Do you have a smart thermostat at home? Or do you use a fitness tracker to stay physically active? If yes, you are a part of the IoT. Yes, devices have become embedded in our day-to-day lives.
The IoT can be found in various devices, settings, and industries. Right from smart blackboards in institutes to medical machines that can glimpse symptoms of Parkinson’s disease, IoT is rapidly driving the world smarter by uniting the physical and the digital.
Did you know that the global IoT professional services market was valued at USD 110.69 billion in 2022 and is expected to reach USD 206.90 billion at a CAGR of 6.5% during the forecast period by 2032?
What is IoT?
IoT is also known as the Internet of Things. It refers to innumerable physical appliances worldwide that are now linked to the internet, all gathering and sharing data. Connecting various machines and adding sensors to them adds digital intelligence to gadgets that would otherwise be dumb, allowing them to transmit real-time data without involving a human being.
IoT is making the world smarter and more responsive, connecting the digital and physical universes.
Which are the IoT Technologies?
Technologies used in IoT systems are:
- Edge Computing
- Cloud Computing
- Machine learning
How Big is IoT?
To efficiently obtain data and make better strategic decisions, there has been an increasing need and demand for data processing and advanced analytics, which is expected to be one of the key factors driving the growth of the global IoT professional services market over the forecasted period.
Moreover, the demand for IoT-based digital transformation is increasing among various industries globally, as they could improve their operating efficiency through IoTs. This is mainly influenced by the latest technologies, such as big data analytics, cloud computing, and edge computing across various verticals such as agriculture, retail, transportation, and manufacturing.
Which Industries can benefit from IoT?
#1 Healthcare
During the forecast period, smart healthcare is anticipated to grow at the fastest speed owing to the majority of connected devices to effectively monitor patients’ health which encouraged the healthcare industry to invest highly in IoT technology. Additionally, the need for personalized treatment and the high adoption of digital change across healthcare will likely extend opportunities to the market over the coming years.
#2 Transportation and Logistics
The transportation and logistics market will probably witness the highest market during the estimated period because of the increased accumulation of providing real-time online details about traffic flow, package tracking, and passengers/commuters. Moreover, it is majorly used in managing inventory, ticketing, parking, and cargo, fueling its adoption and favorable impact on segment market growth.
Which Region Has The Maximum IoT Professional Services Market Growth?
Asia Pacific is the fastest-growing area, with considerable growth during the anticipated period. It is largely driven by developing infrastructural improvements and several supporting economic essentials for the advancement of digitalization in countries like China, India, and Indonesia.
What are the Recent Developments?
Boingo Wireless, a supplier of broadcasted antenna systems and personal networks, declared in February 2022 that it had partnered with Qualcomm Technologies Inc. and the Qualcomm Accelerator Programme to speed up the deployment of different IoT gadgets for business and platform customers utilizing Qualcomm’s suite of IoT Services.
In Conclusion
The Internet of Things delivers numerous benefits for applications varying from day-to-day household uses to manufacturing, industrial monitoring, and smart cities. Improving security, efficiency, and time management are simply some of these benefits.
IoT looks set to become a major part of our everyday lives as connectivity grows.