Internet of Things Professional Services Market Worth $158.28 Billion by 2021
February 13, 2017 | PRNewswireEstimated reading time: 3 minutes
According to a new market research report "Internet of Things (IoT) Professional Services Market by Service Type (Consulting, Infrastructure, System Designing & Integration, Support & Maintenance, and Education & Training), Applications, and Regions - Global Forecast to 2021", published by MarketsandMarkets, the market size 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 2016-2021.
The major drivers for upsurge in demand for IoT Professional Services 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.
IoT Consulting Services is likely to hold the largest 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 segment is expected 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 and responsiveness drives the smart transportation and logistics management.
North America is expected to hold the largest market share in the IoT Professional Services Market
As per the geographic analysis, North America 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.
The major vendors covered in the IoT Professional Services Market for this study 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).
IoT in Manufacturing Market by Software (Network & Application Security, Network Bandwidth, Remote Monitoring, Data Management, & Smart Surveillance), Platform, Service, Application, Vertical Markets, and Region - Global Forecast to 2021.
Digital Transformation Market by Solution (Cloud Computing, Big Data, Mobility, and Social Media), Service (Professional and System Integrators), Business Type (B2B, B2B2C, & B2C), End User, Deployment type, Vertical, and Region - Global Forecast to 2021
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
Suggested Items
Koh Young Showcases Award-winning Inspection Solutions at SMTconnect with SmartRep in Hall 4A.225
04/25/2024 | Koh Young TechnologyKoh Young Technology, the industry leader in True 3D measurement-based inspection solutions, will showcase an array of award-winning inspection and measurement solutions at SMTconnect alongside its sales partner, SmartRep, in booth 4A.225 at NürnbergMesse from June 11-13, 2023. The following offers a glimpse into what Koh Young will present at the tradeshow:
Real Time with… IPC APEX EXPO 2024: Plasmatreat: Innovative Surface Preparation Solutions
04/25/2024 | Real Time with...IPC APEX EXPOIn this interview, Editor Nolan Johnson speaks with Hardev Grewal, CEO and president of Plasmatreat, a developer of atmospheric plasma solutions. Plasmatreat uses clean compressed air and electricity to create plasma, offering environmentally friendly methods for surface preparation. Their technology measures plasma density for process optimization and can remove organic micro-contamination. Nolan and Hardev also discuss REDOX-Tool, a new technology for removing metal oxides.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Cadence, TSMC Collaborate on Wide-Ranging Innovations to Transform System and Semiconductor Design
04/25/2024 | Cadence Design SystemsCadence Design Systems, Inc. and TSMC have extended their longstanding collaboration by announcing a broad range of innovative technology advancements to accelerate design, including developments ranging from 3D-IC and advanced process nodes to design IP and photonics.
SMC Korea 2024 to Highlight Semiconductor Materials Trends and Innovations on Industry’s Path to $1 Trillion
04/24/2024 | SEMIWith Korea a major consumer of semiconductor materials and advanced materials a key driver of innovation on the industry’s path to $1 trillion, industry leaders and experts will gather at SMC (Strategic Materials Conference) Korea 2024 on May 29 at the Suwon Convention Center in Gyeonggi-do, South Korea to provide insights into the latest materials developments and trends. Registration is open.