The IoT Professional Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Professional Services Global Market Report 2024, The IoT professional services market size has grown rapidly in recent years. It will grow from $151.16 billion in 2023 to $168.05 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to growing need for connectivity, security concerns, surge in demand for professional services, adoption of smart devices, growth of e-commerce and online retail.
The IoT professional services market size is expected to see rapid growth in the next few years. It will grow to $266.35 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to 5G adoption, growing emphasis on improving customer experience, proliferation of smart cities, rise of autonomous devices, increasing sophistication of cyber threats. Major trends in the forecast period include digital twins, augmented reality (AR) and virtual reality (VR) integration, rise of artificial intelligence, integration of blockchain technology, human augmentation.
The rapidly growing number of IoT connections is expected to propel the growth of the IoT professional services market going forward. The Internet of Things (IoT) refers to a network of physical objects that are implanted with sensors, software, and other technologies to connect and exchange data with other devices and systems over the internet. The professional services IoT connected devices ingest device data and transform it into insightful knowledge that can offer operators a full range of product analytics and help manufacturers build new products. For instance, according to the data published by DataProt, a US-based review site providing reliable information about various cybersecurity technologies, in 2021, there were over 10 billion active IoT devices globally, and this is expected to reach 25.4 billion by 2025. Therefore, a rapidly growing number of IoT connections is driving the growth of the IoT professional services market.
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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
Major companies operating in the IoT professional services market are focusing on strategic collaboration to develop new products and strengthen their positions in the market. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in September 2023, Lexmark International Inc., a US-based imaging products and laser printers company, announced a collaboration with HARMAN Digital Transformation Solutions (DTS), a business unit of Harman International Industries, a US-based electronics company. Under this partnership, HARMAN will deploy Lexmark's Optra IoT technology on specific projects, combining it with AI capabilities to address challenges faced by enterprises and public institutions. The collaboration aims to create innovative industrial IoT applications, including solutions for Industry 4.0, remote monitoring of manufacturing plants, medical devices, and connected products. One of the initial offerings is an AI-powered solution for detecting anomalies and defects in manufacturing processes, demonstrating significant improvements in inspection speed and error reduction. This partnership leverages Lexmark's expertise in IoT technology and HARMAN's domain competency and extensive integration expertise. The joint efforts seek to deliver enhanced IoT solutions to a wide range of industries.
The iot professional services market report table of contents includes:
1. Executive Summary
2. IoT Professional Services Market Characteristics
3. IoT Professional Services Market Trends And Strategies
4. IoT Professional Services Market - Macro Economic Scenario
5. Global IoT Professional Services Market Size and Growth
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31. IoT Professional Services Market Other Major And Innovative Companies
32. Global IoT Professional Services Market Competitive Benchmarking
33. Global IoT Professional Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IoT Professional Services Market
35. IoT Professional Services Market Future Outlook and Potential Analysis
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According to research report "IoT Professional Services Market by Service Type (IoT Consulting, IoT Infrastructure, System Designing and Integration), Organization Size, Deployment Type, Application (Smart Buildings, Smart Transport and Logistics), and Region - Global Forecast to 2026", size is projected to grow from USD 98.8 billion in 2020 to USD 149.9 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.The major factors driving the growth of the IoT professional services market include rapidly growing number of IoT connections leading to increased data traffic, increasing internet ubiquity and development of wireless technologies, rising need to increase operational efficiency in various industries, and government initiatives in R activities related to IoT.
Integration services include the installation of IoT software and solutions in IoT ecosystems of organizations.Based on IoT consulting service, the business consulting service segment is expected to lead the market during the forecast periodBusiness consulting services cover the fundamental aspects of business strategies and the planning associated with the implementation of IoT technology in organizations.
Business consultants help organizations in building resilient and scalable functional business processes; improving their interactions with customers; amending their policies; carrying out business automation; transforming their functional areas such as supply chain, finance, and human capital management; and simplifying their business transformations.
These consultants also plan, analyze, and report improvements in the business flow to generate increased revenues.Based on organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast periodSMEs experience niche requirements for services that help manage customer data using business intelligence and online transaction processing.
SMEs are typically more flexible in using and adopting emerging technologies, such as IoT, cloud, analytics, and several other disruptive technologies, as their existing IT investments are not huge.
Hence, they can adopt any technology at a faster pace.Based on deployment type, the on-premises segment is expected to lead the market during the forecast periodThe on-premises IoT professional services are installed and hosted in an organization’s IT infrastructure and are managed by its internal IT staff.
The Global Internet of Things (IoT) Professional Services Market report by Reports and Data is an all-encompassing study of the global Internet of Things (IoT) Professional Services market.
They have taken into consideration several factors, such as market penetration, pricing structure, product portfolios, end-user industries, and the key market growth drivers and constraints, to endow the readers with a sound understanding of the market.
The report provides the reader with a panoramic view of the Internet of Things (IoT) Professional Services market, supported by key statistical data and industry-verified facts.
Hence, it examines the size, share, and volume of the Internet of Things (IoT) Professional Services industry in the historical period to forecast the same valuations for the forecast periodThe report on the Internet of Things (IoT) Professional Services market offers an in-depth analysis of the product innovations, technological advancements, increasing demand, market segments, and other key factors.
It also offers a detailed study of top companies operating in the market including Accenture, Cognizant Technology Solutions Corporation, Atos SE, IBM Corporation, Infosys Limited, Happiest Minds, Capgemini, Tata Consultancy Services Limited, Tech Mahindra Limited, and Wipro Limited, among others.Fill in your details to get your hands on an Exclusive Sample of this Report @ https://www.reportsanddata.com/sample-enquiry-form/2570The report also offers a panoramic view of the competition scenario through a thorough analysis of the key vendors and manufacturers operating in the global Internet of Things (IoT) Professional Services market covering their strategic alliances and business expansion plans to gain a robust footing in the market.
The comprehensive competitive landscape analysis covers industrial chain analysis, revenue contribution, production and manufacturing capacity, market share and market size, profit margins, lucrative investment prospects, cost analysis, and strategic business decisions such as M activities, partnerships, collaborations, and product launches, among others.The report divides the Internet of Things (IoT) Professional Services market based on types and applications/end-use to offer a complete understanding of the industry.
