The Internet of Things, sometimes known as IoT, is the collective network of linked objects and the technology that permits communication with one another and the cloud. As a result of the advancement of low-cost computer chips and high-bandwidth telephony, we now have many devices connected to the internet. This implies that daily devices like automobiles, vacuum cleaners, and robots utilize sensors to gather data and wryly answer users.
The IoT is one of the significant technologies of the 21st century. The global IoT professional services market was valued at USD 110.69 billion in 2022 and is expected to grow to USD 206.90 billion at a CAGR of 6.5% during the forecast period.
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The increased reliance of manufacturers on cutting-edge, connected devices to increase productivity, automate business processes, and shorten decision-making cycles is largely responsible for the category market's expansion. In addition, manufacturers are heavily implementing the construction of intelligent solutions and expanding their product/service offerings to reach a wider variety of consumers, contributing significantly to the segment's growth. This is due to the increasing global rivalry.
During the forecast period, it is predicted that the cloud segment will grow fastest and represent a sizable portion of the market's revenue. Traditional systems' migration to cloud services will primarily spur this growth, resulting in lower service and licensing costs. Additionally, firms implementing cloud services see very high investment returns and may quickly spend their savings on other significant advancements and innovations to expand their market.
Asia Pacific: Growing infrastructure improvements and several favorable economic conditions for the advancement of digitalization in nations like China, India, and Indonesia are the key drivers of the regional market's expansion. Additionally, some of the IoT professional services market key players are Infosys, Tech Mahindra Ltd., Wipro Limited, and Tata Consultancy Services, as well as their increasing efforts to improve connected device services and offerings are likely to have a significant impact on market growth soon.
North America: Due to aggressively increasing expenditures in cutting-edge technologies across several industrial verticals, including energy & utilities, oil & gas, and manufacturing, the North American region held a sizable market share and led the IoT professional services market.
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