The IoT professional services market is on an impressive growth trajectory, projected to increase from $151.16 billion in 2023 to $168.05 billion in 2024, achieving a compound annual growth rate (CAGR) of 11.2%. This expansion is driven by heightened connectivity needs, security concerns, a surge in demand for professional services, and the rapid adoption of smart devices. By 2028, the market is expected to reach $266.35 billion, reflecting a CAGR of 12.2%. Key growth factors include the adoption of 5G technology, an emphasis on customer experience, the emergence of smart cities, the rise of autonomous devices, and increasing cyber threats. Prominent trends include the integration of digital twins, augmented and virtual reality, artificial intelligence advancements, blockchain technology, and human augmentation.
Major Driver In The IoT Professional Services Market
The burgeoning number of IoT connections is anticipated to drive the growth of the IoT professional services market. IoT, referring to a network of physical objects embedded with sensors, software, and other technologies, facilitates data exchange and connectivity over the internet. Professional services in the IoT domain involve processing data from connected devices to generate insightful knowledge, enabling operators to leverage comprehensive product analytics and aiding manufacturers in innovating new products. As reported by DataProt, there were over 10 billion active IoT devices globally in 2021, with projections indicating a surge to 25.4 billion by 2025. This exponential growth in IoT connections is a key factor propelling the expansion of the IoT professional services market in 2023, with sustained growth expected in 2024 and beyond.
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IoT Professional Services Market Competitive Landscape
Google LLC, Microsoft Corporation, AT&T Inc., Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Accenture plc, IBM Corporation, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Cisco Systems Inc., Vodafone Group plc, Ernst & Young Global Limited, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., KPMG International Ltd., Tata Consultancy Services Limited., Fujitsu Limited, NEC Corporation, NTT DATA Corporation, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Atos SE, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, LTIMindtree Ltd., Happiest Minds Technology Ltd.
Key IoT Professional Services Market Trend
Major companies operating in the IoT professional services market are developing new solutions such as IoT Services for Sustainability to gain a competitive edge in the market. IoT services for sustainability refer to a set of IoT solutions and offerings designed to address environmental and social sustainability challenges. For instance, in May 2022, Nippon Telegraph and Telephone, a Japan-based telecommunications company, launched IoT services for sustainability, a comprehensive suite of solutions aimed at helping businesses advance their sustainability goals. The end-to-end stack includes features such as OCR Meter Reading for real-time data collection from various meters, Water Leak Management for IoT-enabled protection against water damage, Predictive Maintenance using sensor data for anticipating events, and Environmental Monitoring to identify pollutants and track environmental conditions. The stack is supported by NTT's LoRaWAN network and offers secure IT or OT integration, delivering benefits such as energy cost savings, reduced emissions, operational excellence, and improved work enablement. The launch aligns with the growing emphasis on leveraging IoT technologies to combat climate change and achieve sustainability objectives.
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IoT Professional Services Market Segmentation
The IoT professional services market covered in this report is segmented –
1) By Service Type: IoT Consulting Service, IoT Infrastructure Service, System Designing and Integration Service, Support and Maintenance Service, Education and Training Service
2) By Deployment Type: Cloud, On-Premises
3) By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprises
4) By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Other Applications
By Geography:The regions covered in the iot professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the IoT professional services market in 2023.
The IoT Professional Services Global Market Report 2024 furnishes information about the global iot professional services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
