The IoT Professional Services Market size is projected to grow from USD 98.8 billion in 2020 to USD 149.9 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the IoT professional services market include the the rapidly growing number of IoT connections, leading to increased data traffic, rise in internet ubiquity and development of wireless technologies, increase in need to increase operational efficiency in various industries, and growth in government initiatives for IoT related R&D activities.
Based on IoT consulting service, the business consulting service segment is expected to lead the market during the forecast period
Business consulting services cover the fundamental aspects of business strategies and the planning associated with the implementation of IoT technology in organizations. Business consulting services help clients develop strong business mechanisms and enable improved decision-making. Types of business consulting services include business analytics and development, technology and operations, and advisory services. Business consultants help organizations in building resilient and scalable functional business processes; improving their interactions with customers; amending their policies; carrying out business automation; transforming their functional areas such as supply chain, finance, and human capital management; and simplifying their business transformations. These consultants also plan, analyze, and report improvements in the business flow to generate increased revenues.
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Based on organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period
SMEs experience niche requirements for services that help manage customer data using business intelligence and online transaction processing. The SMEs segment uses IoT technology to automate business operations and provide customer-centric services. SMEs have realized that immediate response, quick business decisions, and customer satisfaction are the most important features needed to expand business, generate more revenue, and ensure the desired outcome. SMEs are typically more flexible in using and adopting emerging technologies, such as IoT, cloud, analytics, and several other disruptive technologies, as their existing IT investments are not huge. Hence, they can adopt any technology at a faster pace.
Major IoT professional services vendors include Accenture (Ireland), Atos (France), IBM Corporation (US), Cognizant (US), DXC Technology (US), Deloitte (UK), Capgemini (France), Tata Consultancy Services (India), NTT DATA Corporation (Japan), Infosys (India), AT&T Inc. (US), Wipro Limited (India), Happiest Minds (India), Mindtree (India), General Electric (US), Honeywell International Inc. (US), Oracle Corporation (US), HCL Technologies (India), Virtusa Corporation (US), Vodafone Group plc (UK), Tech Mahindra (India), Ernst & Young Global Limited (UK), Prodapt Solutions Private Limited (India), Unisys Corporation (US), Siemens Advanta Consulting (Germany), and ORBCOMM (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
Accenture (Ireland) is one of the leading vendors in the IoT professional services market. Accenture, a publicly held company, majorly offers management consulting, technology, and outsourcing services. Accenture provides a variety of services and solutions for strategy, consulting, digital, technology, and operations to deliver end-to-end services and solutions to clients in more than 120 countries across the globe. The company provides technology and business consulting and System Designing and Integration Services that leverage IoT and cloud with advanced analytics to improve productivity. The company focused on both the organic and inorganic growth strategy to enhance its position in the IoT professional services market. For instance, in December 2020, Accenture collaborated with Blueair, one of the leaders in air purification for home and professional use, and part of the Unilever family of brands to deliver a new cloud-based IoT platform and digital manufacturing platform. By leveraging AWS, Accenture built an IoT platform on the cloud that allows Blueair consumers to monitor and manage their indoor air quality remotely through a mobile app and multilingual voice commands, and receive alerts when filters need to be replaced. The platform also enables Blueair to remotely debug and automatically update the devices’ firmware. In October 2020, Accenture acquired SALT Solutions, a technology consultancy company headquartered in Würzburg, Germany. SALT Solutions implements and maintains technology systems for production, operations, and logistics at leading German automotive, manufacturing, consumer goods, and chemicals companies. The company’s more than 500 highly skilled professionals have joined Accenture’s Industry X practice to expand Accenture’s digital manufacturing, operations, and supply chain business in Germany.
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Atos (France) is another IoT professional services provider across the globe. The company offers mobile apps and devices with SaaS integration through its business and platform solutions segment. Consulting services are also offered by the company through its business and platform solutions division. The company majorly focuses on both the organic and inorganic growth strategies to improve its place in the IoT professional services market. For instance, in May 2019, Atos launched its new Hardware Security Module (HSM) for IoT, a high-performance security device designed to protect IoT ecosystems through cryptographic features. The new HSM, part of the Horus portfolio, combines ‘as-a-service’ access, centralized key management system and IoT security services for a fully integrated solution. The new product offers embedded IoT security services, such as the authentication of communicating devices and the processing and confidentiality of data transmitted. In January 2021, Atos and IBM collaborated to help companies accelerate their digital transformation and optimize business processes. As a result of the collaboration, clients can expect to have access to automation solutions using AI and hybrid cloud technologies to enable digital acceleration and increase productivity and reduce costs. Atos and IBM will work together to address business challenges to serve the sectors, such as manufacturing, energy and utilities, oil and gas, retail, and transportation.
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