IoT professional services market projected to reach $158.9 billion by 2027
According to a recent study by MarketsandMarkets, the Global IoT Professional Services Market is anticipated to reach $158.9 billion by 2027 from $116.7 billion by 2022, expanding at a CAGR of 6.4% during the projected period.
The move toward digital transformation, the rising use of IoT-based solutions, and the demand for networked devices are the main factors propelling the growth of the IoT Professional Services Market.
IoT, which connects many devices to the internet, enables businesses to become more sophisticated with continuing operational availability of knowledge while reducing operating expenses. By utilizing sensors and networks to track assets (tools, machinery, equipment, and so on), IoT will improve asset monitoring and enable businesses to benefit from real-time experiences.
IoT opens up new business chances and enables companies to make money from fresh revenue streams brought on by innovative tactics and solutions. Strong business cases are developed, the time to market is shortened, and IoT-driven innovations increase the return on investment.
IoT consulting services to hold the largest market size
The correct IoT applications and infrastructure are designed and implemented by businesses with the help of IoT consulting services. They help companies create new IoT infrastructures and enhance their existing ones. The category of IoT consulting services is predicted to grow with the largest market share due to its use in creating various strategies, use cases, and roadmaps, evaluating technologies, and defining IoT architectures.
IoT consulting companies help non-IT companies with little IT expertise grasp IoT technologies. These elements all worked together over the anticipated period to fuel the expansion of the IoT consulting services segment of the global IoT professional services market.
APAC region projected to experience faster growth
The APAC region will have numerous growth potentials in the next five years. The IoT-based solutions and the sensor-based data-collecting trend are gaining traction as the high-speed networking, and digital infrastructure in this area improve.
The region includes industrialized and developing nations, including South Korea, Australia, Japan, China, India, and New Zealand. A more extensive technology infrastructure will likely lead to tremendous growth in this region’s developed nations. On the other hand, developing countries are gradually implementing IoT Professional services to advance and optimize their commercial processes.
