The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The IoT professional services market is expected to register a CAGR of 20% over the forecast period 2020 - 2025.
- The increasing number of cellular IoT connections worldwide would result in fueling the growth for the market over the forecast period. For instance, according to the Erricson’s mobility report of 2018, the number of cellular IoT connections is expected to reach 4.1 billion in 2025.
- The increasing data traffic from the IoT connected devices is expected to boost the adoption of the IoT professional services market. According to CISCO, nearly 850 ZB will be generated by all people, machines, and things by 2021, up from 220 ZB generated in 2016 most of which will be ephemeral in nature and will be neither saved nor stored.
- This ephemeral data is not useful to save, but according to the CISCO estimates approximately 10 percent is useful, which means that there will be 10 times more useful data being created (85 ZB, 10 percent of the 850 total) than will be stored or used (7.2 ZB) in 2021. This in itself is indicative of the fact that companies would require professional services that allow them to cater to such situations.
- Also with the advent of next-generation mobile connection technology 5G, it would unleash a massive IoT ecosystem that would allow networks to serve billions of connected devices. For Instance, according to Ericsson’s Mobility Report of June 2019, More than 10 million 5G subscriptions are projected worldwide by the end of 2019. This is indicative of the fact that the market is poised to grow throughout the forecast period.
- Also, the growth of M2M applications across many industries would accelerate the growth of IoT that would fuel the adoption of IoTProfessional services over the forecast period. For instance, in according to CiscoM2M connections are expected to grow globally 2.4-fold, from 6.1 billion in 2017 to 14.6 billion by 2022 and for each member of the global population would have 1.8 M2M connections by 2022.
Scope of the Report
The IoT Professional services enable the company to provide a wide range of professional services and resources including customized development and implementation, consulting, training, and technical support to its users for the deployment of IoT solutions and maximize his return on investment. This report segments the market by End-User Vertical (IT & Telecom, Retail, Manufacturing, Healthcare, Energy & Utilities, BFSI), and Geography.
Key Market Trends
Energy & Utilities is Expected to Register a Significant Growth
- Energy Sector is increasingly harnessing the power of IoT to optimize power generation. The two essential decision-making processes in the power industry are power generation planning and economic load management. Many energy companies are taking advantage of the collected energy data to leverage predictive analytics techniques to improve distribution and lessen production costs. This is expected to fuel the adoption of the IoT professional services over the forecast period.
- The emergence and the increasing adoption of a smart grid is essentially the application of IoT technology (smart sensors, two-way communications, and analytics) to electric grid infrastructure to enable better efficiency, integration of more renewables and distributed energy resources, improved reliability, reduced emissions, and more engaged and empowered customers.
- In July 2019, Portland General Electric Company announced the launch of a first-of-its-kind-project - Smart Grid Test Bed that would integrate smart grid technology on a wider scale in the united states.
- Some of the prominent players in the energy and utility sector are entering into strategic partnerships that have enabled them to not only develop the technology but also enable its wide-scale implementation further boosting the market growth over the forecast period. In January 2019, Siemens Canada, New Brunswick Power (NB Power) and Nova Scotia Power (NSP) entered into a partnership in order to conduct a joint project to develop and demonstrate smart grid technology to better manage the provinces? electricity and reduce greenhouse gas emissions.
North America is Expected to Hold the Largest Share
- The region is home to some of the major players in the telecom industry such as AT&T, IBM, General Electric and many more which are continuously investing in the building up and advancing their infrastructure to keep pace with the technological advancements. This is expected to boost the adoption of IoT professional services over the forecast period.
- Some of the prominent players in the region through research and development have been instrumental in not only developing the technology but also have gone further by launching new and innovative offerings.
- For instance, in September 2019 Intelisys, Inc., a ScanSource company released a new certification track on Intelisys Cloud Services University (iCSU) that delivers in-depth education on how to effectively sell wireless and IoT, in particular how to understand customer business needs and goals, identify wireless and IoT opportunities and approach new opportunities in new verticals.
- The Telecom service providers have already launched the commercial 5G services in the region, both for fixed wireless access and mobile. This expected to set up an enhanced ecosystem of connected devices that would further fuel the adoption of the IoT Professiona Services. According to Ericcson’s Mobility Report of June 2019, the region is expected to hold close to 270 million 5G subscriptions accounting for more than 60 percent of mobile subscriptions. This is indicative of the fact that the region has excellent potential for 5G services.
The competitive rivalry in the IoT professional services market remains high owing to the presence of some key players in the market such as Vodafone, At&T, GE amongst others. Their ability to innovate their offerings through extensive research and development activities has allowed them to gain a competitive advantage over others. The players in the market through strategic partnerships and mergers and acquisitions have gained a stronger footprint in the market.
- February 2018 - AT&T Inc announced that it has entered into a partnership with Ericsson to offer expanded professional services capabilities for Internet of Things solutions. In a move that would allow AT&T to offer Global Device Certification for IoT devices, providing testing, verification and white glove assistance with regulatory approval in more than 150 countries.
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