Smart City Initiative is Expected to Drive IoT Professional Services Market Growth by 2028
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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