IoT professional Services Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2027

November 10 08:13 2022
IoT professional Services Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2027
Accenture (Ireland), Atos (France), IBM (US), Cognizant (US), DXC Technology (US), Deloitte (UK), Capgemini (France), TCS (India), NTT DATA (Japan), Infosys (India), AT&T (US), Wipro (India), General Electric (US), Honeywell (US), Oracle (US), HCL Technologies (India), EY (UK), Unisys (US), Vodafone (UK), Tech Mahindra (India), Happiest Minds (India).
IoT Professional Services Market by Service type (IoT consulting, IoT Infrastructure, System Designing and Integration, Support and Maintenance, Education and Training), Organization Size, Deployment Type, Application & Region – Global Forecast to 2027

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.

The major factors driving the growth of the IoT Professional Services market include the shift toward digital transformation, increasing adoption of IoT-based solutions and need of networked devices.

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IoT allows enterprises to become more sophisticated with ongoing operational availability of knowledge while lowering operating costs since it is connected to a huge number of devices to the internet. IoT will enhance asset monitoring by leveraging sensors and networks to track assets (tools, machinery, equipment, and so forth), allowing businesses to gain from real-time experiences. IoT creates new business opportunities and allows enterprises to profit from new revenue streams produced by cutting-edge strategies and solutions. IoT-driven innovations create strong business cases, shorten time to market, and increase return on investments.

Based on service type, the IoT consulting services segment is projected to hold the largest market size during the forecast period

Due to its use in devising various strategies, developing use cases, planning roadmaps, evaluating technologies, and defining IoT architectures, the category of IoT consulting services is anticipated to expand with the biggest market share. IoT consulting service providers make sure that firms design and implement the appropriate IoT applications and infrastructure. They assist businesses in building new IoT infrastructures and improving their current ones. IoT consulting service providers also assist non-IT businesses with limited IT skills in understanding IoT technologies. During the projected period, these factors collectively contributed to the growth of the global IoT professional services market in the IoT consulting services category.

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The major players in the IoT Professional services market include Accenture (Ireland), Atos  (France), IBM (US), Cognizant (US), DXC Technology (US), Deloitte (UK), Capgemini (France), TCS  (India), NTT DATA  (Japan), Infosys (India), AT&T  (US), Wipro  (India), General Electric (US), Honeywell (US), Oracle (US), HCL Technologies (India), EY (UK), Unisys (US), Vodafone (UK), Tech Mahindra (India), Happiest Minds (India), Mindtree (India), Prodapt (India), Siemens Advanta Consulting ( Germany), ORBCOMM (US), PureSoftware (India), Velvetech (US), Jaarvis (Australia) , Eseye (UK), Cuelogic (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2021, which helped companies innovate their offerings and broaden their customer base.

IBM is one of the leading providers of hardware, software, and a broad range of infrastructure, IoT, cloud, and consulting solutions. It operates through six business segments: technology solutions and cloud platforms, cognitive solutions, global business solutions, systems, global financing, and others. It offers a diversified product portfolio that ranges from software to finances and storage to integrated systems. The company’s IoT based offerings provide comprehensive solutions for enterprise IoT, cloud, storage and analytics requirements. It provides consultation, solution designing, integration services, and analysis capabilities. These solutions can be extensively customized and configured to manage multiple devices. IBM provides solutions to various verticals, such as IT, healthcare and life sciences, government, telecom, automobile, manufacturing, consumer goods, chemicals and petroleum, electronics, energy & power, media & entertainment, mining, retail, BFSI, travel & transportation, and education. IBM has a presence in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Accenture is a leading global provider of information and communications technology infrastructure. It is committed to digitalizing organizations in a fully connected world. It has a wide range of products that cater to IoT, cloud computation, telecommunication, and other solutions. In the areas of strategy, consulting, digital, technology, and operations, it offers a broad range of services and solutions. Several industries, including agribusiness, automotive, banking, capital markets, chemicals, media and technology, and communications, are served by the companys consulting, technology, and outsourcing services. For clients, Accenture manages business operations for corporate functions like sourcing and procurement, finance and accounting, supply chain, marketing, and sales. Additionally, it provides services tailored to particular industries, including banking, platform trust and security, insurance, and health services. It conducts business in the Asia-Pacific, Europe, and Americas. Dublin, Ireland serves as the headquarters of Accenture.

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