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The market share positioning strategies of the IoT Professional Services Market as a whole are what determine how the competitive landscape is shaped, and how businesses in this innovative industry benefit. With the rising importance of technology, in particular, the Internet of Things (IoT) as a base for businesses, companies providing professional services within this field need to develop strategies to capture the market share.
Players in IoT Professional Services Market apply a differentiation strategy as one of their strategies. With many other suppliers providing similar offerings as yours, differentiation will remain the key pillar for standing out. This entails tailoring services that are distinctive and that tackle the unique issues that clients encounter. For example, an IoT solution provider may focus on designing solutions for a particular industry like healthcare or manufacturing hence narrow down for itself a niche and attract clients from the specific sectors that require expertise in the specific domain.
Furthermore, businesses concentrate on building effective strategic alliances and partnerships in order to increase their market share. The IoT ecosystem is varied and includes the hardware manufacturers, software developers, connectivity providers, and other stakeholders. Through aligning themselves with core actors in the IoT ecosystem, professional service providers will be able to offer integrated solutions that involve the entire value chain process. This collaborative approach is not limited to the spectrum of services only, but it also enables the companies to complement each other, leveraging on each other’s strengths to increase their collective market share.
Together with variety of approaches and working collectively, pricing strategies are the key to the market share positioning. Service providers must be mindful of the bargain between low prices and reasonable profitability. Some companies act as cost leaders, striving to achieve lower prices than competitors but delivering the same quality. Another way that competitors may situate themselves as premium service providers when offering specialized and high-quality services at premium prices. The type of pricing strategy applied depends on factors including the target market, branding, and worth of the services provided.
Lastly, customer-responsive tactics are becoming more and more significant in IoT Professional Services market. By establishing deep customer relationships, understanding customers' needs and providing excellent customer service is vital to retain current customers but also to gain new ones. Service providers usually spend the money in customer education programs that enable the customers to be sufficiently knowledgeable in use of IoT solutions. Furthermore, providing clients with services that are customizable and scalable to fit their changing needs is also very important in a market where technology progress can happen very fast.
Covered Aspects:
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IoT Professional Services Market Highlights:
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
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