Market Size of IoT Professional Services Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 128.71 Billion |
Market Size (2029) | USD 180.61 Billion |
CAGR (2024 - 2029) | 7.01 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
IoT Professional Services Market Analysis
The IoT Professional Services Market size is estimated at USD 128.71 billion in 2024, and is expected to reach USD 180.61 billion by 2029, growing at a CAGR of 7.01% during the forecast period (2024-2029).
Smart city initiatives are expected to spearhead IoT growth over the coming years. IoT devices and systems are expected to increase as part of transportation, utilities, and infrastructure. Government initiatives are expected to boost the adoption rates of IoT devices, leading to more organizations relying on professional services for deployment and further management.
- Emerging applications, business models, and falling device costs have been instrumental in driving IoT adoption, consequently increasing the number of connected devices and endpoints globally. The massive IoT technologies NB-IoT and Cat-M1 continue to be rolled out globally. The massive IoT technologies are anticipated to comprise 51% of all cellular IoT connections overtaking broadband IoT cellular connections.
- The IoT professional services involve several stages including customer needs analysis, creating a framework, designing at a high level, validating outcomes, preparing for transformation, developing a program plan, preparing for adaptation, carrying out deployment, reviewing business performance, and achieving value.
- Despite the increasing popularity of these services in developed nations, the inadequate network infrastructure in many developing countries is expected to impede the expansion of the worldwide IoT professional services market in the foreseeable future.
- Adding several devices, like IoT, increases the surface area of a network, thereby creating more potential attack vectors in the process. Even a single unsecured device connected to a network may serve as a point of entry for an active attack on the web. Data security concern has, thus, presented themselves as a significant challenge as players navigate to strengthen their security offering to gain customer confidence and prevent breaches.
IoT Professional Services Industry Segmentation
IoT professional services include a wide range of professional services and resources, such as customized development and implementation, consulting, training, and technical support to its users to deploy IoT solutions and maximize return on investment. The market for the study defines the revenue accrued from the sales of IoT professional services worldwide.
The IoT professional services market is segmented by service type (IoT consulting, IoT infrastructure, system designing and integration, support and maintenance, education and training), organization size (small and medium-sized enterprises (SMEs), large enterprises), end-user industry (manufacturing, retail, healthcare, energy and utilities, transportation and logistics), and geography (North America, Europe, Asia-Pacific, Latin America and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
By Service Type | |
IoT Consulting | |
IoT Infrastructure | |
System Designing and Integration | |
Support and Maintenance | |
Education and Training |
By Organization Size | |
Small and Medium Enterprises (SMEs) | |
Large Enterprises |
By Deployment Type | |
Cloud-based | |
On-premises |
By End-user Industry | |
Manufacturing | |
Retail | |
Healthcare | |
Energy and Utilities | |
Transportation and Logistics | |
Other End-user Industries |
By Geography*** | |
North America | |
Europe | |
Asia | |
Australia and New Zealand | |
Latin America | |
Middle East and Africa |
IoT Professional Services Market Size Summary
The IoT professional services market is poised for significant growth, driven by the increasing adoption of IoT devices across various sectors such as transportation, utilities, and infrastructure. Smart city initiatives are expected to be a major catalyst for this expansion, with government initiatives further boosting the adoption rates of IoT devices. As organizations increasingly rely on IoT professional services for deployment and management, the market is set to experience a robust growth trajectory. However, challenges such as inadequate network infrastructure in developing countries and data security concerns pose potential obstacles to market expansion. IoT professional services encompass a range of activities, including customer needs analysis, framework creation, high-level design, outcome validation, and deployment, all aimed at helping organizations navigate the complexities of IoT implementation and maximize their investments.
The North American region is anticipated to hold a significant share of the IoT professional services market, supported by the presence of major telecom players and a high level of awareness and adoption of IoT and digital solutions in industries. The introduction of fast and secure 5G connectivity is expected to further accelerate the adoption of IoT devices, facilitating agile operations and smart grid implementations. The proliferation of connected devices across sectors such as manufacturing, healthcare, and agriculture drives the demand for tailored IoT solutions, with professional services providers playing a crucial role in addressing industry-specific challenges. The competitive landscape remains intense, with global and local players actively engaging in strategic partnerships, mergers, and acquisitions to enhance their market presence and capabilities.
IoT Professional Services Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Regulatory Landscape
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1.4 IoT Ecosystem (Coverage on Pure, Dual, and Triple Play Vendor Landscape across Service Providers for IoT Development Services, IoT Edge Technologies, IoT Cloud Backend-as-a-service, and IoT Telco Stacks)
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1.5 Assessment of Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Service Type
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2.1.1 IoT Consulting
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2.1.2 IoT Infrastructure
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2.1.3 System Designing and Integration
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2.1.4 Support and Maintenance
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2.1.5 Education and Training
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2.2 By Organization Size
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2.2.1 Small and Medium Enterprises (SMEs)
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2.2.2 Large Enterprises
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2.3 By Deployment Type
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2.3.1 Cloud-based
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2.3.2 On-premises
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2.4 By End-user Industry
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2.4.1 Manufacturing
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2.4.2 Retail
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2.4.3 Healthcare
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2.4.4 Energy and Utilities
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2.4.5 Transportation and Logistics
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2.4.6 Other End-user Industries
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2.5 By Geography***
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2.5.1 North America
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2.5.2 Europe
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2.5.3 Asia
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2.5.4 Australia and New Zealand
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2.5.5 Latin America
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2.5.6 Middle East and Africa
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IoT Professional Services Market Size FAQs
How big is the IoT Professional Services Market?
The IoT Professional Services Market size is expected to reach USD 128.71 billion in 2024 and grow at a CAGR of 7.01% to reach USD 180.61 billion by 2029.
What is the current IoT Professional Services Market size?
In 2024, the IoT Professional Services Market size is expected to reach USD 128.71 billion.