The Global IoT Professional Services Market Growth, COVID-19 impact and Forecast (2021-2025)
Global IoT professional services market is segmented based on service type as IoT consulting, infrastructure, system designing & integration, support & maintenance and market; based on applications as IT & telecom, retail, manufacturing, transportation, energy & utilities and construction; based on geography as APAC, Europe, North America, and ROW.
Introduction
The Internet of things (IoT) describes the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet.
IoT professional services help in managing device vulnerability, ensuring uninterrupted communication, handling the internet, and tackling data security risks associated with the use of connected devices.
The provider of IoT professional service market ensures implementation and development of the appropriate IoT professional service market application and architecture in the organization. They guide companies to create new infrastructure to enhance their old system.
The provider of internet of things IoT professional service market also helps non-IT companies with less expertise and knowledge to understand IoT professional service market technology.
Table of Contents
Market Overview
Global IoT, professional services market, is expected to grow to $139.87 billion by 2025 at a CAGR of 7.2%
There are 127 new IoT devices connecting to the Internet every second. Consumer electronics will account for 63% of all installed IoT units in 2020.
By 2025, the number of IoT devices in homes will rise to 12.86 billion. 23% of current large-scale IoT projects are smart cities. 40% of IoT devices will be used in the healthcare industry by 2020.
Key Trends
Increased adoption of IoT solutions results in increased data collection and transmission of all types of data.
Regardless of the transmission technology used to collect data from sensors and process them, solutions to support processes of international or global reach such as asset tracking and management in food, manufacturing require immediate and always-on connectivity to ensure consistency and process security.
Key Market Players
The market is dominated by global vendors like Accenture, Atos, IBM, Capgemini, Cognizant and Happiest Minds.
Growth Drivers and Challenges
Connected devices can be accessed digitally and controlled from anywhere using mobiles, desktop computers, tablets, and wearables. The increased demand for these connected devices across the globe has led to a rise in the demand for IoT professional services to ensure the proper functioning of connected devices
The upsurge demand for IoT professional service market for reducing operational expenditure and capital expenditure drives the growth of IoT professional service market
The IoT professional services market has significant growth potential for enterprises across all verticals; however, maintaining data security and privacy is a key challenge faced by players operating in this market.
Connectivity is a bigger challenge to the IoT. As the size of the IoT market grows exponentially, some experts are concerned that bandwidth-intensive IoT applications such as video streaming will soon struggle for space on the IoT’s current server-client model.
During the pandemic, the adoption of IoT devices has been increasing across many industry verticals such as healthcare, utilities, manufacturing, and transportation and logistics. Therefore, the demand of IoT professional services is increasing across these industry verticals.