IoT professional Services Market worth $158.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

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Nov 02, 2022, 10:30 ET

CHICAGO, Nov. 2, 2022 /PRNewswire/ -- The Global IoT professional Services Market is expected to account for USD 158.9 billion by 2027 from USD 116.7 billion by 2022, growing at a CAGR of 6.4% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the IoT professional Services Market include the shift toward digital transformation, increasing adoption of IoT-based solutions and need of networked devices.

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IoT allows enterprises to become more sophisticated with ongoing operational availability of knowledge while lowering operating costs since it is connected to a huge number of devices to the internet. IoT will enhance asset monitoring by leveraging sensors and networks to track assets (tools, machinery, equipment, and so forth), allowing businesses to gain from real-time experiences. IoT creates new business opportunities and allows enterprises to profit from new revenue streams produced by cutting-edge strategies and solutions. IoT-driven innovations create strong business cases, shorten time to market, and increase return on investments.

Based on service type, the IoT consulting services segment is projected to hold the largest market size during the forecast period

Due to its use in devising various strategies, developing use cases, planning roadmaps, evaluating technologies, and defining IoT architectures, the category of IoT consulting services is anticipated to expand with the biggest market share. IoT consulting service providers make sure that firms design and implement the appropriate IoT applications and infrastructure. They assist businesses in building new IoT infrastructures and improving their current ones. IoT consulting service providers also assist non-IT businesses with limited IT skills in understanding IoT technologies. During the projected period, these factors collectively contributed to the growth of the global IoT professional Services Market in the IoT consulting services category.

Based on Deployment type, the cloud segment is projected to be the fastest market during the forecast period

Due to its capacity to scale and be agile within enterprises, the cloud category is expected to develop at the highest CAGR during the projected period. Compared to on-premises IoT professional services, it offers more features at a lower price. Because of the rapid improvements in cloud technology, businesses are more likely to use affordable cloud-based solutions. In order to perform IoT data analysis, aggregation, and filtering operations closer to the source of the data, around half of the industry uses and adapts these technologies. Businesses are choosing cost-effective cloud-based solutions more and more due to the quick advancements in cloud technology. SMEs and big businesses may focus on their core competencies rather than IT operations thanks to the adoption of cloud based IoT professional services.

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APAC is expected to grow at a higher CAGR during the forecast period

The APAC region will have extensive growth opportunities in the next 5 years. As the high-speed networking and digital infrastructure are improving in this region, the IoT based solutions and sensor-based data collection trend are also gaining momentum. The region encompasses developed and developing economies, such as Australia, Japan, Singapore, China, India, New Zealand, and South Korea. The developed countries in this region are expected to experience significant growth because of greater technological infrastructures. Developing countries, on the other hand, are gradually adopting IoT Professional services to advance and streamline their business processes.

Major vendors operating in the IoT professional Services Market include Accenture (Ireland), Atos (France), IBM (US), Cognizant (US), DXC Technology (US), Deloitte (UK), Capgemini (France), TCS (India), NTT DATA (Japan), Infosys (India), AT&T (US), Wipro (India), General Electric (US), Honeywell (US), Oracle (US), HCL Technologies (India), EY (UK), Unisys (US), Vodafone (UK), Tech Mahindra (India), Happiest Minds (India), Mindtree (India), Prodapt (India), Siemens Advanta Consulting ( Germany), ORBCOMM (US), PureSoftware (India), Velvetech (US), Jaarvis (Australia), Eseye (UK), Cuelogic (US).

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