The global Internet of Things (IoT) services market is anticipated to grow at an exponential CAGR over the forecast period. The market is expected to be influenced by high adoption of managed and professional services by several companies. Factors such as increasing use of consumer electronics along with growing application of IoT across various end-use verticals are likely to augment the market growth.
Increasing demand for process automation coupled with growing technological developments has induced high demand for professional as well as managed services, thereby stimulating the overall IoT services market. The growing adoption of BYOD clubbed with growing demand for highly customized IoT services in the transportation & logistics sector are likely to stimulate the overall market growth.
Internet of Things Services Market: Service-Type Insights
The global Internet of Things services market is segmented into managed services and professional services. Managed services segment is further divided into infrastructure management services, security management services, network management services, data management services, and device management services. Professional services segment includes consulting services, infrastructure services, system designing & integration services, support & maintenance services, and education & training services.
Managed Services’ segment is likely to lead the overall market by registering a significant CAGR over the forecast period. The segmental growth can be attributed to rising demand for IoT managed services among companies which aim to optimize their financial budget. Professional services are also likely to hold a considerable market share as it helps to reduce capital expenditure and operational expenditure of an organization. Among professional services, IoT consulting services are expected to lead the market as it helps to eliminate compliance costs along with minimizing the threat of security breaches.
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Internet of Things Services Market: Application Insights
By application, the IoT services market is divided into manufacturing, retail, IT & telecom, transportation & logistics, energy & utilities, smart buildings, and healthcare among others. Transportation & logistics application segment is likely to dominate the overall market in the foreseeable future. Factors such as growing demand for security, analytics, logistics & inventory management, and digitalization among others are likely to propel the growth of the concerned segment.
Internet of Things Services Market: Regional Insights
The North American market accounted for the highest market share in 2016. This growth can be attributed to latest advancements in technology coupled with the presence of a large number of major vendors across the region. The North American market is likely to be trailed by Europe in terms of size. The market in the Asia Pacific is projected to witness highest CAGR over the projected period due to development of IT infrastructure and manufacturing sector.
Internet of Things Services Market: End-Use Landscape
Internet of Things Services Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Internet of Things services over the coming years. Some of leading consumers of the Internet of Things services market are. Medtronic, Kroger Company, and DHL among others.
Internet of Things Services Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Internet of Things Services Market Share & Competitor Analysis
Some of the players operating in the global Internet of Things services market include Cognizant, Infosys, IBM, Tata Consultancy Services, Genpact, HCL Technologies Limited, Capgemini, Tech Mahindra, Wipro, and Accenture among others.
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