IoT Professional Services: Introduction
- IoT is a network of devices that are linked to the internet for identifying and transferring data without much human interference. IoT professional services help to improve business operation efficiency by managing uninterrupted communication, internet, and data security risks related to connected devices.
- IoT professional services enable businesses to define, design, and launch IoT-based systems, ensuring security by executing end-to-end support for all stages of the deployment of IoT. Organizations use IoT professional services for developing use cases, assessing technologies, planning roadmaps, and framing IoT architectures.
- The IoT professional services market is growing due to the cumulative development of smart cities, smart manufacturing, smart healthcare, and increasing ICT spending across businesses.
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Global IoT Professional Services Market: Dynamics
Global IoT Professional Services Market: Key Drivers
- Increasing number of IoT connections across the globe leading to increased data traffic, and increasing demand for IoT professional services to reduce operational expenditure and capital expenditure is projected to boost the IoT professional services market during the forecast period.
- The growth of 5G, government initiatives in R&D activities related to IoT, and the increasing need for operational efficiency in several industries is further estimated to boost the IoT professional services market during the forecast period.
- Growing demand for highly customized IoT professional services and IoT-enabled digital transformation of businesses is expected to create opportunities for the IoT professional services market during the forecast period.
- However, lack of uniform regulatory standards and concerns related to data security and privacy are anticipated to hamper the IoT professional services market during the forecast period.
Impact of COVID-19 on the Global IoT Professional Services Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown and has impacted several businesses; but, the adoption of IoT devices has been increasing in some industry verticals such as manufacturing, healthcare, utilities, transportation, and logistics. Thus, demand for IoT professional services is growing across these industry verticals. For instance, the healthcare sector is intensively using IoT-based solutions for the treatment of COVID-19 patients. IoT Professional Services application in the healthcare sector includes remote patient care, emergency care, tracking of inventory, staff, and patients, virtual monitoring of critical hardware, and wearable devices that transmit data directly to doctors. Energy industries look at IoT professional services as a replacement for manual involvement of ground workers in the infrastructure sector.
North America to Hold Major Share of the Global IoT Professional Services Market
- In terms of region, the global IoT professional services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global IoT professional services market with the largest share mainly because of developed and well-established economies such as the U.S. and Canada. The U.S. is a key market in the region due to the early adoption of IoT professional services. The North American region is technologically advanced, and the advent of SMEs and adoption of digitalization in manufacturing industries amongst large enterprises is anticipated to drive the growth of the market in North America.
- The IoT professional services market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to cutting-edge technologies, steady economic development, and smart city projects undertaken in the region.
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Global IoT Professional Services Market: Competition Landscape
Several local, regional, and global players are active in the IoT professional services market with a strong presence. Rapid technological advancements have created significant opportunities in the market. Players in the market are continuously focusing on developing technology advanced solutions for their customers.
Key Players Operating in the Global IoT Professional Services Market Include:
- Accenture
- Atos SE
- IBM Corporation
- Capgemini
- Cognizant
- Deloitte
- Infosys Limited
- Tata Consultancy Services
- NTT DATA Corporation
- AT&T
- Happiest Minds
- Wipro
- Honeywell International Inc.
- General Electric
- Oracle
- HCL
- Tech Mahindra
- Vodafone
Global IoT Professional Services Market: Research Scope
Global IoT Professional Services Market, by Deployment
- Cloud-based
- On-premise
Global IoT Professional Services Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global IoT Professional Services Market, by Service Type
- IoT Consulting Service
- IoT Infrastructure Service
- Support and Maintenance Service
- System Designing and Integration Service
- Education and Training Service
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Global IoT Professional Services Market, by Application
- Smart Buildings
- Smart Manufacturing
- Smart Energy
- Smart Healthcare
- Smart Retail
- Smart Transport and Logistics
Global IoT Professional Services Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- France
- U.K.
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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