Internet of Things (IoT) Professional Service Market Estimated to Surpass USD 203 Billion by 2031-end | SkyQuest Technology

Westford USA, May 20, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Internet of Things (IoT) Professional Service market will attain a value of USD 203.96 Billion by 2031, with a CAGR of 6.4% over the forecast period (2024-2031). Rising adoption of IoT devices and growing demand for connected device services around the world are projected to bolster the demand for internet of things (IoT) professional service over the coming years. Moreover, advancements in IoT connectivity technology are also slated to create new growth opportunities for market players going forward.

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  • Pages – 157
  • Tables – 91
  • Figures – 71

Internet of Things (IoT) Professional Service Market Overview:

Report Coverage Details
Market Revenue in 2023 $ 124.1 Billion
Estimated Value by 2031 $ 203.96 Billion
Growth Rate Poised to grow at a CAGR of 6.4%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Service Type, Deployment Type, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Advancements in IoT connectivity technologies
Key Market Drivers Growing demand for connected devices and IoT devices

Scalability and Flexibility Offered by Cloud Deployment Allows it to Dominate the Market

Rapid advancements in cloud technology have resulted in growing acceptance of the same. Moreover, the high scalability, flexibility, and accessibility offered by cloud platforms also help it maintain a high share of the global internet of things (IoT) professional service market. Easy integration of IoT devices in cloud platforms and lower costs of infrastructure are also other benefits that help this segment’s dominance.

High Use of Automation Allows Smart Manufacturing to Emerge as a Fast-Growing Segment in the Market

Increasing emphasis on improving the efficiency of the manufacturing industry and growing adoption of automation for the same has resulted in high demand for smart manufacturing. IoT devices play a crucial role in enabling automation for smart manufacturing industries thereby allowing this segment to boost market growth at a rapid pace.

Use of IoT in Digital Transformation Initiatives Allows North America to Hold Sway Over Other Regions

Growing deployment of IoT devices in almost all industry verticals for digital transformation and automation is what contributes to North America’s dominance in the global market. Rapid adoption of advanced IoT devices and technologies also helps this region maintain its high market share. The United States and Canada are estimated to be the top markets for internet of things (IoT) professional service providers in this region.

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Internet of Things (IoT) Professional Service Market Insights:


  • Growing use of IoT devices and connected devices for automation
  • Advancements in IoT technology
  • Rising investments in the development of smart infrastructure


  • Lack of skilled workforce to deliver internet of things (IoT) professional services
  • Issues in compliance with different regulatory norms and mandates

Prominent Players in Internet of Things (IoT) Professional Service Market

  • Infosys Limited
  • Capgemini
  • Torry Harris Business Solutions
  • IBM Corporation
  • Wipro Limited
  • Tech Mahindra Limited
  • Atos SE
  • Vodafone Group PLC
  • Happiest Minds

View report summary and Table of Contents (TOC):

Key Questions Answered in Internet of Things (IoT) Professional Service Market Report

  • What drives the global internet of things (IoT) professional service market growth?
  • Who is the leading internet of things (IoT) professional service providers in the world?
  • Which region leads the demand for internet of things (IoT) professional services in the world?

This report provides the following insights:

  • Analysis of key drivers (growing use of connected devices and IoT devices for automation, advancements in IoT technology, high investments in the development of smart infrastructure), restraints (dearth of skilled professionals, issues in compliance with different regulations), and opportunities (advancements in IoT connectivity technologies, adoption of customer-centric approach in business), influencing the growth of Internet of Things (IoT) Professional Service market.
  • Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
  • Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) Professional Service market.
  • Market Development: Detailed analysis of potential regions where the market has potential to grow.
  • Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
  • Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

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About Us:
SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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Skyquest Technology
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