DUBLIN–(BUSINESS WIRE)–The “Global IoT Professional Services Market by Service Type (IoT Consulting, IoT Infrastructure, System Designing & Integration, Support & Maintenance, Education & Training), Organization Size, Deployment Type, Application & Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global IoT professional services market is expected to account for USD 158.9 billion by 2027, growing at a CAGR of 6.4% during the forecast period.
IoT consulting service, by service type segment to account for a larger market size during the forecast period
The IoT consulting services are utilized for devising various strategies, developing use cases, planning roadmaps, appraising technologies, and defining IoT architectures. They also aid in streamlining business operations for enterprises. IoT consulting service providers make sure the suitable IoT applications and architecture are developed and implemented in businesses. They assist businesses in building new IoT infrastructures to improve their current systems. IoT consulting service providers also assist non-IT businesses with limited IT skills in understanding IoT technologies.
Based on Deployment type, the cloud segment is projected to be the fastest market during the forecast period
As cloud computing services offer insights into partnership tactics, go-to-market strategy, investments, alliance and acquisition strategies, and best operational practices, businesses are embracing them. Cloud computing services also make it easier to track, compare, and evaluate business activities and make sure that business operations are in accordance with customer requirements. Many businesses are investing in big data, IoT, artificial intelligence, and 5G technologies to obtain key strategic insights for decision-making leading to growing investment in cloud-based services.
Based on region, Asia-Pacific is projected to account for the highest CAGR during the forecast period.
Asia Cloud Computing Association (ACCA), a member-driven organisation created to expedite the adoption of cloud computing services, is a driving force of digitization in the region. Governments, cloud service providers, and enthusiast customers are among its members. The projected investment by China in infrastructure as a service is also expected to shroom rapidly. Due to to these investments and rapid adoption of cloud the region is expected to fuel market growth for IoT Professional services.
Smart transport and logistics, by application segment to lead the market during the forecast period
In order to deliver real-time online information about traffic flow, asset tracking, and passengers/commuters, smart transportation and logistics include integrating cutting-edge technologies with the current transportation and logistics infrastructure. Additionally, it is utilised for inventory management, fleet management, freight management, cargo and container tracking, supply chain and logistics management, traffic control, ticketing management, and parking management. IoT professional services assist businesses in the logistics and transportation industries in automating processes by implementing IoT technological solutions.
North America to account for the largest market size during the forecast period
North America, which consists of the US and Canada, is anticipated to account for the largest share of the global market for IoT professional services. These nations’ economies are stable and well-established, enabling them to make significant investments in R&D activities and contribute to the creation of new technology. The area is technologically advanced, and a number of government programmes, such as smart cities and Industrial IoT, have been accepted.
- Increased Data Traffic due to Increasing Number of IoT Connections
- Increasing Internet Ubiquity and Development of Wireless Technologies
- Rising Need to Increase Operational Efficiency in Various Industries
- Increasing M2M Applications Across Industries to Accelerate IoT Growth
- Government Initiatives in R&D Activities Related to IoT
- High Demand and Low Supply of Valuable Semiconductor Chips
- Interoperability and Lack of Common Standards
- Increasing Demand for IoT-Enabled Digital Transformation of Businesses
- Shift from On-Premises to Cloud-based Data Management Strategy
- Integration Issues of Legacy Infrastructure and Communication Networks
- Concerns Associated with Data Security and Privacy
- DXC Technology
- General Electric
- Happiest Minds
- NTT Data
- Siemens Advanta Consulting
- Tech Mahindra
- Toyota Material
- Unisys Corp
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