Global IoT Professional Services Market 2024 - Opportunities for Business Growth, Regional Insights, and Forecast Until 2033

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.

Market Overview -
IoT professional services refer to a set of services provided by software companies to develop and support their own or third-party IoT applications to automate and optimize corporate operations. IoT professional services aid in easily defining, designing, and launching an organization's initiatives. IoT professional services are used to deploy IoT applications to different industry verticals for smooth operations.

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Rising Adoption Of IoT Devices Drives Growth Of IOT Professional Services Market
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.

Competitive Landscape -
Major companies operating in the IoT professional services market report are Google LLC, Microsoft Corporation, AT&T Inc., Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, IBM Corporation, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Cisco Systems Inc., Vodafone Group plc, Ernst & Young Global Limited, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., KPMG International Ltd., Tata Consultancy Services Limited., Fujitsu Limited, NEC Corporation, NTT DATA Corporation, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Atos SE, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, LTIMindtree Ltd., Happiest Minds Technology Ltd.

IOT Solutions For Sustainability Solutions Transforming The IOT Professional Services Market
Major companies operating in the IoT professional services market are developing new solutions such as IoT Services for Sustainability to gain a competitive edge in the market. IoT services for sustainability refer to a set of IoT solutions and offerings designed to address environmental and social sustainability challenges. For instance, in May 2022, Nippon Telegraph and Telephone, a Japan-based telecommunications company, launched IoT services for sustainability, a comprehensive suite of solutions aimed at helping businesses advance their sustainability goals. The end-to-end stack includes features such as OCR Meter Reading for real-time data collection from various meters, Water Leak Management for IoT-enabled protection against water damage, Predictive Maintenance using sensor data for anticipating events, and Environmental Monitoring to identify pollutants and track environmental conditions. The stack is supported by NTT's LoRaWAN network and offers secure IT or OT integration, delivering benefits such as energy cost savings, reduced emissions, operational excellence, and improved work enablement. The launch aligns with the growing emphasis on leveraging IoT technologies to combat climate change and achieve sustainability objectives.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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