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The IoT services market is an innovative and ever changing one, driven by a bunch of market factors such as the customers, the environment, the regulation or the business models among others all of which its future is dependent on. The popular businesses, which started primarily by creating a platform and join the government, thus made them inevitable and with the outline of the businesses to follow. As businesses realize that Internet of Things can bring about a real transformation in improving operational efficiency, reducing cost and innovation, service providers equally boom with increased demand for professionals to implement, integrate and take care of the system.
Besides, the technology landscape consists of the fundamental elements for the Internet-of-Things (IoT) Professional Services industry. The fast-changing smart technologies like edge computing, 5G connectivity, and artificial intelligence are the cause of the development of various types of skills and knowledge among the employees and therefore, they require continuous training and adaptation. With integration of these technologies in IoT solutions, professionals providing professional services to these verticals emerge as potential recruits, and during such times, they indeed influence the market dynamics.
Another factor, which has a big role, is the level of regulation for this industry. IoT importance is underlined everywhere by the political system regarding different branches of life, among them are health care, transport, and smart cities. Consequently, regulatory structures will be designed that will tackle data security and privacy concerns to ensure there is a smooth integration across systems. Given the fact that the compliance with the constant changing rules has become a challenge for business people requires from them not only to possess technical skills but also have problem-solving abilities.
IoT Professional Services’ landscape is another factor that depends n market competition just like the competition rule. Alongside the founding of new entities, there is an expansion of the existing offerings. Moving towards the best alternative lowers the competition pressure that may lead to specialization, innovative solutions, and strategic partnerships among market players. Uniqueness of value propositions and industry trends advantage placement become paramount for both initial and further penetrations to the market. Thus, the discoveries that we make after we come to terms with our own mortality range from the mundane and practical to the profoundly meaningful and philosophical.
Customer choices matter a lot when we consider IoT Professional Services as market factors since customers select a particular model due to varied reasons. Enterprises, more than ever, want to get all-inclusive and all-sides-rounded solution that will cover various different and can be really unique issues that they face. The featuring service providers who be able to tune their services according to the these needs and at the same give scalable as well as flexible solutions are sure to win in such booming market where customization is most valued.
The role of economic factors, by extension, cannot be ruled out as they form a fundamental part of the market dynamics. The financial efficiency of business operations likes the ability to emphasize or divert the investments to the Internet of things. Desiccant times may cause a delay of implementation while enterprises seek for expense reduction measures to be implemented. However, economic recessions result in a drop in expenditures on digital transformation techniques, but economic growth leads to an increase, which is clearly fundamental for IoT services demand.
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.
Figure 1: IoT Professional Services Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, and Analyst Review
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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