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Steady Expansion Forecast for IoT Professional Services Market, Projected to Reach $307.29 Billion by 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Will the IoT Professional Services Industry Market Size Be by 2025?
The market size of IoT professional services has seen significant expansion in recent years. It is set to escalate from a worth of $164.33 billion in 2024 to $180.75 billion in 2025, marking a compound annual growth rate (CAGR) of 10.0%. Factors contributing to the growth during the historic period include enhanced connectivity needs, security issues, an increase in the requirement for professional services, the use of smart devices, and the expansion of e-commerce and online retail.
What's the Long-Term Growth Forecast for the IoT Professional Services Market Size Through 2029?
The market for IoT professional services is projected to experience rapid expansion in the coming years, rising to $307.29 billion in 2029 with a compound annual growth rate (CAGR) of 14.2%. This progression during the forecast period can be ascribed to elements such as the uptake of 5G, an increasing focus on enhancing customer experience, the expansion of smart cities, the emergence of autonomous devices, and the growing complexity of cyber threats. Dominant trends during the estimated period include the introduction of digital twins, the incorporation of augmented reality (AR) and virtual reality (VR), the surge in artificial intelligence, the implementation of blockchain technology, and the concept of human augmentation.
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What Are the Key Growth Drivers Fueling the IoT Professional Services Market Expansion?
The IoT market's expansion is being propelled by its application in diverse sectors, including the automotive industry. Its utilization in the vehicle manufacturing business has resulted in an abundance of opportunities for manufacturers and customers across the globe. Various multifunctional applications in the car industry regard IoT as a significant area of interest. IoT supports improved communication, control, and data transmission at any transport node. Major corporations like Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are progressively putting resources into the production of smart vehicles brimming with advanced features, aiming to offer healthier, more comfortable, and more delightful driving experiences. UBS forecasts that autonomous taxi fleets will account for 12% of all car sales in 2030, yielding around 26 million driverless taxis in operation around the world.
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What Are the Key Trends Driving IoT Professional Services Market Growth?
Leading firms in the IoT professional services sector are creating innovative solutions like IoT Services for Sustainability to remain competitive in the market. IoT Services for Sustainability are designed to tackle societal and environmental sustainability issues. For example, in May 2022, Nippon Telegraph and Telephone, a telecommunications firm based in Japan, launched its own range of IoT services for sustainability. These solutions are comprehensive and geared toward helping corporations meet their sustainability objectives. The all-encompassing stack offers features such as OCR Meter Reading, which supports real-time data collection from an array of meters, Water Leak Management as a means of protection against water damage through IoT, Predictive Maintenance through sensor data analysis for event anticipation, and Environmental Monitoring for identifying pollutants and keeping track of environmental conditions. NTT's LoRaWAN network backs the stack offering secure IT or OT integration. It offers several advantages, including reduced emissions, energy cost savings, improved work enablement, and operational excellence. This move resonates with the increasing focus on employing IoT technologies to fight climate change and attain sustainability goals.
How Is the IoT Professional Services Market Segmented?
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 Companies Are Leading the Charge in IoT Professional Services Market Innovation?
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.
Which Regions Are Leading the Global IoT Professional Services Market in Revenue?
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.
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