ID: MRFR/ICT/6377-HCR | February 2021 | Region: Global | 110 pages
IoT professional services market is expected to grow from USD 22.65 billion in 2019 to USD 53.61 billion by 2024 at a CAGR of 18.8% from 2019 to 2024. The growth can be attributed to the wide adoption of IoT technologies. IoT has a wide range of uses across the manufacturing, healthcare, retail, energy, and transportation and logistics sectors. With the adoption of IoT-based systems, there is a greater need for professional services to enable successful implementation and operation of the system. IoT professional services help organizations to achieve their business goals and get maximum returns on their IoT investments. The IoT professional 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. Although these services are gaining traction in the developed countries, poor network infrastructure in a number of developing economies is likely to hinder the growth of the global IoT professional services market during the forecast period.
IoT professional services have various industrial applications. Among the various application areas, the smart cities segment is expected to have the highest adoption of IoT professional services, whereas smart transportation and logistics segment is expected to register the highest CAGR from 2019 to 2024.
Key Players in the Global IoT Professional Services Market
Source: Secondary Literature, Expert Interviews, and MRFR Analysis
The global IoT professional services market has been segmented based on service, organization size, application area, and region/country.
By service, the market has been segmented into IoT consulting services, IoT system design and implementation services, support and maintenance services, and education and training services. The IoT consulting services segment has been further segmented into technology consulting services, operational consulting services, and business consulting services, while the IoT system design and implementation services segment has been divided into system development and integration services, and application development.
By organization size, the market has been segmented into large enterprises and SMEs.
Based on application area, the market has been segmented into smart cities, smart buildings, smart manufacturing, smart retail, smart healthcare, smart transport and 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 further been 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.
The global market for IoT professional services is estimated to grow at a fast rate during the forecast period from 2019 to 2024. The geographic analysis of global IoT professional services market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the IoT professional services market during the forecast period. North America is considered as the most advanced region in terms of development and adoption of innovative technologies in the field of smart technologies. The region has a significant potential for revenue generation in the IoT professional services market as the native enterprises are widely adopting IoT based systems in their everyday business operations and thus, requires professional services to get maximum returns from their IoT investments. The US is expected to be the dominating country-level market in North America during the forecast period.
The market in Asia-Pacific is expected to grow at the fastest rate during the forecast period. The growing IoT market and increasing digitalization are expected to boost the growth of the Internet of Things (IoT) Professional Services Market in the APAC region. China, Japan, India, South Korea, Singapore, and Australia have been the major countries in the APAC region in terms of market share, and this trend is expected to continue in the upcoming years.
Considering the wide range of use cases of IoT, the IoT professional service providers are significantly investing in R&D to enhance their expertise and deliver best in class services to their clients. The prominent players of the Internet of Things (IoT) Professional Services Market primarily adopt partnerships to innovate their service offerings and expand their customer base to establish a strong position in the market.
Frequently Asked Questions (FAQ) :
In developing economies, the absence of appropriate infrastructure facilities is expected to impede market growth.
The need to ensure an elevated level of ROI on IoT investments is expected to bolster the market in the forthcoming period.
The market is estimated to update its revenues to USD 53.61 billion by 2024, the conclusion of the forecast period.
Capgemini (France), Tata Consultancy Services Limited (India), Wipro Limited (India), Cognizant (US), Tech Mahindra Limited (India), Vodafone Group PLC (UK), AT&T (US) and Infosys Limited (India) are promoting the expansion of the market in the forthcoming period.
The presence of advanced technologies is expected to promote the rise of the North American region in the coming years.