USD 116.7 billion
Internet of Things (IoT) Professional Service Market Size, Share, Growth Analysis, By Service Type(IoT Consulting, IoT Infrastructure), By Deployment Type(On-Premises and Cloud), By Application(Smart Building, Smart Manufacturing) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2326 |
Region:
Global |
Published Date: May, 2024
Pages:
157
|
Tables:
91 |
Figures:
71
Internet of Things (IoT) Professional Service Market Insights
Global Internet of Things (IoT) Professional Service Market size was valued at USD 116.7 billion in 2022 poised to grow from USD 124.1 billion in 2023 to USD 203.96 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).
The widespread use of IoT technologies is responsible for the growth. There are numerous applications for IoT in the manufacturing, healthcare, retail, energy, and logistics and transportation industries. Professional services are becoming more and more necessary with the adoption of IoT-based systems in order to facilitate the system's successful implementation and operation. Internet of Things expert services assist businesses in achieving their objectives and realizing the greatest return on their IoT investments. Understanding customer requirements, architecture framing, high-level designing, outcome validation, transformation readiness, programme plan development, adoption readiness, deployment execution, business review, and value realisation are some of the phases that go into providing IoT professional services.
While these services are becoming more popular in wealthy nations, inadequate network infrastructure in several developing nations is probably going to impede the expansion of the global market for IoT professional services throughout the course of the projected period. Professional IoT services have a wide range of industrial uses. The smart transport and logistics segment is anticipated to achieve the highest CAGR from 2024 to 2031, while the smart cities segment is anticipated to have the largest adoption of IoT professional services among the major application areas. The introduction of 5G is anticipated to result in a large increase in the number of IoT devices worldwide in the consumer and industrial sectors, opening up new growth opportunities for IoT professional services.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud
Fastest Growth
On-premises
Growth Rate
6.4% CAGR
Global Internet of Things (IoT) Professional Services Market ($ Bn)
Country Share by North America (%)
Global Internet of Things (IoT) Professional Services Market By Deployment Type (%)
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Internet of Things (IoT) Professional Service Market Segmental Analysis
The global internet of things (IoT) professional service market is segmented based on service type, deployment type, application and region. In terms of service type, the market is segmented into IoT consulting, IoT infrastructure, system designing & integration, support & maintenance and education & training. Based on deployment type, the market is bifurcated into on-premises and cloud. In terms of application, the market is grouped into smart building, smart manufacturing, smart transport & logistics, smart healthcare, smart retail and smart energy. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Deployment Type
As per categorization by deployment type, the market is classified as on-premises and cloud. Among these, cloud earned the largest share and continues to dominate the market. The adoption of various cloud deployment options and a surge in innovation are driving the global market for professional services related to the Internet of Things (IoT). Scalability, flexibility, and accessibility are provided by cloud deployment, which makes it easier to integrate IoT devices and data management. Its capacity to deliver real-time analytics, lower infrastructure costs, and streamline operations has allowed it to dominate the industry and given organizations the ability to use IoT solutions safely and effectively.
For a number of reasons, the on-premises deployment type is expected to develop at the quickest rate in the global market for professional Internet of Things (IoT) services. For more control and protection over their IoT infrastructure, several industries—especially those that deal with sensitive data or operate in distant locations with spotty internet connectivity—preferred on-premises solutions. In addition, local data processing and storage are required by regulatory regulations in some areas. The need for on-premises deployments is fueled by these considerations, which provide customized solutions to satisfy particular organizational requirements while guaranteeing data sovereignty and compliance.
Analysis by Application
The industry is being revolutionized by advancements in smart transportation and logistics applications within the Global Internet of Things (IoT) Professional Services Market. These apps make use of IoT technology to improve supply chain visibility, optimize route planning, and strengthen fleet management. Their capacity to lower operating costs, shorten delivery times, and improve overall efficiency in logistics and transportation operations accounts for their supremacy. Smart transport and logistics apps enable companies to improve client experiences and manage operations by offering data-driven insights and real-time monitoring.
Due to their revolutionary effects on a wide range of industries, smart building, smart manufacturing, smart healthcare, smart retail, and smart energy applications are expected to grow at the quickest rate in the global Internet of things (IoT) professional services market. These applications leverage IoT-enabled automation, monitoring, and predictive analytics to optimize resource utilization, improve operational efficiency, and improve customer experiences. Companies are becoming more aware of how IoT solutions may save costs, increase productivity, and facilitate data-driven decision-making; as a result, these industries are seeing increased acceptance and quick development.
Global Internet of Things (IoT) Professional Services Market By Deployment Type (%), 2022 (%)
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Internet of Things (IoT) Professional Service Market Regional Insights
In terms of the development and uptake of cutting-edge innovations in the field of smart technologies, North America is regarded as the most developed region. The local firms in the region have a great deal of potential for revenue generation in the IoT professional services market since they are using IoT-based systems in their daily operations. As a result, they need professional services to get the most out of their IoT investments. Over the course of the projection period, the Asia-Pacific market is anticipated to develop at the fastest rate. The Internet of Things (IoT) Professional Services Market in the Asia-Pacific region is anticipated to increase as a result of the expanding IoT market and rising levels of digitalization. In terms of market share, China, Japan, India, South Korea, Singapore, and Australia have been the main APAC countries; it is anticipated that this trend will continue in the years to come.
Europe, Latin America, and the Middle East and Africa (MEA) are emerging as significant growth regions in the global Internet of things (IoT) in energy market. With programmes centered on smart grid integration and renewable energy optimization, especially in nations like Germany and the UK, Europe is leading the world in IoT adoption. Latin America is closely behind, with nations like Brazil and Mexico observing quick adoption of IoT for smart metering and energy management. The United Arab Emirates is a standout country in the Middle East and Africa (MEA) for its investments in IoT-enabled energy infrastructure, which are intended to improve sustainability and efficiency in the energy industry.
Global Internet of Things (IoT) Professional Services Market By Geography, 2024-2031
- Largest
- Fastest
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Internet of Things (IoT) Professional Service Market Dynamics
Drivers
Growing need for data analytics and loT
- Analytics and data processing have become much more common in recent years. Furthermore, big data analytics platforms use loT to obtain data. When the whole loT system serves as a platform for data processing, big data becomes vital to loT. Big data analytics is a potent technique used on the Internet of Things (IoT) to analyse data produced by connected devices, giving users the ability to take charge and improve decision-making.
Emerging interest in loT-enabled company digital transformation
- The Internet of Things (IoT) is a key technology for digital transformation that helps businesses run more efficiently. A few technologies—cloud computing, big data analytics, and edge computing—are driving the need for enterprise digital transformation. The increasing need for company digitization has compelled loT professional service providers to reorganise their present loT professional services offerings.
Restraints
Lack of Professional Talent
- Despite the fact that the adoption of loT technology has surged across a number of industries, a lack of trained staff and a lack of knowledge about the loT ecosystem are two of the main reasons why adoption has been disrupted. The industrial sector is still learning about and developing the Internet of Things. Due to this and the nature of the technologies, there are incredibly few knowledgeable and experienced specialists on these.
Modifying the Regulations for Professional Services
- The need for connected devices is growing worldwide, and the loT markets are expanding swiftly. The market is growing at an exponential rate, which has led many startups and business owners to begin investing in lot solutions. But as device-to-device data sharing increases, compliance with changing legal and regulatory frameworks is essential. There are obstacles businesses must overcome in order to implement such standards. Organisation size, regulatory load, and regulatory complexity can all be barriers to the growth and extension of markets.
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Internet of Things (IoT) Professional Service Market Competitive Landscape
Given the variety of applications for IoT, professional IoT service providers are heavily investing in R&D to expand their knowledge and provide their clients with best-in-class services. The leading companies in the Internet of Things (IoT) Professional Services Market mostly use partnerships to develop new services and grow their clientele in order to get a competitive edge. As there are so many domestic and international competitors in the IoT professional services industry, there is still intense competition. Among the major participants are GE, IBM Corporation, AT&T Inc., and General Electric Company. The market's participants are actively expanding their footprints through mergers, acquisitions, and strategic alliances.
Top Player’s Company Profiles
- Infosys Limited (India)
- Capgemini (France)
- IBM Corporation (US)
- Wipro Limited (India)
- Tech Mahindra Limited (India)
- Atos SE (France)
- Vodafone Group PLC (UK)
- PRODAPT SOLUTIONS PVT. LTD (India)
- Happiest Minds (India)
- Tata Consultancy Services Limited (India)
- Accenture (Ireland)
- NTT Data Corporation (Japan)
- Cognizant (US)
- AT&T (US)
Recent Developments
- In April 2023, The Swedish telecom equipment maker Ericsson has completed the transfer of its Connected Vehicle Cloud (CVC) and IoT Accelerator (IoT-A) operations to Aeris, a well-known IoT solution provider. According to the companies, the combined capabilities provide a new degree of scale, dependability, and security in the worldwide deployment and management of IoT programmes.
- In January 2023, Mobica, a Manchester, UK-based IoT software engineering company, consented to be purchased by Cognizant, a well-known American provider of IT services. The full software development life cycle is covered by Mobica's services, which are centred on the strategic internal R&D activities of its clients and their core competencies in embedded software development, implementation, testing, and deployment.
- In February 2022, Global nanosatellite IoT network Astrocast and IoT service provider UnaBiz have partnered to create an end-to-end IoT solution for asset tracking and monitoring. Astrocast will offer UnaBiz consultancy services as well as its direct-to-satellite data service offering through the agreement. Additionally, UnaBiz is anticipated to make it easier for Astrocast-capable devices to be onboarded on UnaConnect, an ISO27001-certified IoT device management data platform that oversees nearly a million IoT devices.
Internet of Things (IoT) Professional Service Key Market Trends
- Strategic Differentiation in the IoT Professional Services Market: Differentiation is one of the techniques used by players in the IoT Professional Services Market. Since there are a lot of other suppliers with comparable products to yours, differentiation will continue to be the main strategy for getting noticed. This means creating services that are unique and address the particular problems that customers have.
- Empowering Success with Customer-Centric Strategies: In the market for Internet of Things professional services, customer-responsive strategies are becoming more and more important. It is essential to build strong relationships with consumers, comprehend their demands, and deliver exceptional customer service in order to not only keep existing clients but also attract new ones. In order to give their consumers, the necessary expertise to use IoT technologies, service providers typically invest financial resources in customer education initiatives.
Internet of Things (IoT) Professional Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing use of IoT and data analytics highlights the value of utilizing big data analytics platforms in IoT systems, accelerating digital transformation and encouraging IoT service providers to improve enterprise digitization solutions. The limited availability of proficient experts and the dynamic regulatory environment present obstacles to the extensive integration of IoT technology. In order to promote sustained expansion in the IoT sector, enterprises must tackle the talent deficit and adjust to the expanding legal landscape.
Top IoT service providers priorities R&D investments, strategic partnerships, and market expansion efforts to stay competitive in the diverse IoT landscape. Industry leaders like GE, IBM Corporation, AT&T Inc., and General Electric Company are good examples of this, as they actively pursue mergers, acquisitions, and alliances to innovate and improve their service offerings. In the highly competitive IoT Professional Services Market, strategic differentiation is still essential. Providers must create distinctive offerings that are tailored to meet specific customer needs amidst a plethora of similar products. Customer-centric approaches, on the other hand, are more successful as they emphasize the value of establishing strong relationships with customers, learning about their needs, and providing exceptional service. These approaches are frequently bolstered by investments in customer education programmes that equip users with knowledge of IoT technology.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 116.7 billion |
| Market size value in 2031 | USD 203.96 billion |
| Growth Rate | 6.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet of Things (IoT) Professional Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet of Things (IoT) Professional Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet of Things (IoT) Professional Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Things (IoT) Professional Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Things (IoT) Professional Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet of Things (IoT) Professional Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Internet of Things (IoT) Professional Service Market Report Snapshots
- Global Internet of Things (IoT) Professional Service Companies
- Global Internet of Things (IoT) Professional Service Market Size
- Global Internet of Things (IoT) Professional Service Market Analysis
- Global Internet of Things (IoT) Professional Service Geographic Analysis
- Global Internet of Things (IoT) Professional Service Market News
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