CHICAGO, March 10, 2021 /PRNewswire/ -- According to a new market research report "IoT Professional Services Market by Service Type (IoT Consulting, IoT Infrastructure, System Designing and Integration), Organization Size, Deployment Type, Application (Smart Buildings, Smart Transport and Logistics), and Region - Global Forecast to 2026", published by MarketsandMarkets, the size is projected to grow from USD 98.8 billion in 2020 to USD 149.9 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
The major factors driving the growth of the IoT Professional Services Market include rapidly growing number of IoT connections leading to increased data traffic, increasing internet ubiquity and development of wireless technologies, rising need to increase operational efficiency in various industries, and government initiatives in R&D activities related to IoT.
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Based on service type, the system designing and integration service segment to grow at a higher 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. Providers of system design services sketch complete IoT systems to reduce business complexities and enhance the profitability of organizations. These service providers also offer customized services based on the requirements and budgets of clients to manage their workflows easily. These services also offer IoT solutions and connectivity designing, wireless network designing, and IoT infrastructure designing. Integration services include the installation of IoT software and solutions in IoT ecosystems of organizations.
Based on IoT consulting service, the business consulting service segment is expected to lead the market during the forecast period
Business consulting services cover the fundamental aspects of business strategies and the planning associated with the implementation of IoT technology in organizations. Business consulting services help clients develop strong business mechanisms and enable improved decision-making. Types of business consulting services include business analytics and development, technology and operations, and advisory services. Business consultants help organizations in building resilient and scalable functional business processes; improving their interactions with customers; amending their policies; carrying out business automation; transforming their functional areas such as supply chain, finance, and human capital management; and simplifying their business transformations. These consultants also plan, analyze, and report improvements in the business flow to generate increased revenues.
Based on organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period
SMEs experience niche requirements for services that help manage customer data using business intelligence and online transaction processing. The SMEs segment uses IoT technology to automate business operations and provide customer-centric services. SMEs have realized that immediate response, quick business decisions, and customer satisfaction are the most important features needed to expand business, generate more revenue, and ensure the desired outcome. SMEs are typically more flexible in using and adopting emerging technologies, such as IoT, cloud, analytics, and several other disruptive technologies, as their existing IT investments are not huge. Hence, they can adopt any technology at a faster pace.
Based on deployment type, the on-premises segment is expected to lead the market during the forecast period
The on-premises IoT professional services are installed and hosted in an organization's IT infrastructure and are managed by its internal IT staff. Organizations deal with sensitive and confidential data and information related to their products. An organization using on-premises IoT professional services can have total control over the security of information related to their products. Several enterprises that have traditional legacy tools are better suited to traditional on-premises-based services. Several enterprises that give importance to latency prefer to keep their data local resulting in real-time decision-making at a local level.
Based on application, the smart transport and logistics segment is expected to grow at a higher CAGR during the forecast period
Smart transport and logistics involve the integration of advanced technologies with the existing transportation and logistics infrastructure to deliver real-time online information related to traffic flow, asset tracking, and passengers/commuters. It is also used for traffic management, supply chain and logistics management, inventory management, passenger information system management, fleet management, freight management, cargo and container tracking, ticketing management, and parking management. IoT professional services help companies operating in the transportation and logistics sectors to achieve automation by deploying IoT technological solutions.
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North America to hold the highest market size during the forecast period
North America comprises the US and Canada and is expected to hold the largest share of the global IoT Professional Services Market. These countries have sustainable and well-established economies, which empower them to strongly invest in R&D activities, thereby contributing to the development of new technologies. The region is technologically developed, and a number of government initiatives have been adopted, including smart cities and Industrial IoT (IIoT). Owing to the early adoption of trending technologies, such as IoT, cloud, AI, big data, and mobility, North American organizations are keen to integrate IoT technologies into their processes. The advent of SMEs and the adoption of digitalization in manufacturing sectors among large enterprises are expected to drive the growth of the market in North America. IBM, Cognizant, DXC Technology, and AT&T are some of the leading vendors of IoT professional services operating across North America.
Major vendors operating in the IoT Professional Services Market include Accenture (Ireland), Atos (France), IBM (US), Cognizant (US), DXC (US), Deloitte (UK), Capgemini (France), TCS (India), NTT DATA Corporation (Japan), Infosys (India), AT&T (US), Wipro (India), Happiest Minds (India), Mindtree (India), General Electric (US), Honeywell International Inc. (US), Oracle (US), HCL (India), Virtusa (US), Vodafone (UK), Tech Mahindra (India), EY Global (UK), Prodapt Solutions (India), Unisys (US), Siemens Advanta Consulting (Germany), and ORBCOMM (US).
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