IoT Professional Services Market 2021 Current and Future Trend Scenario Explored In New Latest Research Report By 2030

In a recent published report, Kenneth Research has updated the market report for IoT Professional Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IoT Professional Services Market products.

Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

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In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of IoT Professional Services Market over the period 2019-2026.

Market Synopsis

IoT professional services market is expected to grow from USD 22.65 billion in 2019 to USD 53.61 billion by 2024 at a CAGR of 18.8% from 2019 to 2024. The growth can be attributed to the wide adoption of IoT technologies. IoT has a wide range of uses across the manufacturing, healthcare, retail, energy, and transportation and logistics sectors. With the adoption of IoT-based systems, there is a greater need for professional services to enable successful implementation and operation of the system. IoT professional services help organizations to achieve their business goals and get maximum returns on their IoT investments.

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The IoT professional services are delivered through a range of phases—understanding the customer requirements, architecture framing, high-level designing, outcome validation, transformation readiness, program plan development, adoption readiness, deployment execution, business review, and value realization. Although these services are gaining traction in the developed countries, poor network infrastructure in a number of developing economies is likely to hinder the growth of the global IoT professional services market during the forecast period.

IoT professional services have various industrial applications. Among the various application areas, the smart cities segment is expected to have the highest adoption of IoT professional services, whereas smart transportation and logistics segment is expected to register the highest CAGR from 2019 to 2024.

Key Players in the Global IoT Professional Services Market

IBM Corporation (US)

Atos SE (France)

Accenture (Ireland)

Capgemini (France)

Cognizant (US)

Tata Consultancy Services Limited (India)

Wipro Limited (India)

Tech Mahindra Limited (India)

Vodafone Group PLC (UK)

AT&T (US)

Infosys Limited (India)

Happiest Minds (India)

NTT Data Corporation (Japan)

Torry Harris Business Solutions (US)

PRODAPT SOLUTIONS PVT. LTD (India).

Global IoT Professional Services Market

Segmentation

The global IoT professional services market has been segmented based on service, organization size, application area, and region/country.By service, the market has been segmented into IoT consulting services, IoT system design and implementation services, support and maintenance services, and education and training services. The IoT consulting services segment has been further segmented into technology consulting services, operational consulting services, and business consulting services, while the IoT system design and implementation services segment has been divided into system development and integration services, and application development.

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By organization size, the market has been segmented into large enterprises and SMEs.Based on application area, the market has been segmented into smart cities, smart buildings, smart manufacturing, smart retail, smart healthcare, smart transport and logistics, and smart energy.By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has further been segmented into the US, Canada, and Mexico; Europe into Germany, the UK, France, and the rest of Europe; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific; and the rest of the world into the Middle East & Africa, and South America.

Regional Analysis

The global market for IoT professional services is estimated to grow at a fast rate during the forecast period from 2019 to 2024. The geographic analysis of global IoT professional services market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the IoT professional services market during the forecast period. North America is considered as the most advanced region in terms of development and adoption of innovative technologies in the field of smart technologies. The region has a significant potential for revenue generation in the IoT professional services market as the native enterprises are widely adopting IoT based systems in their everyday business operations and thus, requires professional services to get maximum returns from their IoT investments. The US is expected to be the dominating country-level market in North America during the forecast period.

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The market in Asia-Pacific is expected to grow at the fastest rate during the forecast period. The growing IoT market and increasing digitalization are expected to boost the growth of the IoT professional services market in the APAC region. China, Japan, India, South Korea, Singapore, and Australia have been the major countries in the APAC region in terms of market share, and this trend is expected to continue in the upcoming years.

Competitive Analysis

Considering the wide range of use cases of IoT, the IoT professional service providers are significantly investing in R&D to enhance their expertise and deliver best in class services to their clients. The prominent players of the global IoT professional services market primarily adopt partnerships to innovate their service offerings and expand their customer base to establish a strong position in the market.

Intended Audience

IoT Professional Service Providers

Enterprises

Government agencies

Standard making bodies

Distributors and Value-added Resellers (VARs)

Energy and Utilities Companies

IT Consultants

Cybersecurity Consultants

Communication Service Providers

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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