Dublin, May 07, 2019 (GLOBE NEWSWIRE) -- The "Internet of Things (IoT) Professional Services Market by Service Type (Consulting, Infrastructure, System Designing and Integration, Support and Maintenance, and Education and Training), Application, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The IoT professional services market is projected to grow from USD 79 billion in 2018 to USD 189.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.1% from 2018 to 2023.
The proliferation of connected devices across the globe and the requirement for highly customized IoT professional services in the industrial and transportation sectors are projected to drive the growth of the market during the forecast period.
However, the lack of uniform regulatory standards and universal protocols related to IoT professional services is expected to restrict the growth of the market across the globe.
Accenture (Ireland), Atos SE (France), IBM Corporation (US), Capgemini (France), Cognizant (US), Happiest Minds (India), Infosys Limited (India), NTT DATA Corporation (Japan), Tata Consultancy Services Limited (India), Tech Mahindra Limited (India), Wipro Limited (India), Genpact (US), AT&T (US), Vodafone (UK), LUXOFT (Switzerland), and Prodapt Solutions PVT. LTD. (US) are the leading players operating in the IoT professional services market.
The study on the IoT professional services market included an in-depth competitive analysis of these key players with their company profiles, recent developments undertaken by them, and key growth strategies adopted by them.
Based on service type, the system designing and integration service segment of the market is projected to grow at the highest CAGR during the forecast period
The system designing and integration service segment of the IoT professional services market is projected to grow at the highest CAGR from 2018 to 2023.
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. These service providers also offer customized services based on the requirements and budgets of clients to manage their workflows easily.
Based on application, the smart transport and logistics segment is projected to lead the IoT professional services market from 2018 to 2023
The smart transport and logistics segment is projected to lead the IoT professional services market during the forecast period. Smart transport and logistics involve the integration of advanced technologies with existing transportation and logistics infrastructure to deliver real-time online information about traffic flow, asset tracking, and passengers/commuters.
The growth of the smart transport and logistics segment can be attributed to the increased demand for IoT professional services to carry out the traffic management, supply chain and logistics management, inventory management, passenger information system management, fleet management, freight management, cargo & container tracking, ticketing management, and parking management.
The Asia Pacific IoT professional services market is projected to grow at the highest CAGR during the forecast period
The Asia Pacific IoT professional services market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in the Asia Pacific can be attributed to the increased adoption of advanced technologies, steady economic growth, and smart city projects undertaken in the region.
The IoT professional services market in the Asia Pacific is fragmented, and the providers of IoT professional services are making efforts to expand their base of services to most of the countries of the region due to improving infrastructure.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in IoT Professional Services Market
4.2 North America IoT Professional Services Market, By Service Type and Country
4.3 IoT Professional Services Market: Major Countries
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Proliferation of Connected Devices Across the Globe
5.2.1.2 Requirement for Highly Customized IoT Professional Services in the Industrial and Transportation Sectors
5.2.2 Restraints
5.2.2.1 Lack of Uniform Regulatory Standards and Universal Protocols
5.2.3 Opportunities
5.2.3.1 Requirement of Organizations to Reduce Downtime and Increase Their Operational Efficiency
5.2.3.2 Development of Smart Cities Across the Globe
5.2.4 Challenges
5.2.4.1 Transition From Existing It Infrastructures to New Infrastructures
5.2.4.2 Lack of Skilled Professionals
5.3 IoT Professional Services: Use Cases
5.3.1 Requirement to Monitor the Health of Electric Vehicles
5.3.2 Real-Time Health Monitoring of Patients Outside Conventional Clinical Settings
5.3.3 Need to Monitor the Performance of Vehicle Engines
5.3.4 Need for 2-Way Communication for Disaster Management in Educational Institutions
6 IoT Professional Services Market, By Service Type
6.1 Introduction
6.2 IoT Consulting Services
6.2.1 Technology Consulting Services
6.2.1.1 Technology Consulting Services Provides Implementation of New Technologies to Transform Conventional and Existing Infrastructures of Organizations Into Smart and Connected Infrastructures
6.2.2 Business Consulting Services
6.2.2.1 Business Consulting Services Help Clients Develop Strong Business Mechanisms and Enable Improved Decision-Making
6.2.3 Operational Consulting Services
6.2.3.1 Operational Consulting Services Helps to Improve the Value Chain of Organizations in Terms of Functional Business Processes, Work Culture, and Management Systems
6.3 IoT Infrastructure Services
6.3.1 Network Services
6.3.1.1 Network Services Enhance the Efficiency of Networks, Reduce It Costs and Complexities, and Increase Visibility and Control Over Network Operations
6.3.2 Deployment Services
6.3.2.1 Deployment Services Act as Catalysts for the Complex Issues Faced During the Implementation of IoT Solutions in the Existing Ecosystem of Organizations
6.3.3 Cloud Services
6.3.3.1 Cloud Services Ensure Increased Data Security, Enable Easy Data Management, and are Highly Customer-Centric
6.4 System Designing and Integration Services
6.4.1 Platform Development and Integration
6.4.1.1 Platform Development and Integration Service Providers Help Organizations Develop Connected Environments By Integrating Their Existing It Infrastructures With Common Platforms
6.4.2 Mobile and Web Application Development
6.4.2.1 Web and Application Testing Involves A Set of Activities to Identify Errors That Can Occur During the Execution of Applications
6.5 Support and Maintenance Services
6.5.1 Support and Maintenance Services are Provided to Organizations for Software Installed Within IoT Infrastructures to Troubleshoot Problems, and Upgrade Existing Software
6.6 Education and Training Services
6.6.1 Increased Complexity of Threats to Data, and Increased Chances of Data Loss has Increased the Demand for IoT Education and Training Services
7 IoT Professional Services Market, By Application
7.1 Introduction
7.2 Smart Buildings
7.2.1 IoT Professional Services Enable the Delivery of Superior Quality Solutions With Enhanced Features to These Connected Buildings
7.3 Smart Manufacturing
7.3.1 Smart Manufacturing Enables the Use of Intelligent Machines, Sensors, and Wireless Connectivity to Streamline Various Industrial Processes
7.4 Smart Transport and Logistics
7.4.1 IoT Professional Services Help Companies Operating in the Transportation and Logistics Sectors to Achieve Automation By Deploying IoT Technological Solutions
7.5 Smart Healthcare
7.5.1 IoT Professional Services Provide In-Depth Knowledge About the Benefits and Features of A New Service Or A Device to Patients and Caretakers
7.6 Smart Retail
7.6.1 Smart Retail Offers Real-Time Advertising and Marketing to Retailers and Enables Them to Take Analytics-Based Decision-Making
7.7 Smart Energy
7.7.1 IoT Professional Services Help the Transformation of Business Operations of the Energy Industry
8 IoT Professional Services Market, By Region
8.1 Introduction
8.2 North America
8.2.1 US
8.2.1.1 Rapid Technological Innovations and Increased Usage of Connected Devices Fueling the Growth of the IoT Professional Services Market in the US
8.2.2 Canada
8.2.2.1 Rising Adoption of IoT Professional Services Across Different Verticals Contributing to the Growth of the IoT Professional Services Market in Canada
8.3 Europe
8.3.1 UK
8.3.1.1 Government Initiatives for the Deployment of IoT and Connected Technology in the UK to Lead to the Growth of the IoT Professional Services Market in the Country
8.3.2 Germany
8.3.2.1 Adoption of IoT Professional Services By Companies for Increasing Their Resource Productivity and Efficiency is Leading to the Growth of the IoT Professional Services Market in Germany
8.3.3 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.1.1 Adoption of Advanced IoT Technology to Enhance the Overall Operational Efficiency of Organizations and Reduce Their Operating Costs is Contributing to the Growth of the IoT Professional Services Market in China
8.4.2 India
8.4.2.1 Government Initiatives to Develop Smart Cities and Smart Manufacturing in the Country Leading to Increased Demand for IoT Professional Services in India
8.4.3 Rest of Asia Pacific
8.5 Middle East and Africa
8.5.1 KSA
8.5.1.1 Increasing Awareness of IoT Technology and Growing It Spending to Drive the IoT Professional Services Market in KSA
8.5.2 UAE
8.5.2.1 Increased Focus of Government on Smart Life and Smart Economy is Fueling the Growth of the IoT Professional Services in the UAE
8.5.3 Rest of Middle East and Africa
8.6 Latin America
8.6.1 Brazil
8.6.1.1 Government Initiatives for Digital Transformation to Provide Growth Opportunities for the IoT Professional Services Market in Brazil
8.6.2 Mexico
8.6.2.1 Development of It Clusters in Mexico to Lead to Increased Demand for IoT Professional Services in the Country
8.6.3 Rest of Latin America
9 Competitive Landscape
9.1 Overview
9.2 Competitive Situation and Trends
9.2.1 New Product Launches/Product Enhancements
9.2.2 Agreements, Partnerships and Collaborations
9.2.3 Acquisitions
9.2.4 Expansions
9.3 Key Players in IoT Professional Services Market
10 Company Profiles
10.1 Accenture
10.2 Atos
10.3 IBM
10.4 Capgemini
10.5 Cognizant
10.6 Happiest Minds
10.7 Infosys
10.8 NTT DATA Corporation
10.9 Tata Consultancy Services (TCS)
10.10 Tech Mahindra Limited
10.11 Wipro Limited
10.12 Genpact
10.13 AT&T
10.14 Vodafone
10.15 Luxoft
10.16 Prodapt Solutions
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