Internet of Things (IoT) Professional Service Market

Internet of Things (IoT) Professional Services Market Size, Share, Growth Analysis, By Service Type(IoT Consulting Services (Technology Consulting Services, Business Consulting Services, Operational Consulting Services), IoT Infrastructure Services (Network Services), By Organization Size(Large Enterprises, Small and Medium-Sized Enterprises), By Application(Smart Building, Smart Manufacturing, Smart Transport & Logistics, Smart Healthcare), By Deployment Type(On-Premises and Cloud), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2326 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 123 | Figures: 77

Internet of Things (IoT) Professional Services Market News

  • In May 2024, Accenture agreed to acquire OPENSTREAM HOLDINGS and its subsidiaries, Open Stream and Neutral, to help clients reinvent their businesses with advanced digital technologies and become truly data driven. This strategic move will integrate approximately 1,000 cloud and digital experts into Accenture's cloud, digital engineering, and manufacturing teams, bolstering their expertise and enabling them to offer more comprehensive and innovative solutions to their clients. By leveraging these enhanced capabilities, Accenture will be better positioned to help clients transform their businesses, drive digital innovation, and achieve greater efficiency and competitiveness in the market. 

  • In April 2024, Canonical is broadening its Ubuntu Pro service to include IoT devices alongside desktops and servers. Ubuntu Pro offers extended security maintenance for Ubuntu packages beyond the core operating system, enhancing its appeal and coverage in the market. 

  • In February 2024, VeriSilicon announced a collaboration with Innobase, a provider of wireless communication technology and chips, to launch a 5G RedCap/4G LTE dual-mode modem solution. This innovative solution, based on the 5G Reduced Capability (RedCap) technology defined by the 3GPP in 5G Release 17, targets mid-to-high speed IoT applications. By integrating with 4G LTE, this solution creates a comprehensive cellular IoT ecosystem. This strategic partnership and technological advancement are set to accelerate VeriSilicon's growth, as it positions the company to meet the increasing demand for high-speed IoT solutions across diverse industries. 

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FAQs

Global Internet of Things (IoT) Professional Service Market size was valued at USD 116.7 billion in 2022 poised to grow from USD 124.1 billion in 2023 to USD 203.96 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

Given the variety of applications for IoT, professional IoT service providers are heavily investing in R&D to expand their knowledge and provide their clients with best-in-class services. The leading companies in the Internet of Things (IoT) Professional Services Market mostly use partnerships to develop new services and grow their clientele to get a competitive edge. As there are so many domestic and international competitors in the IoT professional services industry, there is still intense competition. Among the major participants are GE, IBM Corporation, AT&T Inc., and General Electric Company. The market's participants are actively expanding their footprints through mergers, acquisitions, and strategic alliances. '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 Limited (India) ', 'Oracle (US) ', 'HCL Technologies (India) ', 'ORBCOMM (US) ', 'PureSoftware (India) ', 'Velvetech (US) ', 'EY (UK) ', 'Vodafone (UK) ', 'Tech Mahindra (India)'

Analytics and data processing have become much more common in recent years. Furthermore, big data analytics platforms use loT to obtain data. When the whole loT system serves as a platform for data processing, big data becomes vital to loT. Big data analytics is a potent technique used on the Internet of Things (IoT) to analyse data produced by connected devices, giving users the ability to take charge and improve decision-making.

Strategic Differentiation in the IoT Professional Services Market: Differentiation is one of the techniques used by players in the IoT Professional Services Market. Since there are a lot of other suppliers with comparable products to yours, differentiation will continue to be the main strategy for getting noticed. This means creating services that are unique and address the particular problems that customers have. 

In terms of the development and uptake of cutting-edge innovations in smart technologies, North America is regarded as the most developed region. The local firms in the region have a great deal of potential for revenue generation in the IoT professional services market since they are using IoT-based systems in their daily operations. As a result, they need professional services to get the most out of their IoT investments. Over the projection period, the Asia-Pacific market is expected to grow at the fastest rate. The Internet of Things (IoT) Professional Services Market in the Asia-Pacific region is expected to increase due to the expanding IoT market and rising digitalization levels. In terms of market share, China, Japan, India, South Korea, Singapore, and Australia have been the main APAC countries; it is anticipated that this trend will continue in the years to come. 

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Internet of Things (IoT) Professional Service Market

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