IoT professional services help enterprises realize their business value through digital transformation. These services are offered by companies to client organizations to optimize and simplify their business processes as well as assist them in overcoming complexities associated with the setting up of efficient IoT infrastructure facilities. According to MarketsandMarkets, the IoT professional services market is projected to grow from USD 79.0 billion in 2018 to USD 189.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.1% from 2018 to 2023.
The scope of this report covers the IoT Professional Services Market based on service type, application, and region. The system designing and integration service segment of the market is projected to grow at the highest CAGR during the forecast period. System designing and integration services offer a wide range of designs for IoT ecosystems and enable the integration of IoT solutions with organizations to support their operational systems and business activities.
The smart transport and logistics segment of the IoT professional services market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the requirement for achieving automation in the transport and logistics sector. The smart transport and logistics segment of the IoT professional services market involves data gathering, research, and requirement analysis. The providers of these services require a team of technicians, especially for the development of mobile and web applications. These service providers also support, assist, and maintain solutions and components involved in the entire ecosystem of IoT professional services.
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The North American region is projected to lead the IoT professional services market between 2018 and 2023. The growth of the market in North America can be attributed to the early adoption of different technologies and globalization of shared services in the region. North America constitutes of developed economies such as the US and Canada. These countries are significantly advanced in terms of the development of technologies and their deployment. Moreover, the region is home to the top vendors of IoT professional services that leverage new technologies for enhancing their offerings.
Key vendors such as Accenture (Ireland), Atos SE (France), IBM Corporation (US), and Capgemini (France), have been trying to seize growth opportunities in the market by expanding their market presence.
Accenture (Ireland), Atos SE (France), IBM Corporation (US), Capgemini (France), Cognizant (US), Happiest Minds (India), Infosys Limited (India), NTT DATA Corporation (Japan), Tata Consultancy Services Limited (India), Tech Mahindra Limited (India), Wipro Limited (India), Genpact (US), AT&T (US), Vodafone (UK), LUXOFT (Switzerland), and Prodapt Solutions PVT. LTD. (US) are the leading players operating in the IoT professional services market. These players have adopted various growth strategies such as mergers and acquisitions, new product/service launches/product enhancements, business expansions, partnerships, agreements, and collaborations to expand their presence in the IoT professional services market. Partnerships and new product/service launches/product enhancements have been the most adopted strategies by major players from 2016 to 2018 to innovate their offerings and broaden their customer base.
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