IoT professional services market is like to develop from USD 22.65 billion in 2019 to USD 53.61 billion by the conclusion of 2024 at 18.8% CAGR during the forecast period ranging from 2019 to 2024. The expansion of market is owing to the wide incorporation of IoT technologies. IoT finds a broad variety of applications throughout the verticals like logistics, healthcare, retail, manufacturing, transportation, and energy. The incorporation of IoT based systems leads to increased demand for professional services enabling successful operation and implementation of the system. IoT professional services aids the businesses to attain their business goals and generate the maximum return on their IoT outlay. A range of phases are involved in delivering the IoT professional services which include comprehending the customer needs, architecture framing, advanced designing, validating the outcome, inclination towards transformation, development of the program plan, adoption readiness, executing the process of deployment, business review, and realization of the value. Even though these services are attaining traction in the developed economies, poor network substructure in a number of emerging economies is expected to restrict the expansion of the worldwide IoT professional services market throughout the assessment period. IoT professional services find a gamut of industrial uses. Out of the different domains of application, the smart cities initiative is estimated to reflect the largest adoption rate of professional services, whereas the logistics and smart transportation system is anticipated to record the maximum CAGR during 2019 to 2024.
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The worldwide IoT professional services market is segmented based on organization size, service, region, and application area. Based on organization size, the market is segmented into SMEs and large enterprises. Based on service, the market is segmented into IoT system design, IoT consulting services, implementation services, maintenance services, support services, and training and education services. The IoT consulting services segment is sub segmented into operational consulting services, business consulting services, and technology consulting services, although the IoT implementation and system design services segment has been sub-divided into integration services, application development, and system development. Based on application area, the market is segmented into smart buildings, smart cities, smart retail, smart manufacturing, smart transport, smart healthcare, smart energy, and logistics. Based on region, the market is segmented into Asia-Pacific, Europe, North America, and the rest of the world. North America is sub segmented into Canada, Mexico, and the US. Europe market is sub segmented into France, the UK, Germany, and the rest of Europe. Asia-Pacific market is segmented into India, Japan, China, and the rest of APAC and the rest of the world is categorized into South America and the Middle East & Africa.
The global IoT Professional Services Market is dominated by renowned players such as Atos SE (France), IBM Corporation (US), Capgemini (France), Accenture (Ireland), Tata Consultancy Services Limited (India), Cognizant (US), Tech Mahindra Limited (India), Wipro Limited (India), AT&T (US), Vodafone Group plc (UK), Happiest Minds (India), Infosys Limited (India), Torry Harris Business Solutions (US), PRODAPT SOLUTIONS PVT. LTD (India), and NTT Data Corporation (Japan).
North America is predicted to represent a dominating position in the IoT professional services market throughout the assessment period. North America is the most progressive market in terms of adoption of progressive technologies coupled with rapid development in the arena of smart technologies. The North America market has substantial prospect for revenue generation with the spurring incorporation of IoT professional services within the day to day activities of the businesses prevailing in the region. The US is likely to be the leading country-level market within North America over the assessment period. The APAC market is estimated to expand at the swiftest rate throughout the forecast period. The key forces behind the growth of the market include the rising trend of digitalization coupled with the existence of both emerged and emerging economies like Japan, Singapore, Australia, China, South Korea, and India.
LIST OF TABLES
Table 1 Global IoT Professional Services Market, By Region, 2018–2024
Table 2 North America: IoT Professional Services Market, By Country, 2018–2024
Table 3 Europe: IoT Professional Services Market, By Country, 2018–2024
Table 4 Asia-Pacific: IoT Professional Services Market, By Country, 2018–2024
Table 5 Global IoT Professional Services Service Market, By Region, 2018–2024
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LIST OF FIGURES
FIGURE 1 Global IoT Professional Services Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global IoT Professional Services Market
FIGURE 4 Value Chain Of The Global IoT Professional Services Market
FIGURE 5 Share Of The Global IoT Professional Services Market, By Country, 2017 (In %)
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