Press release
IoT Professional Services Market Poised for 14.2 % Growth, Set to Hit $21.79 Billion by 2029
IoT Professional Services Market Size
The proliferation of IoT across different sectors, including the automotive industry, is playing a crucial role in expanding the IoT market. IoT's deployment in the automotive domain has paved new avenues for automakers and users everywhere. With its growing prominence, IoT has become synonymous with various multi-purpose applications within the automotive arena. It facilitates better communication, superior control, and effective data transmission at any point in transport. Top-tier companies such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are progressively investing in the creation of intelligent vehicles equipped with advanced features, promising healthier, more enjoyable, and more comfortable driving experiences. UBS forecasts that by 2030, autonomous taxi fleets will account for 12% of total car sales, amounting to about 26 million driverless taxis in use globally.
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What Is the projected market size and growth rate for the iot professional services market?
In the past few years, the IoT professional services market has seen robust expansion. The market is projected to increase from $164.33 billion in 2024 to $180.75 billion in 2025, experiencing a compound annual growth rate (CAGR) of 10.0%. The historic period's expansion can be attributed to factors like the escalating need for connectivity, security issues, the rising demand for professional services, the integration of smart devices, and the boom in e-commerce and online retailing.
Predictions for the future indicate a swift expansion for the IoT professional services market. By 2029, it's estimated that the market will scale up to $307.29 billion, maintaining a compound annual growth rate (CAGR) of 14.2%. The escalation during the projection period can be linked to a variety of drivers such as the adoption of 5G, focus on enhancing customer experiences, the spread of smart cities and autonomous devices, and the heightened complexity of cybersecurity threats. Additional trends during this forecast period encompass digital twins, the integration of augmented reality (AR) and virtual reality (VR), the emergence of artificial intelligence, incorporation of blockchain technology, and human augmentation.
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What new trends are reshaping the iot professional services market and its opportunities?
Leading businesses in the IoT professional services sphere are innovating with solutions like IoT Services for Sustainability, for a competitive upper hand. IoT Services for Sustainability encompasses a range of IoT solutions adept at tackling environmental and social sustainability issues. As a case in point, Nippon Telegraph and Telephone, a telecommunications giant from Japan, in May 2022, brought forth its own IoT services for sustainability suite. This comprehensive selection of solutions is targeted at aiding companies in the fulfilment of their sustainability goals. The exhaustive stack boasts of capabilities like OCR Meter Reading for instantaneous data collection from multiple meters, IoT-enabled Water Leak Management to guard against water-related damage, predictive maintenance using data derived from sensors for event prediction, and Environment Monitoring to detect pollutants and monitor environmental conditions. This stack is backed by NTT's LoRaWAN network and allows secure IT or OT integration, offering advantages such as cutback on energy expenditure, emission reduction, operational efficiency, and work enablement enhancement. The introduction of these services aligns with the escalating emphasis on utilizing IoT technologies to battle climate change and meet sustainability targets.
What major market segments define the scope and growth of the iot professional services market?
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
Subsegments:
1) By IoT Consulting Service: Business Consulting, Technology Consulting, Strategy Development, Feasibility Assessment
2) By IoT Infrastructure Service: Network Infrastructure Setup, Cloud Infrastructure Management, Security Infrastructure Implementation
3) By System Designing And Integration Service: IoT Solution Design, Device And Platform Integration, Data Integration And Middleware Services
4) By Support And Maintenance Service: Remote Monitoring And Support, Troubleshooting And Issue Resolution, Software Updates And Patches
5) By Education And Training Service: IoT Training Programs, Technical Workshops, Certification Programs
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Which region dominates the iot professional services market?
North America was the largest region in the IoT professional services market in 2024. The regions covered in the IoT professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the iot professional services industry growth?
Major companies operating in the IoT professional services market include Google LLC, Microsoft Corporation, AT&T Inc., Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, accenture* plc, 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.
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What Is Covered In The IoT Professional Services Global Market Report?
•Market Size Forecast: Examine the iot professional services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the iot professional services market for a structured understanding.
•Key Players Overview: Analyze major players in the iot professional services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iot professional services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the iot professional services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iot professional services market.
•Industry Challenges: Identify potential risks and obstacles affecting the iot professional services market.
•Competitive Landscape: Review strategic developments in the iot professional services market, including expansions, agreements, and new product launches.
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