Internet of Things Professional Services Industry Research Report By Service (IoT Consulting Services, IoT System Design and Implementation Services, Support and Maintenance Services, Education and Training Services), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Application Area (Smart Cities, Smart Buildings, Smart Manufacturing, Smart Retail, Smart Healthcare, Smart Transport – Logistics and Smart Energy) and Region (North America, Europe and the Rest of the World) – Forecast till 2027
Industry News
Reportedly, the Internet of Things Professional Services Industry will witness significant growth upon reaching USD 53.61 billion by 2024. This growth rate is speculated to be achieved at a whopping CAGR of 18.8%. North America is expected to remain the most prominent destination in this domain. Growing adoption of Internet of Things in all sectors is stated as the reason behind this.
Market Highlights
Internet of Things Professional Services Industry is anticipated to witness growth rising from USD 22.65 billion in 2019 to USD 53.61 billion by 2024. This growth rate is expected to be achieved at a CAGR of 18.8% between the forecast period of 2019 to 2024. Greater adoption of Internet of Things can be claimed as the prime reason fostering this noteworthy growth. A huge range of applications of internet of things in various domains, starting from manufacturing to retail, makes the market even more enhanced.
There is a massive growth in usage of IoT technology in energy sector. Quite similar is the case of the transportation sectors as well. It has witnessed significant growth in demand in logistics sector as well. Through the growing adoption of systems based on IoT, a significant level demand for professional services in effective execution and smooth functionality has been witnessed. Ultimately, it helps modern-day businesses in achieving major business goals. Moreover, IoT has enabled them to be confident in making most of their investments.
IoT professional services are offered in different phases upon thoroughly understanding the customer queries. Advanced architecture framing, superior designing, result validation, etc., are also considered among prime factors enriching the market. There is a significant industrial application of IoT professional services witnessed as well. Among all these domains of application, the smart cities segment is speculated to possess the highest level of adoption of IoT professional services. Similar is the case about smart transportation and logistics segment, which is expected to grow at highest CAGR.
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Segmentation:
The global Internet of Things Professional Services Industry can be segmented on service, organization size, application area, and region/country.
Based on service, the Internet of Things Professional Services Industry can be segmented into IoT consulting services, IoT system design, and implementation services, support and maintenance services, and education and training services.
Based on organization size, the global Internet of Things Professional Services Industry has been segmented into large enterprises and SMEs.
Based on application area, the global IoT professional service can be segmented into smart cities, smart buildings, smart manufacturing, smart retail, smart healthcare, smart transport and logistics, and smart energy.
Regional analysis
Based on region, the global IoT professional service can be segmented into North America, Europe, Asia-Pacific, and the rest of the world. North American market can be further segmented into the US, Canada, and Mexico. European market is mainly led by Germany, the UK, and France. Coming to Asia-Pacific, it is mainly led by China, India, and Japan. When it comes to rest of the world, the market can be segmented based on Middle East & Africa, and South America. Among these, North America is considered the most prominent market being led mainly by the United States and Canada, powered by greater adoption of creative, smart technologies.
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