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2021-03-01 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
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< Key Hightlight >

The global IoT Professional Services market size is expected 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. 

Internet of Things (IoT) Professional Services Market

To know about the assumptions considered for the study, Request for Free Sample Report

The COVID-19 pandemic has created significant disruption across every line of businesses, including enterprises, industrial, and government sectors. However, in recent times, with lockdown restrictions getting relaxed in almost every region across the world, businesses in various industry verticals, are resuming their operations. During the pandemic, the adoption of IoT devices has been increasing across many industry verticals such as healthcare, utilities, manufacturing, and transportation and logistics. Therefore, the demand of IoT professional services is increasing across these industry verticals. For instance, in healthcare, IoT professional services are increasingly used in application areas including telemedicine solutions, such as remote patient monitoring, remote diagnosis, along with solutions, including connected ambulance and connected worker. Hence, the rising cases of COVID-19 leads to the rising demand for IoT-based solutions to improve the conditions of patients and staff of care providers. Moreover, the COVID-19 outbreak has gravely impacted the energy industries, enabling business leaders to think of IoT professional services as a replacement for manual intervention of field workers in the infrastructure. Organizations have started thinking of intelligent asset management solutions for remote monitoring, alerts and notifications, remote services and control, and using predictive analytics and preventive maintenance using historical and real-time data analysis to combat potential failures.

IoT consulting service, by service type segment to account for a larger market size during the forecast period 

The IoT consulting services help in refining business processes of organizations and are used for formulating different strategies, developing use cases, planning roadmaps, assessing technologies, and framing IoT architectures. Providers of IoT consulting services ensure the development and implementation of the appropriate IoT applications and architecture in organizations. They guide companies to create new IoT infrastructures to enhance their existing systems. Providers of IoT consulting services also help non-IT companies with minimal expertise to understand IoT technology.

Cloud services, by IoT infrastructure service segment to grow at a higher CAGR during the forecast period

Cloud services include network, infrastructure, or business application services offered through the cloud. These services integrate devices and solutions with the cloud to streamline various business processes of organizations. Cloud services ensure increased data security, enable easy data management, and are highly customer-centric. These services offer connectivity features, management features, security features, and engagement features. Providers of cloud services understand the entire IoT ecosystem of organizations and then offer the right cloud services to them based on their requirements, thereby transforming organizations into connected businesses. IoT cloud services are capable of integrating multiple cloud service providers and are used to store files, carry out device management, configure utilities, and monitor services for centralized operations.

Large enterprises, by organization size segment to lead the market during the forecast period 

The large enterprises segment uses the IoT professional services platform to ensure efficient deployment, integration, and management of IoT devices for business processes. Large enterprises are early adopters of IoT professional services. The adoption of IoT professional services in large enterprises is said to be higher as compared to SMEs. Large enterprises have the necessary resources but face issues when it comes to deployment types due to the availability of a variety of solutions and applications. This complexity and sophistication of the IT infrastructure may lead to the requirement of a dedicated department for IT infrastructure management. These organizations have larger budgets due to the number of users and the importance of data; however, the size of the budget may vary for industries.

Cloud segment, by deployment type segment to grow at a higher CAGR during the forecast period

Several organizations prefer cloud-deployed IoT professional services, as it offers scalability and agility in organizations and provides more functions than on-premises IoT professional services at an affordable cost. With rapid advancements in cloud technology, organizations are inclined toward implementing cost-effective cloud-based solutions. The implementation of the cloud-based IoT professional services facilitates SMEs and large enterprises to focus on their core competencies rather than IT processes. With the help of cloud-based IoT professional services, organizations can avoid costs related to software, storage, and technical staff.

Smart transport and logistics, by application segment to lead the market 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.

Internet of Things (IoT) Professional Services Market by Region

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North America to account for the largest 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.

Internet of Things (IoT) Professional Services Market Interconnection

Market Dynamics

Driver: Rapidly growing number of IoT connections leading to increased data traffic

The advent of IoT has led to increasing data traffic. According to Cisco, more than 500 billion IoT devices, from sensors to actuators and medical devices will be connected to the internet by 2030. The increasing computational power of IoT devices helps rapidly carry out multiple functions in real time. Data analysis insights drive actionable steps to improve the business; hence, the adoption rate of IoT devices is increasing across the globe. Connected devices can be accessed digitally and controlled from anywhere using mobiles, desktop computers, tablets, and wearables. The increased demand for these connected devices across the globe has led to a rise in the demand for IoT professional services to ensure the proper functioning of connected devices. IoT professional services help in managing device vulnerability, ensuring uninterrupted communication, handling the internet, and tackling data security risks associated with the use of connected devices.

Restraint: Interoperability and lack of common standards

Companies are currently using custom Application Programming Interface (API) and solutions for every IoT project. A common protocol and communication standard is required to enable communication among IoT-enabled devices to share data or form an intelligent network. This, in turn, will facilitate standardization in IoT technology and make it easier for every service provider to offer most solutions in one package. Interoperability and easy exchange of information among connected devices are of utmost importance. However, the current technical and market scenarios pertaining to IoT professional services lack in terms of providing a promising architectural service or a universal standard to solve the interoperability issues among different connected devices.

Opportunity: Increasing demand for IoT-enabled digital transformation of businesses

IoT, a key digital transformation technology, enables businesses to increase their operational efficiency. Big data analytics, cloud, and edge computing are few technologies spurring the demand for the digital transformation of businesses. The growing demand for digital transformation of companies has compelled IoT professional service providers to retool their current IoT professional services offerings. The rising popularity of advanced technologies helps organizations opt for IoT-based digital transformation of their businesses. Retail, agriculture, manufacturing, transportation, and healthcare are verticals undergoing digital transformation. Smart retail, smart manufacturing, and connected health are key applications in these verticals that are encoring businesses to opt for IoT-based digital transformation.

Challenge: Concerns associated with data security and privacy

IoT is vulnerable to threats that could result in substantial financial and data losses. More than 70% of devices used in IoT contain critical security vulnerabilities. The IoT professional services market has significant growth potential for enterprises across all verticals; however, maintaining data security and privacy is a key challenge faced by players operating in this market. The installed smart devices and sensors continuously generate a huge amount of data; this is expected to help organizations handling data gain insights related to the market position of their competitors. As the popularity of IoT professional services spreads, enterprises demand better security and privacy protections. With the increase in the number of IoT devices, a number of security and privacy issues will arise, and every endpoint, gateway, sensor, and smartphone will become a potential target for hackers. Hence, there is a dire need for IoT security and privacy protection among enterprises.

Market Players

The report includes the study of key players offering IoT professional services market offerings. It profiles major vendors in the global IoT professional services market. The major vendors include Accenture (Ireland), Atos SE (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). The study includes an in-depth competitive analysis of these key players in the IoT professional services market with their company profiles, recent developments, and key market strategies.    

Scope of Report

Report Metric

Details

Market size available for years

2016–2026

Base year considered

2019

Forecast period

2020–2026

Forecast units

Value (USD Billion)

Segments covered

Service Type, Organization Size, Deployment Type, Application, and Regions.

Regions covered

North America, Europe, APAC, Latin America, and MEA

Companies covered

Accenture (Ireland), Atos (France), IBM Corporation (US), Cognizant (US), DXC Technology (US), Deloitte (UK), Capgemini (France), Tata Consultancy Services (India), NTT DATA Corporation (Japan), Infosys (India), AT&T Inc. (US), Wipro Limited (India), Happiest Minds (India), Mindtree (India), General Electric (US), Honeywell International Inc. (US), Oracle Corporation (US), HCL Technologies (India), Virtusa Corporation (US), Vodafone Group plc (UK), Tech Mahindra (India), Ernst & Young Global Limited (UK), Prodapt Solutions Private Limited (India), Unisys Corporation (US), Siemens Advanta Consulting (Germany), and ORBCOMM (US).

This research report categorizes the IoT professional services market to forecast revenues and analyze trends in each of the following submarkets:

Based on Service Type, the IoT professional services market has the following segments:

  • IoT Consulting Service
    • Technology Consulting Service
    • Business Consulting Service
    • Operational Consulting Service
  • IoT Infrastructure Service
    • Network Service
    • Deployment Services
    • Cloud Service
  • System Designing and Integration Service
    • Platform Development and Integration
    • Mobile and Web Application Development
  • Support and Maintenance  Service
  • Education and Training Service

Based on Organization Size, the IoT professional services market has the following segments:

  • SMEs
  • Large Enterprises

Based on Deployment Type, the market has the following segments:

  • Cloud
  • On-premises

Based on Application, the IoT professional services market has the following segments:

  • Smart Buildings
  • Smart Manufacturing
  • Smart Transport and Logistics
  • Smart Healthcare
  • Smart Retail
  • Smart Energy

Based on regions, the market has the following segments:

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • Rest of Europe
  • APAC
    • China
    • India
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • KSA 
    • UAE
    • Rest of MEA

Recent Developments:

  • In January 2021, Atos collaborated with IBM to help companies accelerate their digital transformation and optimize business processes. As a result of the collaboration, clients can expect to have access to automation solutions using AI and hybrid cloud technologies to enable digital acceleration, increase productivity, and reduce costs. Atos and IBM will work together to address business challenges to serve the sectors, such as manufacturing, energy and utilities, oil and gas, retail, and transportation.
  • In October 2020, Accenture acquired SALT Solutions, a technology consultancy company headquartered in Würzburg, Germany. SALT Solutions implements and maintains technology systems for production, operations, and logistics at leading German automotive, manufacturing, consumer goods, and chemicals companies.
  • In August 2020, Cognizant signed an agreement to acquire Tin Roof Software, a privately held custom software and digital product development services company, headquartered in Atlanta, Georgia. Tin Roof specializes in digital products that allow companies to improve customer experiences and increase revenue. The acquisition will expand Cognizant's software product engineering footprint in the US and connect Tin Roof's experts with Cognizant's global software development capabilities.
  • In November 2019, IBM launched Maximo Asset Monitor, a new AI-powered monitoring solution, to help maintenance and operations leaders expand their asset management capabilities. The new solution helps unlock essential insights with AI-powered anomaly detection and provides enterprise-wide visibility into critical equipment performance.
  • In August 2019, DXC Technology partnered with Google Cloud to enable enterprise clients to modernize their mission-critical IT and integrate digital solutions on the Google Cloud Platform. The partnership focuses on joint solutions in industries, such as insurance, oil and gas exploration, automotive, consumer products, retail, and banking and capital markets.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IoT professional services market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to better position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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