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(Wireless-NewsWire.Com, May 26, 2018 ) SUMMARY
The IoT professional services market size is expected to grow from USD 57.18 Billion in 2016 to USD 158.28 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 22.6% during the period 20162021. The major drivers for upsurge in demand for market include rising trend of adopting IoT professional services to reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), demand for highly customized IoT services in the industrial and transportation sector, and increasing adoption of digital transformation services in organization by opting specialized IoT business and technology consulting services.
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The scope of this report covers the IoT professional services market analysis by services, applications, and regions. The system designing and integration services is expected to grow at the highest CAGR during the forecast period. These services support the design and implementation of IoT solutions across enterprises. The service providers deploy the latest IoT technology to improve the operational performance and gain a smarter enterprise.
IoT consulting services is expected to have the highest market share in the IoT professional services market. The consulting services team ensure interoperability and develop & implement the right IoT applications and architecture for the business or clients. The key benefits of IoT technology consulting services include better align technology to the organization's needs, realize business benefits in a timely fashion, reduce costs of compliance & risk management, security concerns, sketch an infrastructure plan, and enhance the internal functionality. The growth of IoT consulting services is attributed to the increase in the adoption of the technology, connected devices, and automation.
Smart transportation and logistics is expected to have the largest market share and estimated to grow at the highest CAGR during the forecast period. Smart transportation and logistics is all about integrating advanced technologies with the existing transportation and logistics infrastructure, delivering real-time online information about the traffic flow, tracking of the assets, and passengers/commuters. IoT professional services help the transport and logistics vendors in order to achieve automation by deploying the IoT technological solutions. The increasing requirement for analytics, security, logistics management, inventory management, digitalization, high volume networking, and increase in the overall operations & responsiveness drives the smart transportation and logistics management.
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As per the geographic analysis, North America is expected to have the largest market share. It is likely to benefit from its technological advancements and followed by robust internet infrastructure, widespread adoption of new technology, and presence of a strong domestic solution providers have all contributed to the shifting towards smart infrastructure from conventional infrastructure. The need for better operational efficiency and business process at a low operating cost is expected to drive continuous growth in the IoT professional services market.
A few of the restraining factors that affect the growth of the market include slow growth rate in the initial period of market forecast and limited availability of technically skilled personnel. The IoT professional services vendors profiled in the report include Accenture PLC (Dublin, Ireland), Atos SE (Besons, France), Capgemini S.A. (Paris, France), Cognizant Technology Solutions Corporation ( New Jersey, U.S.), IBM Corporation (New York, U.S.), Infosys Limited (Karnataka, India), NTT DATA Corporation (Tokyo, Japan), Tata Consultancy Services Limited (Maharashtra, India), Tech Mahindra Limited (Maharashtra, India), and Wipro Limited (Karnataka, India).
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