Internet of Things Professional Services Market Worth $158.28 Billion by 2021

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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).

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