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IoT Professional Services Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The IoT professional services market has seen significant expansion recently, expected to increase from $151.16 billion in 2023 to $168.05 billion in 2024, with a compound annual growth rate (CAGR) of 11.2%. This historical growth has been driven by the rising demand for connectivity, heightened security concerns, increased need for professional services, the adoption of smart devices, and the expansion of e-commerce and online retail sectors.
Global IoT Professional Services Market Size: What Are the Forecasts for Market Growth and Annual Expansion?
The IoT professional services market is projected to experience robust growth in the coming years, reaching $266.35 billion by 2028 with a compound annual growth rate (CAGR) of 12.2%. This anticipated growth is expected to be driven by the adoption of 5G, a heightened focus on enhancing customer experience, the expansion of smart cities, the rise of autonomous devices, and the increasing complexity of cyber threats.
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What Are The Key Growth Drivers In The IoT Professional Services Market?
The growth of the IoT professional services market is anticipated to accelerate with the rise of industrial automation. Industrial automation involves using control systems, like computers or robots, to manage various industrial processes and machinery, reducing the need for human intervention. IoT professional services facilitate the integration of sensors, devices, and control systems, which allows for real-time data collection, analysis, and decision-making, thereby improving operational efficiency and enabling predictive maintenance within manufacturing and industrial operations.
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Who are the Key Industry Players Stepping Up in the IoT Professional Services Market?
Key players in the IoT professional services market include Google LLC, Microsoft Corporation, AT&T Inc., Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Accenture plc, IBM Corporation, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Cisco Systems Inc., Vodafone Group plc, Ernst & Young Global Limited, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., KPMG International Ltd., Tata Consultancy Services Limited., Fujitsu Limited, NEC Corporation, NTT DATA Corporation, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Atos SE, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, LTIMindtree Ltd., Happiest Minds Technology Ltd.
What Trends Are Shaping The Growth Of The IoT Professional Services Market Size?
Leading companies in the IoT professional services market are advancing new solutions, like IoT Services for Sustainability, to strengthen their competitive position. These sustainability-focused IoT services encompass a range of solutions aimed at tackling environmental and social sustainability challenges.
What Are the Different Segments of the Global IoT Professional Services Market?
1) By Service Type: IoT Consulting Service, IoT Infrastructure Service, System Designing and Integration Service, Support and Maintenance Service, Education and Training Service
2) By Deployment Type: Cloud, On-Premises
3) By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprises
4) By Application: Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Other Applications
Geographical Insights: North America Leading The IoT Professional Services Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The IoT Professional Services Market?
IoT professional services encompass a range of offerings from software companies to create and support their own or third-party IoT applications, with the goal of automating and enhancing corporate operations. These services facilitate the efficient planning, design, and launch of organizational initiatives, helping deploy IoT applications across various industry sectors for seamless operations.
The IoT Professional Services Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global IoT Professional Services Market Report: Trends, Opportunities, Strategies, and More
The IoT Professional Services Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into IoT professional services market size, IoT professional services market drivers and trends, IoT professional services competitors' revenues, and IoT professional services market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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