WESTFORD, Mass., July 1, 2024 /PRNewswire/ -- According to SkyQuest, global Internet of Things (IoT) Professional Service Market size was valued at USD 116.7 billion in 2022 poised to grow from USD 124.1 billion in 2023 to USD 203.96 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).
The growing deployment of Internet of Things (IoT) devices around the world has bolstered the demand for internet of things (IoT) professional services around the world. Increasing emphasis on IoT-enabled digital transformation and high use of edge and cloud computing are also creating an opportune setting for internet of things (IoT) professional service providers around the world. The global internet of things (IoT) professional service market is segmented into service type, deployment type, organization size, application, and region.
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Internet of Things (IoT) Professional Service Market Overview:?
Report Coverage? | Details? |
Market Revenue in 2023? | $ 124.1 billion? |
Estimated Value by 2031? | $ 203.96 billion? |
Growth Rate? | Poised to grow at a CAGR of 6.4%? |
Forecast Period? | 2024-2031? |
Forecast Units? | Value (USD Billion)? |
Report Coverage? | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends? |
Segments Covered? | Service Type, Organization Size, Application, and Deployment Type |
Geographies Covered? | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights? | Updated financial information / product portfolio of players? |
Key Market Opportunities? | Increasing demand for IoT-enabled digital transformation of businesses |
Key Market Drivers? | Growing need for data analytics and loT is a driving factor of market expansion |
Segments covered in Internet of Things (IoT) Professional Service Market are as follows:
- Service Type
- IoT Consulting Services (Technology Consulting Services, Business Consulting Services, Operational Consulting Services), IoT Infrastructure Services (Network Services, Deployment Services, Cloud Services), System Designing and Integration Services (Platform Development and Integration, Mobile and Web Application Development), Support and Maintenance Services, Others
- Organization Size
- Large Enterprises, Small and Medium-Sized Enterprises
- Application
- Smart Building, Smart Manufacturing, Smart Transport & Logistics, Smart Healthcare, Smart Retail and Smart Energy
- Deployment Type
- On-Premises and Cloud
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Cloud Deployment is Preferred by Internet of Things (IoT) Professional Service Companies for its Scalability and Flexibility
The cost benefits of cloud platforms and technologies outweigh any other type of deployment, and this is why IoT professional service providers should focus on this type of deployment. As cloud use increases, the need for services for the same also rises, generating new opportunities for market players. Integration and interoperability management along with security are some key cloud services that companies should focus on going forward. Meanwhile, on-premises deployment will also offer substantial opportunities for internet of things (IoT) professional service providers in the future.
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Emphasis on Improving Manufacturing Efficiency Makes the Smart Manufacturing Application Highly Attractive
The manufacturing industry is undergoing some major changes, and the high adoption of automation is a key catalyst for internet of things (IoT) professional service demand. IoT technology is a key component of any smart manufacturing facility and therefore the requirement for IoT professional services will be very high in these settings. Meanwhile, smart transportation and logistics, smart healthcare, smart energy, and smart retail are some other applications where new and established internet of things (IoT) professional service companies can succeed soon.
High Spending Potential of Large Enterprises Allows them to Hold Sway Over IoT Professional Service Demand
Large enterprises are at the forefront of IoT adoption as they move towards automation. These establishments have high spending potential, and this is why they are the preferred client for any internet of things (IoT) professional service company. The rising use of cloud technologies and the need to integrate, maintain, and repair certain IoT networks and devices will bolster the demand for internet of things (IoT) professional services in large enterprises.
Small and medium enterprises (SMEs) are also predicted to offer highly rewarding business scope for IoT service providers as IoT adoption increases in these establishments. Growing focus on improving resource utilization and availability of subscription-based models for cloud services will also favor the demand for IoT services in the future.
Internet of things (IoT) professional service companies need to understand customer requirements to improve their revenue generation to its full potential. Companies can also capitalize on the growing investments in IoT technologies to improve their business scope. Consulting and integration services are projected to take center stage for all internet of things (IoT) professional service providers as these services could help companies increase their market share.
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