IoT Professional Services Market Size (2024 - 2029)

IoT Professional Services Market Analysis

The IoT Professional Services Market size is estimated at USD 128.71 billion in 2024, and is expected to reach USD 180.61 billion by 2029, growing at a CAGR of 7.01% during the forecast period (2024-2029).

Smart city initiatives are expected to spearhead IoT growth over the coming years. IoT devices and systems are expected to increase as part of transportation, utilities, and infrastructure. Government initiatives are expected to boost the adoption rates of IoT devices, leading to more organizations relying on professional services for deployment and further management.

• Emerging applications, business models, and falling device costs have been instrumental in driving IoT adoption, consequently increasing the number of connected devices and endpoints globally. The massive IoT technologies NB-IoT and Cat-M1 continue to be rolled out globally. The massive IoT technologies are anticipated to comprise 51% of all cellular IoT connections overtaking broadband IoT cellular connections.
• The IoT professional services involve several stages including customer needs analysis, creating a framework, designing at a high level, validating outcomes, preparing for transformation, developing a program plan, preparing for adaptation, carrying out deployment, reviewing business performance, and achieving value. 
• Despite the increasing popularity of these services in developed nations, the inadequate network infrastructure in many developing countries is expected to impede the expansion of the worldwide IoT professional services market in the foreseeable future.
• Adding several devices, like IoT, increases the surface area of a network, thereby creating more potential attack vectors in the process. Even a single unsecured device connected to a network may serve as a point of entry for an active attack on the web. Data security concern has, thus, presented themselves as a significant challenge as players navigate to strengthen their security offering to gain customer confidence and prevent breaches.

IoT Professional Services Industry Segmentation

IoT professional services include a wide range of professional services and resources, such as customized development and implementation, consulting, training, and technical support to its users to deploy IoT solutions and maximize return on investment. The market for the study defines the revenue accrued from the sales of IoT professional services worldwide.

The IoT professional services market is segmented by service type (IoT consulting, IoT infrastructure, system designing and integration, support and maintenance, education and training), organization size (small and medium-sized enterprises (SMEs), large enterprises), end-user industry (manufacturing, retail, healthcare, energy and utilities, transportation and logistics), and geography (North America, Europe, Asia-Pacific, Latin America and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.