Global Internet of Things (IoT) Professional Service Market

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

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FAQs

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).

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. 'Infosys Limited (India)', 'Capgemini (France)', 'Torry Harris Business Solutions (US)', '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)'

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.

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.

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.

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