Global IoT Professional Services Market Report 2023-2028: Growing Use of Blockchain-Based IoT Solutions for Smart Contracts and Edge Computing

DUBLIN, 15 May 2023 /PRNewswire/ — “Professional Services IoT Market – Global Industry Size, Share, Trends, Opportunity and Forecast. 2018-2028 Segmented by Service Type, by Organization Size, by Deployment Type, by End-Use Industry, by Region, Competition” report has been added ResearchAndMarkets.com’s Offering.

Global IoT Professional Services Market is expected to grow at a robust pace during the forecast period, 2023-2028

Global expansion of connected devices and growing demand for highly customized professional IoT services in the industrial and transportation sectors are fueling market growth. Moreover, the emergence of next-generation 5G mobile connectivity technology is boosting the IoT ecosystem, enabling networks to serve billions of connected devices, also driving the growth of the professional IoT services market.

Internet of Things (IoT) Professional Services is a set of continuous, ever-evolving services that make it easier for physical objects (equipment) and computers to share and exchange data. IoT services are divided into four main categories: infrastructure, support and maintenance, system planning and integration and consulting.

These services enable organizations to connect their equipment wirelessly with other devices to improve the precision of business processes. Although this technology has a wide range of applications, it is widely used by businesses across a range of industries, including retail, manufacturing and smart cities.

Favorable conditions in the Internet of Things (IoT) professional services market are driven by the growing adoption of smart farming and growing demand for cloud-based service management platforms. Companies planning a large-scale digital transformation of their business operations need professional IoT services.

This service helps you efficiently define, design and deploy IoT-based systems by providing end-to-end support for all phases of IoT deployment. These services include understanding customer requirements, architectural frameworks, high-level design, performance validation, transformation readiness, program plan extension, adoption readiness, implementation execution, business reviews and value realization and are presented in phases.

The above factors create opportunities for market growth, but factors such as the need for uniform regulatory standards and universal protocols are restraining the market.

Increasing use of connected devices

The growing trend of adopting connected devices in the industry is positively impacting the market. The number of large-scale IoT connections is expected to double to reach nearly 200 million connections. By the end of 2027, 40% of mobile IoT connections will be broadband IoT, with 4G connections being the largest.

However, with this 5G New Radio (NR) deployment on the old and new spectrum, data throughput rates for this segment are expected to increase significantly. New applications and business models, as well as falling unit costs, have contributed to this. IoT technology at the scale of NB-IoT and Cat-M1 continues to be deployed worldwide.

Massive IoT technologies are expected to account for 51% of all mobile network connections, overtaking broadband IoT mobile connectivity. This increase in the use of connected devices is driving the growth of the global IoT market for professional services.

Increasing use of blockchain-based IoT solutions for smart contracts and Edge Computing

The Internet of Things (IoT) with Edge Computing is a large-scale virtual system that improves the processing and capacity between clients and the server farm of the traditional cloud computing system.

Edge computing devices can communicate with each other without external interference. Blockchain can be used for communication between blockchain IoT devices and edge computing centers. As there has been an increase in demand for blockchain IoT technologies over the years, companies have developed solutions that offer blockchain IoT solutions for edge computing and smart contracts.

As a result, the growing adoption of blockchain-based IoT solutions for smart contracts and edge computing is expected to provide companies in the global IoT professional services market with lucrative growth forecasts.

Market dynamics

Drivers

• Increasing use of connected device
• Increasing use of blockchain-based IoT solutions for smart contracts and Edge Computing
• Growth in Internet penetration

Challenges

• Concerns related to privacy
• Increase in cybercrime

Market trends and developments

• Increasing demand for IoT-enabled digital transformation of businesses
• Increase in technological development
• Government initiatives
• Increased adoption in SMEs
• Increasing inclination towards smart devices

Challenging landscape

Company Profiles: Detailed analysis of the major companies present in the global IoT Professional Services market.

• Atos SE
• Tata Consultancy Services Limited
• Accenture PLC
• IBM Corporation
• AT&T Inc.
• Cognizant Technology Solutions Corp.
• DXC technology company
• Capgemini SE
• Oracle Corporation
• Wipro technologies

Report scope:

IoT Professional Services Market, by Service Type:

• IoT consulting service
• IoT Infrastructure Service
• System design and integration service
• Support and maintenance service
• Education and training service

IoT Professional Services Market, by Organization Size:

IoT Professional Services Market, by Deployment Type:

IoT Professional Services Market, by End-Use Industry:

• IT and telecom
• Retail
• Production
• Health Service
• BFSI
• Others

IoT Professional Services Market, by Region:

• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• India
• Japan
• South Korea
• Australia
• Singapore
• Malaysia
• Europe
• Germany
• Great Britain
• France
• Russia
• Spain
• Belgium
• Italy
• South America
• Brazil
• Argentina
• Colombia
• Peru
• Chile
• Middle East
• Saudi Arabia
• South Africa
• UAE
• Israel
• Turkey

For more information on this report visit https://www.researchandmarkets.com/r/3jv0bz

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We bring you the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

Media contact:

Research and markets
Laura Woodsenior manager
[email protected]

For EST office hours Call +1-917-300-0470
For US/CAN toll free call +1-800-526-8630
For GMT office hours call +353-1-416-8900

US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716

Logo:

See original content: https://www.prnewswire.com/news-releases/global-iot-professional-services-market-report-2023-2028-rising-adoption-of-blockchain-based-iot-solutions-for- smart-contracts-and-edge-computing-301824772.html

SOURCE Research and markets