IoT Professional Services Market Synopsis:
IoT professional services market is expected to grow from USD 22.65 billion in 2022 to USD 182.4 Billion by 2030 at a CAGR of 7.3% from 2022 to 2030.
Smart city initiatives have fueled the market growth in past years. Also, the increasing use of devices and systems in transportation, utility and Infrastructures will work as key market drivers to boost market growth in the future.
The Internet of Things (IoT) has revolutionized the way businesses operate, enabling seamless connectivity between devices and empowering organizations to make data-driven decisions. As the IoT landscape continues to expand, the demand for professional services in this domain has surged. In this article, we will delve into the IoT professional services market, providing an overview, highlighting key companies, discussing market segmentation, exploring regional insights, and sharing the latest industry news.
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Key Players:
Key Players in the Global IoT Professional Services
- 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)
- PRODAPT SOLUTIONS PVT. LTD (India).
During Covid-19, the Global IOT market has faced a negative impact especially in the supply chain and production which also created a product shortage in the beginning of 2022. But the increasing demand for IOT devices and systems in 2022 directly influenced the market growth.
Market Segmentation:
The Global IOT Professional Services Market is segmented into service type, enterprise size, application or end-user and region.
Depending on service type, the market is segmented into IOT infrastructure services, IOT consulting services, System designing and integration services, education and training services, support and maintenance services.
Depending on Application, the market is segmented into smart buildings, healthcare, manufacturing, retail, transport and logistics.
Increasing need for IOT Professional Services in various industries like transportation and healthcare will be major driving forces behind the growth of the Global IOT Professional Services Market size in the foreseeable future.
Regional Classification:
According to the Regional classification, the Global IOT Professional Services Market is segmented into North America, Latin America, Asia Pacific, Middle East Asia, Europe and Africa.
North America holds the largest Global IOT Professional Services Market share as the region is the home of some key market industries as well as the region has a lot of technical advancement which will boost the market growth of this region.
Asia Pacific will be the fastest growing market in the projected period and will hold a significant amount of the Global IOT Professional Services Market revenue in future.
The IoT professional services market exhibits a global presence, with significant growth opportunities across various regions.
North America: This region dominates the market, driven by the presence of major technology companies, high IoT adoption rates, and government initiatives promoting digital transformation.
Europe: European countries are witnessing increased investment in IoT infrastructure, with countries like Germany, the UK, and France leading the way in IoT professional services.
Asia Pacific: Rapid industrialization, urbanization, and the growing emphasis on smart cities contribute to the market's growth in this region, with countries like China and India emerging as key players.
Industry News:
Some key players in the Global IOT Professional Services Market are General Electric Co., AT&T Inc., IMB Corporation, Vodafone Ltd, Tata consultancy services, Wipro Limited etc. These key players are focusing on the collaborations, merges, research, new product launches etc to generate more market and strengthen their footprints in this highly competitive market. The major key players in the market like AT&T, Vodafone and GE are always looking for innovative ways to improve their strategies which makes the market competitive.
In February 2022, Boingo wireless a complete provider of ADS, WiFi and private network announced their collaborations with the Quantum technologies Inc. which will boost the production and services of both companies in future.
In 2021, Tata consultancy services Ltd. Have announced their collaborations with Thailand's largest telecom company AIS. This was intended to enable the manufacturers to adopt IOT services based on 5G networking service.
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The IoT professional services market is experiencing robust growth, fueled by the increasing adoption of IoT solutions across industries. Key companies in this market offer a diverse range of services, catering to various organizational needs. With market segmentation based on service type, organization size, and end-user industry, businesses can find tailored solutions to optimize their IoT deployments. As regional insights reveal, the market's growth is not limited to specific regions, showcasing global potential. The latest industry news highlights the continuous evolution and innovation within the IoT professional services sector, promising a bright future for organizations leveraging IoT technologies.
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