IoT Professional Services Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


IoT Professional Services Market Analysis:

1. The forecasted growth of the IoT Professional Services Market is set to be substantial, with an expected increase from USD 120.28 billion in 2023 to USD 168.78 billion by 2028. This growth is projected to occur at a compound annual growth rate (CAGR) of 7.01% during the forecast period of 2023–2028. One of the key drivers behind this growth is the implementation of smart city initiatives, which are expected to play a significant role in driving the expansion of the IoT industry in the coming years.

2. The integration of IoT devices and systems into various sectors such as transportation, utilities, and infrastructure is expected to contribute to the overall growth of the market. Governments around the world are taking initiatives to promote the adoption of IoT devices, which in turn is leading to an increased reliance on professional services for the deployment and management of these devices. For example, the European Union has mandated the rollout of smart electricity meters to 80% of consumers by 2020, resulting in a growing demand for smart metering solutions and deployment services.

3. Furthermore, global connectivity initiatives by governments are also playing a crucial role in driving the adoption rates of IoT. Programs like Horizon 2020, which has a significant funding allocation of EUR 80 billion between 2014 and 2020, have had a substantial impact on technological advancements in Europe. These initiatives, along with the development of interoperability with various IoT technologies, have created a positive environment for the growth of the IoT market. As a result, there is an increasing demand for professional services to support the implementation and management of IoT devices and systems.

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