Internet of Things Professional Services Market by Service Type, Applications, and Regions - Global Forecast to 2021

LONDON, March 21, 2017 /PRNewswire/ -- Demand for highly customized IoT services in the industrial and transportation sector is expected to drive the growth of the IoT professional services market

The Internet of Things (IoT) professional services market size is 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 the 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 organizations by opting specialized IoT business and technology consulting services. The system designing and integration services segment is expected to grow at the highest CAGR during the forecast period.

These services support the design and implementation of IoT solutions across enterprises. The service providers deploy the latest IoT technology to improve the operational performance and gain a smarter enterprise.

Smart transportation and logistics is estimated to have the largest market share
The smart transportation and logistics segment is expected to have the largest market share and estimated 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 logistic vendors 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 dominate the market during the forecast period
As per the geographic analysis, North America is expected to have the largest market share. It is likely to benefit from its technological advanements and followed by robust internet infrastructure, widespread adoption of new technology and presence of a strong domestic solution providers have all contributed to the shift 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. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The region is estimated to surpass Europe in terms of IoT adoption and deployment in the near future. This is due to the high demand for IoT technology deployment by the end-users in this region. The companies are offering customized on demand consulting and planning services in the roadmap to the digital transformation journey.

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