Internet of Things (IoT) Professional Services Market by Service Type (Consulting, Infrastructure, System Designing & Integration, Support & Maintenance, and Education & Training), Applications, and Regions - Global Forecast to 2021
Demand for highly customized IoT services in the industrial and transportation sector is expected to drive the growth of the IoT professional services market
The Internet of Things (IoT) professional services market size is expected to grow from USD 57.18 billion in 2016 to USD 158.28 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 22.6% during the period 2016–2021. The major drivers for upsurge in demand for the IoT professional services market include rising trend of adopting IoT professional services to reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), demand for highly customized IoT services in the industrial and transportation sector, and increasing adoption of digital transformation services in organizations by opting specialized IoT business and technology consulting services. The system designing and integration services segment is expected to grow at the highest CAGR during the forecast period. These services support the design and implementation of IoT solutions across enterprises. The service providers deploy the latest IoT technology to improve the operational performance and gain a smarter enterprise.
Smart transportation and logistics is estimated to have the largest market share
The smart transportation and logistics segment is expected to have the largest market share and estimated to grow at the highest CAGR during the forecast period. Smart transportation and logistics is all about integrating advanced technologies with the existing transportation and logistics infrastructure, delivering real-time online information about the traffic flow, tracking of the assets, and passengers/commuters. IoT professional services help the transport and logistic vendors to achieve automation by deploying the IoT technological solutions. The increasing requirement for analytics, security, logistics management, inventory management, digitalization, high volume networking, and increase in the overall operations and responsiveness drives the smart transportation and logistics management.
North America is expected to dominate the market during the forecast period
As per the geographic analysis, North America is expected to have the largest market share. It is likely to benefit from its technological advancements and followed by robust internet infrastructure, widespread adoption of new technology and presence of a strong domestic solution providers have all contributed to the shift towards smart infrastructure from conventional infrastructure. The need for better operational efficiency and business process at a low operating cost is expected to drive continuous growth in the IoT professional services market. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The region is estimated to surpass Europe in terms of IoT adoption and deployment in the near future. This is due to the high demand for IoT technology deployment by the end-users in this region. The companies are offering customized on demand consulting and planning services in the roadmap to the digital transformation journey.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profiles of primary discussion participants are given below:
By Company Type: Tier-1 (39%), Tier-2 (34%), and Tier-3 (27%)
By Designation: C-Level (68 %), Manager Level (21 %), and Others (11%)
By Region: Europe (36 %), APAC (24 %), North America (22 %), and the Rest of World (RoW) (18%)
The various key IoT professional services vendors profiled in the report are as follows:
1. Accenture PLC (Dublin, Ireland)
2. Atos SE (Besons, France)
3. Capgemini S.A. (Paris, France)
4. Cognizant Technology Solutions Corporation (New Jersey, U.S.)
5. IBM Corporation (New York, U.S.)
6. Infosys Limited (Karnataka, India)
7. NTT DATA Corporation (Tokyo, Japan)
8. Tata Consultancy Services Limited (Maharashtra, India),
9. Tech Mahindra Limited (Maharashtra, India)
10. Wipro Limited (Karnataka, India)
The global IoT professional services market has been segmented on the basis of service, applications, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities in different regions. In addition to this, product portfolio analysis, value chain analysis, and strategic benchmarking are some of the other MarketsandMarkets analysis included in the report.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the IoT professional services market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments, across different regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.