The Global IoT Professional Services Market size is expected to reach $170.7 billion by 2028, rising at a market growth of 6.7% CAGR during the forecast period

December 20, 2022

New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global IoT Professional Services Market Size, Share & Industry Trends Analysis Report By Type, By Organization Size, By Deployment Type, By Application, By Regional Outlook and Forecast, 2022 - 2028" - Organizations use external companies to design, develop, deploy, and manage Internet of Things (IoT) solutions and provide advisory services for IoT strategy. Professional IoT services help address device vulnerabilities, provide constant connectivity, order the internet, and solve data security risks related to using connected devices.IoT, which connects many devices to the internet, enables businesses to become more sophisticated with continuing operational availability of knowledge with reduced operating expenses. By utilizing sensors and networks to track assets (tools, equipment, machinery, and others), IoT will improve asset monitoring and enable businesses to benefit from real-time experiences. IoT opens up new business chances and allows companies to make money from fresh revenue streams brought on by innovative tactics and solutions.Strong business cases are developed, the time to market is shortened, and IoT-driven innovations increase the return on investment. The widespread deployment of IoT technologies is responsible for the growth. The manufacturing, retail, healthcare, transportation and energy, and logistics industries use IoT in various ways. The proliferation of IoT-based systems has increased the demand for professional services to ensure proper implementation and operation.Professional IoT services assist businesses in achieving their objectives and maximizing the returns on their IoT investments. Understanding the customer’s requirements, high-level designing, architecture framing, transformation readiness, outcome validation, program plan development, adoption readiness, deployment execution, business review, and value realization are just a few of the phases that go into the delivery of IoT professional services.COVID-19 Impact AnalysisThe Covid-19 pandemic has benefited the market for professional IoT services. IoT device utilization has increased across a number of industries throughout the epidemic, including healthcare, transportation, utilities, manufacturing, and logistics. IoT professional services, for instance, are increasingly being used in telemedicine applications like remote patient monitoring and diagnostics. In addition, businesses are considering intelligent asset management systems for remote monitoring, alerts and notifications, remote services, and control, which is projected to propel market growth.Market Growth FactorsGrowing Demand For IoT-Enabled Digitalization Of Enterprises And The Increasing Necessity For IoT And Data AnalyticsData processing and analytics have become much more widely used in recent years. Big data analytics tools further leverage IoT to collect data. When the entire Internet of Things (IoT) system serves as a platform for data processing, the significance of big data in IoT becomes critical. Big data analytics is a potent way to evaluate data produced by connected devices in the Internet of Things (IoT), allowing people to take charge and improve decision-making.The Popularity Of Connected Devices Across RegionsThe market under study benefits from the rising trend of connected device adoption in the industrial sectors. According to Ericsson, the number of significant IoT connections is anticipated to have doubled, approaching about 200 million contacts. The same source predicts that 40% of cellular IoT connections will be broadband by the end of 2027, with 4G providing the majority of connections.Market Restraining FactorsInsufficient Common Standards And CompatibilityThe global demand for linked devices is growing, and the IoT markets are expanding swiftly. IoT solutions have attracted a lot of startups and business owners due to the market’s rapid expansion. However, as long as gadgets are sharing data, it is crucial to follow any changes in governmental rules and laws. For firms, putting such principles into practice presents many difficulties. Regulation load, complexity, and organization size can all provide barriers to a market’s expansion.Type OutlookBased on the Type, the market is divided into IoT Consulting, IoT Infrastructure, Support & Maintenance, Education & Training, and System Design & Integration. IoT Infrastructure is demonstrating the market’s encouraging growth pace. Infrastructure IoT Professional Services are made to ensure that an IoT solution is successfully implemented. These services assist businesses in migrating their current business procedures and enhancing cooperation with partners, clients, and other stakeholders.Organization Size OutlookBased on Organization Size, The IoT Professional Services Market is divided into Large Enterprises and SMEs. Over the projection period, the Large Enterprises segment is anticipated to make substantial advancements and hold the greatest market share. The major enterprise sector uses the IoT professional services system to facilitate efficient IoT device deployment, integration, and administration for business activities. Some of the first large organizations to use professional IoT services.Deployment Type OutlookBased on Deployment Type, the market is categorized into On-Premises and Cloud. The cloud segment is expected to have the greatest CAGR during the forecast period. Many firms have experienced a large reduction in license and service expenses due to the migration from traditional systems to cloud services. It has been found that moving platforms to the cloud is typically much less expensive than renewing the licenses for their older software.Application OutlookBased on application, The IoT Professional Services Market is divided into six categories: Smart Buildings, Smart Manufacturing, Smart Transport & Logistics, Smart Energy, Smart Healthcare, and Smart Retail. Smart Manufacturing has the biggest market share in the market for IoT professional services. Manufacturers can adopt and employ internet of things (IoT) technologies to make better business decisions with the aid of IoT expert services. Predictive maintenance, facility optimization, product design, and energy savings are examples of applications.Regional OutlookBased on geography, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. North America is expected to register the largest revenue share globally over the predicted period. North America is home to several critical IoT hardware, software, and 5G network operator manufacturers. Several regional governments are also evaluating intelligent city projects, which would fuel the initiatives for the region’s development throughout the forecast period.The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Accenture PLC, IBM Corporation, Oracle Corporation and Tata Consultancy Services Ltd. are the forerunners in the IoT Professional Services Market. Companies such as Infosys Limited, Capgemini SE, Cognizant Technology Solutions Corporation are some of the key innovators in IoT Professional Services Market.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Cognizant Technology Solutions Corporation, IBM Corporation, Oracle Corporation, Tata Consultancy Services Ltd., NTT Data Corporation, Infosys Limited, Atos Group, Capgemini SE, and DXC Technology Company.Recent Strategies Deployed in IoT Professional Services MarketPartnership, Collaboration and Agreement:May-2022: Accenture entered into a partnership with SAP, a software company engaged in developing enterprise software. This partnership aimed at driving business innovation by integrating Accenture’s SOAR with SAP’s RISE. This would further enable businesses having large & complex IT landscapes to simplify and accelerate their business transformation journey.Feb-2022: IBM joined hands with SAP, a software company which develops enterprise software, for providing technology and consulting expertise to the clients and making their hybrid cloud process easier. Additionally, the company aimed at moving mission-critical workloads from SAP solutions to the cloud.Apr-2021: Accenture extended its partnership with SAP SE, a software company engaged in developing enterprise software. Through this partnership, the company aimed at helping businesses to embed sustainability in their business operations.Dec-2020: Infosys announced a strategic partnership with Daimler AG, a leading car and truck manufacturer. This partnership would enable the company to focus on software engineering and establish a fully scalable on-demand digital IT infrastructure.Product Launch and Product Expansion:May-2022: Atos introduced a 5G, edge, and IoT offering, “Atos Business Outcomes-as-a-Service” (Atos BOaaS). The launch of Atos BOaaS is aimed at bringing businesses to manage their IoT ecosystem and enable organizations to get meaningful, rapid, and repeatable results from IoT data.Dec-2020: Tata Consultancy Services launched an enterprise-level energy and emission management system "TCS Clever Energy". The TCS Clever Energy solution provides insights on carbon emissions, energy demand and consumption, and asset energy performance that helps organizations to ensure energy and cost efficiency.Acquisition and Mergers:Sep-2022: Infosys completed the acquisition of BASE life science, a leading technology and consulting firm in the life sciences industry. The acquisition further enhances Infosys’ footprint in the Nordics region.Jul-2022: Accenture took over digital engineering and operational technology capabilities from Trancom ITS, a Japanese logistics technology services provider. Through this acquisition, the company aimed to offer hyper-automation solutions by strengthening its digital engineering, manufacturing, and logistics capabilities.Apr-2022: NTT DATA completed the acquisition of Business Services & Technologies OOD, an IT services and solutions provider. Through this acquisition, the company aimed at expanding its Global Managed Services capabilitiesMar-2022: NTT DATA took over Vectorform, a digital transformation, and innovation company. the acquisition would expand global digital engineering and design capabilities of the company to accelerate clients’ digital transformation programs.Feb-2022: IBM completed the acquisition of Sentaca, a provider of telco consulting services and solutions. The acquisition aimed at integrating Sentaca into IBM’s Hybrid Cloud Services business in North America to enhance its hybrid cloud capabilities.Dec-2021: Accenture completed the acquisition of Zestgroup, which specializes in energy transitions and net zero projects. The acquisition of Zestgroup enables Accenture to enhance its expertise in the procurement business while extending its ability to deliver sustainability.Jul-2021: Capgemini acquired Acclimation, a leading SAP services specialist, in Australia. The acquisition would help the company to strengthen Capgemini’s SAP capabilities in the region.Jul-2021: Atos took over IDEAL GRP, a Product Lifecycle Management (PLM) system integrator. The acquisition is aimed at providing sustainability to organizations in the manufacturing industry.Jun-2021: IBM took over Turbonomic, a resource-simulation software company. The acquisition aimed at making IBM a one-stop shop of AI-powered automation capabilities by adding Turbonomic to its portfolio.Jun-2021: Atos completed the acquisition of Ipsotek, a leading AI-enhanced video analytics software provider. Through this acquisition, the company aimed to strengthen its software capabilities by adding Ipsotek’s ability to its solutions portfolio in order to offer a unique offering to its clients.Mar-2021: Capgemini took over RXP Services, an Information & Communications Technology (ICT) professional services provider. The acquisition aimed at expanding its operations in Australia.Nov-2020: Cognizant acquired Bright Wolf, a custom Industrial Internet of Things (IIoT) solutions services provider. The acquisition would enhance Cognizant’s expertise and smart products offering in architecting and delivering IIoT solutions and digital transformation services.Oct-2020: Atos announced the acquisition of EcoAct, an internationally recognized climate strategy consulting firm. With the integration of EcoAct, the company strengthens its decarbonization capabilities to expand its consultancy and offsetting services.Oct-2020: Accenture took over SALT Solutions AG, a technology consultancy company. This acquisition aims to expand Accenture’s digital manufacturing, operations, and supply chain business in Germany.May-2020: Accenture completed the acquisition of Callisto Integration, a provider of consulting and technology services. Through this acquisition, the company aimed at strengthening its capabilities of clients in North America to ensure timely production of orders, increase their yield and enhance the quality of its products.Mar-2020: Infosys took over Simplus, one of the fastest-growing Salesforce Platinum Partners in the USA and Australia. The acquisition would elevate the company’s position as an end-to-end Salesforce enterprise cloud solutions and services provider, offering clients unparalleled capabilities for cloud-first digital transformation.Scope of the StudyMarket Segments covered in the Report:By Type• IoT Consulting• System Designing & Integration• Support & Maintenance• IoT Infrastructure• Education & TrainingBy Organization Size• Large Enterprises• SMEsBy Deployment Type• On-Premises• CloudBy Application• Smart Manufacturing• Smart Transport & Logistics• Smart Energy• Smart Healthcare• Smart Retail• Smart BuildingsBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Accenture PLC• Cognizant Technology Solutions Corporation• IBM Corporation• Oracle Corporation• Tata Consultancy Services Ltd.• NTT Data Corporation• Infosys Limited• Atos Group• Capgemini SE• DXC Technology CompanyUnique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: ReportlinkerReportLinker is an award-winning market research solution. 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