IoT Professional Services Industry Status and Trend Report 2024

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The IoT Professional Services Market is projected to grow from USD 22.65 billion in 2019 to USD 53.61 billion by 2024, at a CAGR of 18.8% during the forecast period.

IoT Professional Services Industry

Market Overview

The IoT Professional Services Industry have witnessed a good market growth in the past few years. The market is also anticipated to find a lot more new opportunities to grow in the projected period of 2022 to 2027.

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The IoT Professional Services Industry revenue was valued at USD 113.82 billion in 2021. Which is expected to reach around the valuation of 321.11 USD with the CAGR rate of 19.51% by the end of 2027.

Smart city initiatives have fueled the market growth in past years. Also, the increasing use of devices and systems in transportation, utility and Infrastructures will work as key market drivers to boost market growth in the future.

During Covid-19, the Global IOT market has faced a negative impact especially in the supply chain and production which also created a product shortage in the beginning of 2022. But the increasing demand for IOT devices and systems in 2022 directly influenced the market growth.

Regional Classification:

According to the Regional classification, the IoT Professional Services Industry is segmented into North America, Latin America, Asia Pacific, Middle East Asia, Europe and Africa.

North America holds the largest IoT Professional Services Industry share as the region is the home of some key market industries as well as the region has a lot of technical advancement which will boost the market growth of this region.

Asia Pacific will be the fastest growing market in the projected period and will hold a significant amount of the IoT Professional Services Industry revenue in future.

Market Segmentation:

The IoT Professional Services Industry is segmented into service type, enterprise size, application or end-user and region.

Depending on service type, the market is segmented into IOT infrastructure services, IOT consulting services, System designing and integration services, education and training services, support and maintenance services.

Depending on Application, the market is segmented into smart buildings, healthcare, manufacturing, retail, transport and logistics.

Increasing need for IOT Professional Services in various industries like transportation and healthcare will be major driving forces behind the growth of the IoT Professional Services Industry size in the foreseeable future.

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Industry News:

Some key players in the IoT Professional Services Industry are General Electric Co., AT&T Inc., IMB Corporation, Vodafone Ltd, Tata consultancy services, Wipro Limited etc. These key players are focusing on the collaborations, merges, research, new product launches etc to generate more market and strengthen their footprints in this highly competitive market. The major key players in the market like AT&T, Vodafone and GE are always looking for innovative ways to improve their strategies which makes the market competitive.

In February 2022, Boingo wireless a complete provider of ADS, WiFi and private network announced their collaborations with the Quantum technologies Inc. which will boost the production and services of both companies in future.
In 2021, Tata consultancy services Ltd. Have announced their collaborations with Thailand's largest telecom company AIS. This was intended to enable the manufacturers to adopt IOT services based on 5G networking service.

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