Internet of Things (IoT) Professional Service Market Size: Set to Reach USD 203.96 billion by 2031

The global Internet of Things (IoT) Professional Service Market is projected to grow significantly from USD 124.1 billion in 2023 to USD 203.96 billion by 2031, expanding at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period (2024-2031). This growth is attributed to the increasing deployment of IoT devices worldwide, the emphasis on IoT-enabled digital transformation, and the high use of edge and cloud computing.

The market is segmented into service type, deployment type, organization size, application, and region. Service types include IoT Consulting Services, IoT Infrastructure Services, System Designing and Integration Services, Support and Maintenance Services, and Others. In terms of deployment type, Cloud Deployment is preferred due to its scalability and flexibility.

The application segments include Smart Building, Smart Manufacturing, Smart Transport & Logistics, Smart Healthcare, Smart Retail, and Smart Energy. The Smart Manufacturing application is particularly attractive due to the high adoption of automation in the manufacturing industry.

Large enterprises are at the forefront of IoT adoption, making them the preferred clients for IoT professional service providers. However, small and medium enterprises (SMEs) are also expected to offer substantial opportunities as IoT adoption increases in these establishments.

Internet of things (IoT) professional service companies need to understand customer requirements to improve their revenue generation. Consulting and integration services are projected to take center stage for all IoT professional service providers, as these services could help companies increase their market share.

SkyQuest, an IP focused Research and Investment Bank and Accelerator of Technology and assets, provides access to technologies, markets, and finance across sectors. They work closely with innovators, inventors, entrepreneurs, companies, and investors to leverage external sources of R&D and optimize the economic potential of their intellectual assets. Their experiences with innovation management and commercialization have expanded their reach across North America, Europe, ASEAN, and Asia Pacific.

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