Pune, Dec. 10, 2024 (GLOBE NEWSWIRE) -- IoT Professional Services Market Market Size Analysis:
“The SNS Insider report indicates that the IoT Professional Services Market size was valued at USD 120.4 billion in 2023 and is expected to grow to USD 226.8 billion by 2032, registering a CAGR of 7.30% over the forecast period of 2024-2032.”
With the increasing importance of connected devices in the IoT ecosystem, more organizations across multiple industries, including healthcare, retail, manufacturing, logistics, and agriculture, are using data-driven insights to support business priorities, driving larger demand for native capabilities, creative problem-solving, and customization of IoT professional services. We see businesses across all sectors using IoT solutions to achieve operational efficiencies, save costs, and enhance customer experiences. Companies already adopting IoT technologies often need advanced services for handling the complex matters of connecting devices, managing data, and integrating systems. IoT professional services encompass a wide spectrum of offerings, including — but not limited to, consulting, system design, implementation, maintenance, and support — that ensure the smooth integration of IoT platforms with existing infrastructure for business continuity.
Furthermore, the growing adoption of things such as artificial intelligence (AI), machine learning (ML), and edge computing has increased this demand for specialists. Organizations usually depend on professional service providers to transition and shift from conventional systems to IoT-enabled systems —however, for organizations to do and leverage best from this technology they also need a comprehensive understanding. In addition to that, the rise in the use of IoT is further driven by government initiatives, industry standards, and the digital transformation of business processes across industries. When industries are quite potentially fully utilized in optimizing their processes, cutting operational expenses, and improving customer interaction, professional IoT services will witness the evolution at a stable speed.
The growing dependency on data analytics and cloud-based services contributes to a significant factor boosting the growth. Businesses are changing their analytics platforms to explore the enormous data derived from IoT as an untapped wealth of insights. The increasing dependence on data-driven insights has unlocked opportunities for IoT professional service firms to assist organizations with management, security, and data analysis of data forever more increasing.
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Major Players Analysis Listed in this Report are:
- Accenture - IoT Analytics and AI Solutions
- IBM - Watson IoT Platform
- Cisco - IoT Connectivity Solutions
- Deloitte - IoT Data Analytics
- Capgemini - IoT Integration Services
- Infosys - Digital Manufacturing Services
- Tata Consultancy Services (TCS) - IoT Application Development
- Wipro - IoT-based Predictive Maintenance Solutions
- Ernst & Young (EY) - IoT Security and Risk Management
- PwC - IoT Strategy Consulting
- HCL Technologies - IoT Platform and Edge Computing
- Accenture - Smart Manufacturing Solutions
- Atos - Cloud-based IoT Services
- Tech Mahindra - IoT Solutions for Smart Cities
- Cognizant - IoT Data and Cloud Services
- SAP - SAP Leonardo IoT
- Qualcomm - IoT Connectivity Solutions
- GE Digital - Predix IoT Platform
- Honeywell - Industrial IoT Solutions
- Microsoft - Azure IoT Hub
IoT Professional Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 120.4 Billion |
| Market Size by 2032 | USD 226.8 Billion |
| CAGR | CAGR of 7.30% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Diverse device ecosystems and legacy system integration drive demand for interoperability, analytics, and cybersecurity expertise. •Increasing cloud and edge computing adoption in IoT networks boosts demand for specialized integration and management services. •Organizations rely on professional services to implement advanced analytics and AI tools for extracting actionable insights from IoT data. |
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Segmentation Analysis
By Deployment
The cloud deployment segment has the largest share of 82.36% in 2023, in the IoT Professional Services Market, as this model has proven to be a flexible, scalable, and cost-effective way. IoT solutions in the cloud enable organizations to process and store the infinite amount of data generated by an IoT device without requiring heavy on-premises infrastructure. The cloud services allow access to data in real-time, integrate with different devices, and require no implementation only updates, hence preferred by enterprises. Demand for cloud adoption is fueled by the inclination towards scalable and agile IoT solutions across a broad range of industries including manufacturing, healthcare, and smart cities. Businesses will prefer cloud-based IoT due to their additional benefits in connectivity, security, and operational efficiency, so continued growth is anticipated, with cloud IoT services projected to grow significantly over the next ten years.
The Cloud segment is also expected to witness the highest growth rate, as enterprises are increasingly adopting cloud-based IoT solutions to address their growing needs to store, process, and analyze data timely and efficiently. This in turn is fueling growth—with the emergence of edge computing providing cloud IoT with an important resource factor by processing data at a local level. Moreover, using hybrid and multi-cloud architectures in IoT systems would also help with data interoperability and security. The trend indicates the demand for cloud infrastructure for IoT will grow considerably with the continuing digitalization of organizations, coupled with the future focus of IoT cloud solutions on AI, machine learning, and 5G, the segment will remain strong and underway.
IoT Professional Services Market Segmentation:
By Application
- Smart Building
- Smart Manufacturing
- Smart Transport & Logistics
- Smart Healthcare
- Smart Retail
- Smart Energy
By Deployment
- On-premises
- Cloud
By service Type
- IoT Consulting
- IoT Infrastructure
- System Designing and Integration
- Support and Maintenance
- Education and Training
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Regional Analysis
North America accounts for the largest share of more than 38.20% in 2023 of the IoT Professional Services Market, due to the early adoption of IoT technologies in several verticals including manufacturing, healthcare, smart cities, etc. The U.S. is the hub for IoT innovation and investment with a broad deployment of IoT devices, cloud infrastructure, and higher-order analytics. Demand for IoT services is further encouraged by government initiatives and private sector investments in smart city projects and Industry 4.0. It is quite dominant in the region due to its strong tech base, skilled workforce, and good regulatory environment. We are predicting stable growth in North America in the years ahead, as sectors such as healthcare, energy, and manufacturing become more invested in AI, machine learning, and 5G technologies to transform their industries.
Asia-Pacific (APAC) region is expected to grow at the highest CAGR in the IoT Professional Services Market, owing to increased digitalization, government-supported smart city initiatives, and automation of manufacturing. From China to Japan to India, the IoT has emerged as a market to spearhead the adoption of new technologies to improve operational efficiency and infrastructure of cities or urban centers, and also expand healthcare. Moreover, the increasing adoption of IoT across various sectors including but not limited to retail, logistics, and agriculture is further expected to drive market growth. The drive for Industry 4.0 and rising investments in IoT solutions will also help propel growth in the region.
Recent Developments
March 2024: Accenture partnered with a leading logistics company to enhance its supply chain operations through IoT-driven smart sensors and AI-powered analytics, improving real-time tracking and predictive maintenance capabilities.
May 2024: Tata Consultancy Services (TCS) launched a comprehensive IoT professional services suite designed to streamline the digital transformation journey for manufacturers, offering services ranging from IoT infrastructure setup to data management and security.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. IoT Professional Services Market Segmentation, By Application
8. IoT Professional Services Market Segmentation, by Deployment
9. IoT Professional Services Market Segmentation, by Service Type
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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