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

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).

The global IoT professional service market is expected to grow rapidly with the introduction of 5G, Wi-Fi 6 and IoT based products, creating significant opportunities for IoT professional services. The widespread adoption of IoT technologies is also responsible for the growth. There are numerous applications for IoT in the manufacturing, healthcare, retail, energy, and logistics and transportation industries. Professional services are becoming more necessary with the adoption of IoT-based systems to facilitate the system's successful implementation and operation. IoT expert services assist businesses in achieving their objectives and realizing the greatest return on their IoT investments. Understanding customer requirements, architecture framing, high-level designing, outcome validation, transformation readiness, programme plan development, adoption readiness, deployment execution, business review, and value realization are some of the phases that go into providing IoT professional services. 

While these services are becoming more popular in wealthy nations, inadequate network infrastructure in several developing nations is probably going to impede the expansion of the global market for IoT professional services throughout the course of the projected period.  

Our study reveals that the growing trend of adopting connected devices in the industrial sector is significantly driving the Global IoT Professional Services Market. According to our study we found that the number of massive IoT connections is projected to double, reaching nearly 200 million. By the end of 2027, 40% of cellular IoT connections will be broadband IoT, with 4G technology connecting the majority. However, with the introduction of 5G New Radio (NR) in both existing and new spectrums, throughput data rates for this segment are expected to increase substantially. 

Emerging applications, innovative business models, and decreasing device costs have been pivotal in driving Internet of Things adoption, thereby increasing the number of connected devices and endpoints worldwide. Massive IoT technologies such as NB-IoT and Cat-M1 continue to be deployed globally and are anticipated to comprise 51% of all cellular IoT connections, surpassing broadband IoT cellular connections. This surge in IoT connectivity is propelling the demand for professional services to manage and optimize these networks.