IoT Professional Services Market Projected to Hit USD 182.4 Billion at a 7.3% CAGR by 2030 - Report by Market Research Future (MRFR)
Market Research Future
Updated 7 min read
Market Research Future
Rise in IoT Use Cases to Boost IoT Professional Services Market Growth
New York, US, March 20, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), " IoT Professional Services Market: By Service, By Organization Size, By Region Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 7.3% to attain a valuation of around USD 182.4 Billion by the end of 2030.
Key Players
Eminent industry players profiled in the IoT professional services market report include IBM Corporation (US), Atos SE (France), Accenture (Ireland), Capgemini (France), Cognizant (US), Tata Consultancy Services Limited (India), Wipro Limited (India), Tech Mahindra Limited (India), Vodafone Group plc (UK), AT&T (US), Infosys Limited (India), Happiest Minds (India), NTT Data Corporation (Japan), Torry Harris Business Solutions (US), and PRODAPT SOLUTIONS PVT. LTD (India).
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers
Developing economies is likely to hinder the growth of the global IoT professional services market during the forecast period.
Drivers
Rise in IoT Use Cases to Boost Market Growth
The market for IoT services is anticipated to be driven by an increase in IoT use cases. The areas where the IoT can be applied to automate processes and boost productivity are known as IoT use cases. IoT has been used in a variety of industries over the years, including manufacturing, transportation, smartwatches, farming, smart cities, and other fields. This has increased demand for IoT support services, which include consulting, data management, network management, security services, and other services.
Opportunities
Burgeoning Need for IoT Services across Varied Industries to offer Robust Opportunities
Due to technical developments in these businesses, which are boosting their acceptance rates globally, there is an increased need for different IoT services across numerous industries, including the retail, medical, and automotive sectors, among others.
Low Enterprise Adoption to act as Market Restraint
The low enterprise adoption and high demand & low supply of the valuable semiconductor chips may act as market restraints over the forecast period.
Challenges
Interoperability Issues to act as Market Challenge
The lack of common standards, interoperability issues, integration issues of communication networks and legacy infrastructure, and concerns about data security & privacy may act as market challenges over the forecast period.
Market Segmentation
The global IoT professional services market is bifurcated based on application area, organization size, and service.
By service, support & maintenance services will lead the market over the forecast period.
By organization size, SMEs will dominate the market over the forecast period.
By application area, smart transport and logistics will spearhead the market over the forecast period.
The global electronics supply chain & demand was hampered by the COVID-19 epidemic. Hence, by 2020, the IoT market's adoption of hardware had been significantly impacted, which had a direct impact on the demand for the deployment services related to the setup of IoT devices. The electronics industry experienced a supply deficit of electronics in February and March 2020 as a result of the manufacturing halt in nations like China. The market for expert IoT services has profited from the Covid-19 epidemic. Throughout the epidemic, the use of IoT devices has risen in a number of sectors, including manufacturing, healthcare, utilities, transportation, and logistics. For instance, telemedicine applications such as remote patient monitoring & diagnostics are increasingly using IoT professional services. Moreover, companies are taking into account the intelligent asset management system for remote monitoring, notifications and alerts, remote services, & control, which is anticipated to fuel market expansion.
Regional Analysis
North America to Lead IoT Professional Services Market
Over the projected period, North America is anticipated to dominate the IoT market. When it comes to the creation and uptake of cutting-edge innovations in the realm of smart technology, North America is regarded as a highly advanced region. Due to the native enterprises' widespread adoption of IoT-based systems in their daily business operations and the consequent need for professional services to maximize returns from their IoT investments, the region possess a noteworthy potential for the revenue generation in this market. Over the projected period, the US is anticipated to be the dominant country-level market within North America. Since it was the first region to adopt IoT solutions and has implemented a number of IoT-based smart solutions to increase the effectiveness of corporate operations, North America is predicted to lead the market. The three largest nations in North America that have embraced IoT professional services are the US, Canada, and Mexico. Over the anticipated period, North America is anticipated to record the greatest revenue share internationally. Many important producers of IoT hardware, software, & 5G network operators are based in North America. A number of regional governments are also considering intelligent city projects that would support the region's development objectives during the course of the predicted period.
APAC to Have Favorable Growth in IoT Professional Services Market
Due to the region's expanding IoT industry and rising digitization, the market in APAC is anticipated to develop at the highest CAGR from 2022 to 2030. Throughout the projected period, the market in Asia-Pacific is anticipated to develop at the best rate. The market in this region is anticipated to increase as a result of the expanding IoT market and rising digitalization. In terms of market share, the APAC area has historically been dominated by China, South Korea, Japan, India, Singapore, and Australia. This trend is anticipated to continue in the years to come. Infrastructure improvements in the area and favorable economic conditions are the main drivers of market expansion. Also, new development opportunities for businesses are anticipated as a result of various actions done by governments in various nations to improve digitization. A major factor behind regional digitization is the ACCA which is a member-driven organization established to hasten the adoption of cloud computing services. Its members include cloud service providers, governments, and customers who are enthusiasts. It is also anticipated that China's planned investment in infrastructure-as-a-service would grow fast. The area is anticipated to fuel market expansion for the IoT Professional services as a result of these investments and the quick adoption of cloud computing.
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