Every industry, including trade, manufacturers, and government sectors, has been significantly disrupted by the COVID-19 epidemic. However, since lockdown limitations have recently become more lifted in practically every corner of the world, enterprises across a range of industry verticals are starting up again. IoT device use has surged in various industry verticals throughout the pandemic, including healthcare, utilities, manufacturing, transportation, and logistics. As a result, across these industry verticals, there is a growing demand for professional IoT services. For instance, IoT professional services are being used more and more in the healthcare industry for telemedicine applications including remote patient monitoring and diagnostics, connected ambulances, and connected personnel.

The global IoT professional services market is expected to account for USD 158.9 billion by 2027, growing at a CAGR of 6.4% during the forecast period.

IoT consulting service, by service type segment to account for a larger market size during the forecast period
The IoT consulting services are utilized for devising various strategies, developing use cases, planning roadmaps, appraising technologies, and defining IoT architectures. They also aid in streamlining business operations for enterprises. IoT consulting service providers make sure the suitable IoT applications and architecture are developed and implemented in businesses. They assist businesses in building new IoT infrastructures to improve their current systems. IoT consulting service providers also assist non-IT businesses with limited IT skills in understanding IoT technologies.

Based on Deployment type, the cloud segment is projected to be the fastest market during the forecast period
As cloud computing services offer insights into partnership tactics, go-to-market strategy, investments, alliance and acquisition strategies, and best operational practices, businesses are embracing them. Cloud computing services also make it easier to track, compare, and evaluate business activities and make sure that business operations are in accordance with customer requirements. Many businesses are investing in big data, IoT, artificial intelligence, and 5G technologies to obtain key strategic insights for decision-making leading to growing investment in cloud-based services.

Based on region, Asia Pacific is projected to account for the highest CAGR during the forecast period.
Asia Cloud Computing Association (ACCA), a member-driven organisation created to expedite the adoption of cloud computing services, is a driving force of digitization in the region. Governments, cloud service providers, and enthusiast customers are among its members. The projected investment by China in infrastructure as a service is also expected to shroom rapidly. Due to to these investments and rapid adoption of cloud the region is expected to fuel market growth for IoT Professional services.

Smart transport and logistics, by application segment to lead the market during the forecast period
In order to deliver real-time online information about traffic flow, asset tracking, and passengers/commuters, smart transportation and logistics include integrating cutting-edge technologies with the current transportation and logistics infrastructure. Additionally, it is utilised for inventory management, fleet management, freight management, cargo and container tracking, supply chain and logistics management, traffic control, ticketing management, and parking management. IoT professional services assist businesses in the logistics and transportation industries in automating processes by implementing IoT technological solutions.

North America to account for the largest market size during the forecast period
North America, which consists of the US and Canada, is anticipated to account for the largest share of the global market for IoT professional services. These nations’ economies are stable and well-established, enabling them to make significant investments in R&D activities and contribute to the creation of new technology. The area is technologically advanced, and a number of government programmes, such as smart cities and Industrial IoT, have been accepted.

Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the intelligent document processing market.

  • By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
  • By Designation: C-level – 38%, Directors – 30%, and Others – 32%
  • By Region: North America – 40%, Europe – 15%, APAC – 35%, MEA – 5%, Latin America– 5%.

Some prominent players profiled in the study include Accenture (Ireland), Atos (France), IBM (US), Cognizant (US), DXC Technology (US), Deloitte (UK), Capgemini (France), TCS (India), NTT DATA (Japan), Infosys (India), AT&T (US), Wipro (India), General Electric (US), Honeywell (US), Oracle (US), HCL Technologies (India), EY (UK), Unisys (US), Vodafone (UK), Tech Mahindra (India), Happiest Minds (India), Mindtree (India), Prodapt (India), Siemens Advanta Consulting ( Germany), ORBCOMM (US), PureSoftware (India), Velvetech (US), Jaarvis (Australia), Eseye (UK), Cuelogic (US).

Research coverage
The market study covers the IoT Professional services market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as By Service type, By Organization Size, By Deployment Type, By Application and By Region. The services segment is further segmented into IoT consulting, IoT Infrastructure, System Designing and Integration, Support and Maintenance, Education and Training. The Deployment type is further segmented into On-Premises and Cloud. The organization size segment is further segmented into large enterprises and SMEs. By Application is further segmented as Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail and Smart Energy. The regional analysis of the IoT Professional Services market includes North America, Europe, APAC, the MEA, and Latin America. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the IoT Professional services market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.