The IoT Professional Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Professional Services Global Market Report 2024, 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.
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.
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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
Major companies operating in the IoT professional services market are focusing on strategic collaboration to develop new products and strengthen their positions in the market. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in September 2023, Lexmark International Inc., a US-based imaging products and laser printers company, announced a collaboration with HARMAN Digital Transformation Solutions (DTS), a business unit of Harman International Industries, a US-based electronics company. Under this partnership, HARMAN will deploy Lexmark’s Optra IoT technology on specific projects, combining it with AI capabilities to address challenges faced by enterprises and public institutions. The collaboration aims to create innovative industrial IoT applications, including solutions for Industry 4.0, remote monitoring of manufacturing plants, medical devices, and connected products. One of the initial offerings is an AI-powered solution for detecting anomalies and defects in manufacturing processes, demonstrating significant improvements in inspection speed and error reduction. This partnership leverages Lexmark’s expertise in IoT technology and HARMAN’s domain competency and extensive integration expertise. The joint efforts seek to deliver enhanced IoT solutions to a wide range of industries.
The iot professional services market report table of contents includes:
1. Executive Summary
2. IoT Professional Services Market Characteristics
3. IoT Professional Services Market Trends And Strategies
4. IoT Professional Services Market – Macro Economic Scenario
5. Global IoT Professional Services Market Size and Growth
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31. IoT Professional Services Market Other Major And Innovative Companies
32. Global IoT Professional Services Market Competitive Benchmarking
33. Global IoT Professional Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IoT Professional Services Market
35. IoT Professional Services Market Future Outlook and Potential Analysis
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