IoT Professional Services Market to Reach Valuation of USD 185.10 Billion by 2028

The IoT Professional Services market is expected to grow from USD 101.5 Billion in 2020 to USD 185.10 Billion by 2028, at a CAGR of 7.8% during the forecast period 2021-2028.

The internet of things (IoT) is a network of interconnected devices that can detect and transmit data without the intervention of a person. Professional IoT services help businesses enhance their operations by tackling challenges like uninterruptible communication, internet connectivity, and data security risks that come with connected devices.

IoT professional services help organizations identify, create, and launch IoT-based solutions while also guaranteeing security by providing end-to-end assistance during the deployment process. Businesses use IoT professional services to build use cases, analyze technology, plan roadmaps, and frame IoT architectures.

The rising demand to enhance operational efficiency in different sectors and government efforts in IoT R&D activities are the key drivers driving the growth of the IoT Professional Services Market. The use of Internet of Things devices is growing in various areas, including healthcare, utilities, transportation, and logistics. As a result, the need for IoT professional services is rising across many industrial sectors. Growth in the internet of things application cases is driving the IoT service market. IoT use cases are the areas where IoT may be used to automate operations and enhance productivity. IoT has found applications in various industries over time, including manufacturing, farming, smartwatches, smart cities, transportation, and other disciplines, resulting in an increased demand for IoT services such as consultancy, data management, network management, security services, and other fields. Although IoT has proven to be beneficial in various vertical sectors, enterprise adoption is low due to several factors, including a lack of awareness, increased human involvement in the operating system, which leaves less or no room for automation, and, most importantly, automation, data privacy concerns. The need for highly customized IoT professional services and IoT-enabled digital transformation of companies is expected to drive the IoT professional services market in the future decade.

The major vendors in the IoT Professional Services Market include Accenture, Atos SE, IBM, Cognizant, DXC, Deloitte, Capgemini, TCS, NTT DATA Corporation, Infosys, AT&T, Wipro, Happiest Minds, Mindtree, General Electric, Honeywell International Inc., Oracle, HCL, Virtusa, Vodafone, Tech Mahindra, EY Global, Prodapt Solutions, Unisys, Siemens Advanta Consulting, and ORBCOMM. Key competitors are currently focusing on tactics such as product innovations, mergers and acquisitions, latest advancements, joint ventures, collaborations, and partnerships to obtain a significant market share in the global IoT Professional Services market.

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The IoT consulting services dominated the market with the largest market share of 42% in the year 2020.

Based on the service type, the IoT Professional Services the market is segmented into IoT Consulting, IoT Infrastructure, System Designing, and Integration. The IoT consulting service dominated the market with the largest market share of 42% in 2020. IoT consulting services help companies improve their business processes by developing alternative strategies, designing use cases, planning roadmaps, analyzing technology, and framing IoT architectures. IoT consulting services ensure that organizations create and execute appropriate IoT applications and architecture. They assist businesses in developing new IoT infrastructures to supplement their existing systems. IoT consulting services also help non-IT firms with little or no IT knowledge in understanding IoT technologies.

The Smart Transport & Logistics segment dominated the market with the largest market share of 39% in 2020.

Based on the application, the IoT Professional Services the market is segmented into Smart Buildings, Smart Transport & Logistics, Smart Healthcare, Smart Retail, and Smart Energy. The Smart Transport & Logistics segment dominated the market with the largest market share of 39% in the year 2020. Smart transportation and logistics refers to the Integration of contemporary technology with present transportation and logistics infrastructure to provide real-time online information on traffic flow, asset tracking, and passengers/commuters. Among the applications are traffic management, supply chain, logistics, inventory management, passenger information system management, fleet management, freight management, cargo and container monitoring, ticketing management, and parking management. Professional IoT services help businesses in the transportation and logistics industries automate their processes by using IoT technology solutions.