DUBLIN, May 15, 2023 /PRNewswire/ — The “IoT Professional Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Service Type, By Organization Size, By Deployment Type, By End Use Industry, By Region, Competition” report has been added to ResearchAndMarkets.com’s offering.
Global IoT Professional Services Market is anticipated to grow at a robust pace during the forecast period, 2023-2028
Global expansion of connected devices and rising demand for highly customized professional IoT services in the industrial and transportation sectors is boosting the market growth. Moreover, the emergence of the next generation of 5G mobile connectivity technology is boosting the IoT ecosystem, enabling networks to serve billions of connected devices is also driving the growth in the IoT professional services market.
Internet of Things (IoT) Professional Services is a set of continuing, constantly developing services that make it easier for physical items (equipment) and computers to share and exchange data. IoT services are divided into four primary categories: infrastructure, support & maintenance, system planning & integration, and consultancy.
These services enable organizations to wirelessly connect their equipment with other devices to improve the precision of business processes. Although this technology has a wide range of applications, it is heavily utilized by enterprises across a variety of industries, including retail operations, manufacturing facilities, and smart cities.
Favorable conditions in the Internet of Things (IoT) professional services market are driven by the increasing adoption of smart farming and growing demand for cloud-based service management platforms. Enterprises planning a large-scale digital transformation of their business operations need professional IoT services.
This service helps you efficiently define, design, and deploy IoT-based systems by providing end-to-end support for all phases of IoT deployment. These services include understanding customer requirements, architectural frameworks, high-level design, results validation, transformation readiness, program plan extension, adoption readiness, deployment execution, business reviews, and value realization and are presented in phases.
The above factors combine to create opportunities for market growth, but factors such as the need for uniform regulatory standards and universal protocols constrain the market.
Rising Adoption of Connected Devices
The growing trend of adopting connected devices in the industry is positively influencing the market. The number of IoT connections at scale is expected to double to reach nearly 200 million connections. By the end of 2027, 40% of cellular IoT connections will be broadband IoT, with 4G connections being the largest.
However, with this 5G New Radio (NR) deployment on the old and new spectrum, data throughput rates for this segment are expected to increase significantly. New applications and business models, as well as falling device costs, have contributed to this. IoT technology at the scale of NB-IoT and Cat-M1 continues to be deployed worldwide.
Massive IoT technologies are expected to account for 51% of all cellular IoT connections, overtaking broadband IoT cellular connectivity. This rise in the adoption of connected devices is driving the growth of the global IoT professional services market.
Rising Adoption of Blockchain-Based IoT Solutions for Smart Contracts And Edge Computing
The Internet of Things (IoT) with Edge Computing is a large-scale virtual system that enhances processing and capacity between clients and the server farm of the traditional cloud computing system.
Edge Computing devices can communicate with one another without external interference. The blockchain can be used for communications between blockchain IoT devices and edge computing centers. Since there has been an increase in demand for blockchain IoT technologies over the years, businesses have developed solutions that offer blockchain IoT solutions for edge computing and smart contracts.
As a result, it is anticipated that the growing usage of blockchain-based IoT solutions for smart contracts and edge computing will offer companies in the global IoT professional service market lucrative growth forecasts.
Market Dynamics
Drivers
- Rising Adoption of Connected Device
- Rising Adoption of Blockchain-Based IoT Solutions for Smart Contracts and Edge Computing
- Growth in Internet Penetration
Challenges
- Concerns Related with Data Privacy
- Rise in Cyber Crimes
Market Trends & Developments
- Increasing Demand for IoT-enabled Digital Transformation of Enterprises
- Rise in Technological Development
- Government Initiatives
- Increased Adoption in SMEs
- Increasing Inclination towards Smart Devices
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global IoT Professional Services market.
- Atos SE
- Tata Consultancy Services Limited
- Accenture PLC
- IBM Corporation
- AT&T Inc.
- Cognizant Technology Solutions Corp.
- DXC Technology Company
- Capgemini SE
- Oracle Corporation
- Wipro Technologies
Report Scope:
IoT Professional Services Market, By Service Type:
- IoT Consulting Service
- IoT Infrastructure Service
- System Designing & Integration Service
- Support & Maintenance Service
- Education & Training Service
IoT Professional Services Market, By Organization Size:
- SMEs
- Large Enterprises
IoT Professional Services Market, By Deployment Type:
- Cloud
- On-premises
IoT Professional Services Market, By End Use Industry:
- IT & Telecom
- Retail
- Manufacturing
- Healthcare
- BFSI
- Others
IoT Professional Services Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- India
- Japan
- South Korea
- Australia
- Singapore
- Malaysia
- Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- Belgium
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Peru
- Chile
- Middle East
- Saudi Arabia
- South Africa
- UAE
- Israel
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/3jv0bz
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Originally published at https://www.prnewswire.com/news-releases/global-iot-professional-services-market-report-2023-2028-rising-adoption-of-blockchain-based-iot-solutions-for-smart-contracts-and-edge-computing-301824772.html
