Government initiatives are expected to increase the adoption rate of IoT devices, making more organizations rely on professional services for deployment and further management during the forecast period of 2024-2028.
According to TechSci Research report, IoT Professional Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the Global IoT Professional Services market is expected to register a robust growth during the forecast period, 2024-2028. Globally, IoT devices and systems are expected to increase as part of transportation, utilities, and infrastructure. Government initiatives are expected to increase the adoption rate of IoT devices, making more organizations rely on professional services for deployment and further management.
For instance, from 2020, 80% of all European Union member states’ consumers have access to smart meters. With these changes, countries are adopting intelligent metering systems more and more. For instance, the Department for Business, Energy, and Industrial Strategy in US predicts that by the end of the third quarter of 2021, residences and small businesses will be using 21.6 million of the country’s 26.4 million smart and advanced meters. This shows that provisioning services are becoming more and more important for IoT devices.
Growth in the global IoT professional services market is also attributed to the development of wireless technology and increasing internet availability. The growing adoption of smart farming has increased the demand for cloud-based service management platforms. Moreover, enterprises planning the large-scale digital transformation of their business operations need professional IoT services. This service helps you efficiently define, design, and deploy IoT-based systems by providing end-to-end support for all phases of IoT deployment driving the global IoT professionals services market.
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Global IoT professional services market is segmented on the basis of service type, organization size, deployment type, and end-use industry. Based on service type, the market is segmented into IoT consulting service, IoT infrastructure service, system designing & integration service, support & maintenance service, and education & training service. The growth of smart manufacturing operations has directly influenced the demand for IoT consulting services as manufacturing plants hop into the drive toward digital transformation. The return on investment of leveraging consulting services is built on the financial savings enabled by IoT. Professional services help companies streamline device logistics including authentication, configuration, provisioning, and management. Customer preference for deployment services is based on end-to-end solutions, along with easy access and distribution channels. Companies such as AT&T provide end-to-end certified deployment services in over 150 countries and territories, including device authentication, configuration (Firmware Over The Air (FOTA)/Software of the Air (SOTA)). These advancement by the market players are driving the growth in the global IoT professional services market.
System design and integration services provide a full range of IoT ecosystem designs, facilitate enterprise integration of IoT solutions, and sustain operating systems and business projects. System design service providers plan complete IoT systems to reduce business complexity and improve organizational profitability.Based on deployment type the market is bifurcated into cloud and on-premises. The cloud deployment type segment is projected to register the highest CAGR during the forecast period. Professional services portfolio is created to reduce the complexity of IoT systems. With the proliferation of connected devices allowing enterprises to focus on their core business, there is a growing demand for managed services. A key benefit of professional services is the know-how available to the customer.
Key market players in the IoT Professional Services market:
- Atos SE
- Tata Consultancy Services Limited
- Accenture PLC
- IBM Corporation
- AT&T Inc.
- Cognizant Technology Solutions Corp.
- DXC Technology Company
- Capgemini SE
- Wipro Technologies
- Oracle Corporation
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“The demand for IoT professional services is anticipated to grow during the forecast period owing to rising investments in regions like North America. As the region is home to major telecom industry players such as AT&T and IBM who continually invest in evolving their infrastructure to keep up with technological advances. This is expected to drive the adoption of professional IoT services during the forecast period. Moreover, fast and secure 5G connectivity is expected to accelerate the adoption of IoT devices, enabling agile operations and flexible production. This technology aims to facilitate automated assembly, warehousing, connected logistics, packaging, product handling, and autonomous carts. Additionally, the IoT and digital solutions visibility in the industry is significantly higher in North America.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global IoT Professional Services Market Segmented By Service Type (IoT Consulting Service, IoT Infrastructure Service, System Designing & Integration Service, Support & Maintenance Service, and Education & Training Service), By Organization Size (SMEs, Large Enterprises), By Deployment Type (Cloud, On-premises), By End Use Industry (IT & Telecom, Retail, Manufacturing, Healthcare, BFSI and Others), By Region, Competition has evaluated the future growth potential of global IoT professional services market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in IoT professional services market.
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