Internet of Things (IoT) Professional Services Market Worth $189.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™
26 Apr, 2019, 15:30 BST
CHICAGO, April 26, 2019 /PRNewswire/ -- According to the new market research report "Internet of Things (IoT) Professional Services Market by Service Type (Consulting, Infrastructure, System Designing and Integration, Support and Maintenance, and Education and Training), Application, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global IoT Professional Services Market is projected to grow from USD 79.0 billion in 2018 to USD 189.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period.
The major drivers leading to the growth of the IoT Professional Services Market are the proliferation of connected devices across the globe and the requirement for highly customized IoT professional services in the industrial and transportation sectors.
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Based on service type, the IoT consulting service segment is projected to lead the IoT Professional Services Market in 2018.
IoT consulting services help in refining the business processes of organizations and are used for formulating different strategies, developing use cases, planning roadmaps, assessing technologies, and framing IoT architectures. The providers of IoT consulting services ensure development and implementation of the appropriate IoT applications and architecture in organizations. They guide companies to create new IoT infrastructures to enhance their existing systems. The providers of IoT consulting services also help non-IT companies with minimal expertise to understand IoT technology. IoT consulting services can be classified into technology consulting services, business consulting services, and operational consulting services.
Based on application, the smart transport and logistics segment of the IoT Professional Services Market is projected to grow at the highest CAGR during the forecast period.
The smart transport and logistics segment of the market is projected to grow at the highest rate from 2018 to 2023. The growth of this segment can be attributed to the requirement for achieving automation in the transport and logistics sector. The smart transport and logistics segment of the IoT Professional Services Market involves data gathering, research, and requirement analysis. The providers of these services require a team of technicians, especially for the development of mobile and web applications. These service providers also support, assist, and maintain solutions and components involved in the entire ecosystem of IoT professional services. Smart transport and logistics involve the integration of advanced technologies with existing transportation and logistics infrastructure to deliver real-time online information about traffic flow, asset tracking, and passengers/commuters.
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The North American region is projected to lead the IoT Professional Services Market during the forecast period.
The North American region is projected to lead the IoT Professional Services Market between 2018 and 2023. The growth of the market in North America can be attributed to the early adoption of different technologies and globalization of shared services in the region. Moreover, the presence of various regulatory standards for the digitization of organizations, advanced IT infrastructure, well-established enterprises, and technical expertise in North America is also fueling the growth of the IoT Professional Services Market in the region. Organizations in the region have adopted and implemented IoT initiatives on a large scale. System designing and integration services are gaining traction in North America as companies in this region are aggressively pursuing the deployment of IoT technology.
Accenture (Ireland), Atos SE (France), IBM Corporation (US), Capgemini (France), Cognizant (US), Happiest Minds (India), Infosys Limited (India), NTT DATA Corporation (Japan), Tata Consultancy Services Limited (India), Tech Mahindra Limited (India), Wipro Limited (India), Genpact (US), AT&T (US), Vodafone (UK), LUXOFT (Switzerland), and Prodapt Solutions PVT. LTD. (US) are the leading players operating in the IoT Professional Services Market. These players have adopted various growth strategies such as mergers and acquisitions, new product/service launches/product enhancements, business expansions, partnerships, agreements, and collaborations to expand their presence in the IoT Professional Services Market. Partnerships and new product/service launches/product enhancements have been the most adopted strategies by major players from 2016 to 2018 to innovate their offerings and broaden their customer base.
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