturing, healthcare, retail, energy, and transportation and logistics sectors. With the adoption of IoT-based systems, there is a greater need for professional services to enable successful implementation and operation of the system. IoT professional services help organizations to achieve their business goals and get maximum returns on their IoT investments. The IoT professional services are delivered through a range of phases—understanding the customer requirements, architecture framing, high-level designing, outcome validation, transformation readiness, program plan development, adoption readiness, deployment execution, business review, and value realization. Although these services are gaining traction in the developed countries, poor network infrastructure in a number of developing economies is likely to hinder the growth of the global IoT professional services market during the forecast period.

IoT professional services have various industrial applications. Among the various application areas, the smart cities segment is expected to have the highest adoption of IoT professional services, whereas smart transportation and logistics segment is expected to register the highest CAGR from 2019 to 2024.

Key Players in the Global IoT Professional Services Market

IBM Corporation (US)

Atos SE (France)

Accenture (Ireland)

Capgemini (France)

Cognizant (US)

Tata Consultancy Services Limited (India)

Wipro Limited (India)

Tech Mahindra Limited (India)

Vodafone Group PLC (UK)

AT&T (US)

Infosys Limited (India)

Happiest Minds (India)

NTT Data Corporation (Japan)

Torry Harris Business Solutions (US)

PRODAPT SOLUTIONS PVT. LTD (India).

Market Segmentation

The global IoT professional services market has been segmented based on service, organization size, application area, and region/country.

By service, the market has been segmented into IoT consulting services, IoT system design and implementation services, support and maintenance services, and education and training services. The IoT consulting services segment has been further segmented into technology consulting services, operational consulting services, and business consulting services, while the IoT system design and implementation services segment has been divided into system development and integration services, and application development.

By organization size, the market has been segmented into large enterprises and SMEs.

Based on application area, the market has been segmented into smart cities, smart buildings, smart manufacturing, smart retail, smart healthcare, smart transport and logistics, and smart energy.

By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has further been segmented into the US, Canada, and Mexico; Europe into Germany, the UK, France, and the rest of Europe; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific; and the rest of the world into the Middle East & Africa, and South America.

Regional Analysis

The global market for IoT professional services is estimated to grow at a fast rate during the forecast period from 2019 to 2024. The geographic analysis of global IoT professional services market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the IoT professional services market during the forecast period. North America is considered as the most advanced region in terms of development and adoption of innovative technologies in the field of smart technologies. The region has a significant potential for revenue generation in the IoT professional services market as the native enterprises are widely adopting IoT based systems in their everyday business operations and thus, requires professional services to get maximum returns from their IoT investments. The US is expected to be the dominating country-level market in North America during the forecast period.

The market in Asia-Pacific is expected to grow at the fastest rate during the forecast period. The growing IoT market and increasing digitalization are expected to boost the growth of the Internet of Things (IoT) Professional Services Market in the APAC region. China, Japan, India, South Korea, Singapore, and Australia have been the major countries in the APAC region in terms of market share, and this trend is expected to continue in the upcoming years.

Competitive Analysis

Considering the wide range of use cases of IoT, the IoT professional service providers are significantly investing in R&D to enhance their expertise and deliver best in class services to their clients. The prominent players of the Internet of Things (IoT) Professional Services Market primarily adopt partnerships to innovate their service offerings and expand their customer base to establish a strong position in the market.

Intended Audience

IoT Professional Service Providers

Enterprises

Government agencies

Standard making bodies

Distributors and Value-added Resellers (VARs)

Energy and Utilities Companies

IT Consultants

Cybersecurity Consultants

Communication Service Providers

IoT Professional Services Companies

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