IoT Professional Services Market is Anticipated to Register a CAGR of 18.8% to reach USD 53.61 Billion by 2024 :

Pune, India, May 2019, MRFR Press Release/- Market Research Future Published a Half-Cooked Research Report On Global IoT Professional Services Market Research Report - Forecast Till 2024.

IoT professional services are essential for enterprises that are aiming at a large-scale digital transformation of their business operations. The services allow them to define, design, and launch IoT-based systems with ease by providing end-to-end support for every phase of the deployment of IoT. These services are delivered through a range of phases - understanding the customer requirements, architecture framing, high-level designing, outcome validation, transformation readiness, program plan development, adoption readiness, deployment execution, business review, and value realization. The adoption of the latest IoT and smart solutions in the developed countries is driving the market. However, the limited adoption of IoT in several developing economies due to poor network infrastructure is hindering the growth of the market.

In this study, the IoT Professional Services Market has been Segmented Based on Service, Organization Size, Application Area and Region.

By service, the market has been segmented into IoT consulting services, IoT system design and implementation services, support and maintenance services, and education and trainig services. IoT consulting services has been further segmented into technology consulting services, operational consulting services, and business consulting services while IoT system design and implementation services has been classified as system development and integration services, and application development.

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By organization size, the market has been segmented into large enterprises and SMEs.

By application area, the market has been segmented into smart cities, smart buildings, smart manufacturing, smart retail, smart healthcare, smart transport, logistics and smart energy.

By region, the market has been segmented into North America, Europe, Asia-Pacific and the rest of the world. North America has been further segmented into the US, Canada and Mexico; Europe into Germany, the UK, France and the rest of Europe; Asia-Pacific into China, India, Japan and the rest of Asia-Pacific; and the rest of the world into the Middle East & Africa and South America.

By service, the IoT consulting segment is expected to be the largest contributor due to the strong need for expert advice before initiating the IoT-based system development. The support and maintenance segment is expected to register the highest CAGR during the forecast period as it is an essential service used after deployment of IoT solutions for their smooth operation.

Based on organization size, the large enterprises are projected to contribute the higher share than SMEs as there is a greater presence of large enterprises in the market. The SMEs segment is expected to register the higher CAGR as companies in this category are increasingly innovating their services to meet new use case requirements of the industries.

Among the applications, the smart cities segment is expected to be the largest contributor due to its large scale development across the globe. The smart transportation and logistics segment is expected to register the highest CAGR from 2019 to 2024 as the industry vertical is increasingly adopting IoT solutions to track vehicle and objects in real-time.

Key players

The major players in IoT professional services market are IBM Corporation (US), Atos SE (France), Accenture (Ireland), Capgemini (France), Cognizant (US), Tata Consultancy Services Limited (India), Wipro Limited (India), Tech Mahindra Limited (India), Vodafone Group plc (UK), AT&T (US), Infosys Limited (India), Happiest Minds (India), NTT Data Corporation (Japan), Torry Harris Business Solutions (US), and PRODAPT SOLUTIONS PVT. LTD (India).

Regional Analysis

North America is expected to dominate the global IoT professional services market as it is the first adopter of IoT solutions and has adopted several IoT-based smart solutions to improve the efficiency of business operations. The US, Canada, and Mexico are the major countries in North America that have adopted IoT professional services. The market in Asia-Pacific is expected to exhibit the highest CAGR during the forecast period, 2019 to 2024, due to the growing IoT market and increasing digitalization in the region. In Asia-Pacific, China is expected to dominate the market while India is expected to register the highest CAGR from 2019 to 2024.

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