Description

While Internet of Things (IoT) adoption is a strategic imperative, companies struggle with decisions related to legacy infrastructures, connectivity architecture and implementation. IoT professional service providers can help companies advance IoT plans by using their expertise and portfolio of solutions. Instead of following a build-and-own approach, companies can opt for IoT professional services to make adequate use of the rapid developments in IoT and advanced technologies that enhance solutions and outcomes. With new business models, innovations, and continuous development of products and services, IoT providers can help clients stay ahead of the curve and adopt IoT best practices. Frost & Sullivan defines IoT professional services as IoT Consulting and Design, and IoT Deployment. IoT Consulting and Design includes Spot Services, characterized by short- and medium-term contracts, usually non-renewable, focused on consulting, design of network and infrastructure architecture, and application development, testing and integration. IoT Deployment includes installation of hardware, software, and maintenance of these products. Clients are at different levels of adoption when it comes to IoT, and for those in early stages, navigating the IoT ecosystem can be tough. The expertise and experience of professional services providers will enhance outcomes for these companies, allowing them to focus on their core business. One key development in the global market is the collaborative approach that providers are adopting. With clients needing assistance across connectivity, cybersecurity, data management, device management, and infrastructure management, their needs are difficult and complex. Providers are increasingly collaborating with others in the industry ecosystem to provide complete, end-to-end solutions. Moreover, industry participants are working to develop standards and regulations to ensure better compatibility, interoperability, and compliance across regions. This research on the global IoT-professional services market outlines key market and vertical growth metrics. The base year is 2020, and the forecast period is 2021 to 2025. This strategic analysis is part of Frost & Sullivan’s continued coverage of the Global IoT market. Within this analysis, Frost & Sullivan has identified the main market verticals that generate revenues for IoT providers. Frost & Sullivan expects that this analysis will provide IoT Professional services providers with valuable insights that will help them increase revenue and identify new opportunities within this marketplace. The report includes key growth opportunities for the IoT professional services market are driven by increasing demand for vertical and horizontal solutions. Similarly, other opportunities have surfaced as a result of emerging technologies such as data analytics, artificial intelligence and machine learning, new connectivity protocols, and advanced security.

Author: Carina Goncalves