Global IoT Services Market – Industry Analysis and Forecast (2016-2024) - By Geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa - LAMEA)

Global IoT Services Market, formed the second largest component after IoT hardware that have changed the IoT functioning and application. Connection through internet have become a necessity nowadays, forming the stepping stone of the IoT boom and its related services. With number of users using smartphones crossing 3 billion in 2018 itself and internet users crossing 5 billion, it shows that almost half of the population all around the world are connected with each other. The imploring urgency has seen an upsurge as a result of the dynamic environment across all industries. While China formed the largest online market globally with average internet users crossing 720 million in 2016 itself, US followed closely with around 300 million users for 2016. Expectations are high for owning a smartphone in 2018, with more than 66% of individuals present across 55 countries. The growth of smartphones and other mobile devices is also increasing the number of contacts present between brands and consumers, thereby giving new opportunities to connect. A few of these contacts together with mobile technology is reshaping IoT services industry by enabling broader brand experiences, like branded content and social media engagement to boost market share.

IoT is a seamless concept of connected network system comprising of embedded devices that enables communication without any human intervention. Services that are used for supporting essential features and components of IoT network are together known as IoT services. The Global IoT Services Market has witnessed significant growth as a result of technological advancements, automated processing, and booming consumer electronics industry. Furthermore, rise in demand for wearable, remote patient monitoring system, intelligent freight & transportation system market and increasing data volume and analytics is also expected to boost the global IoT services market during the next five years.

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Maximize Market Research, a global market research firm have extensively worked on with researchers about the current Global IoT Services Market viewpoint. The report is based not only on the growing implementation of the IoT related services but also on the shift in market outlook towards consumer spending, expectations and brand share. Report segments Global IoT Services Market by type, vertical, and region, providing the exhaustive analysis of overall industry ecosystem. It is especially useful for taking informed strategic decision by the key stakeholders present in the industry. Most importantly, the report delivers forecasts and share of the market, together with giving an insight about the market dynamics, and future opportunities that might exist in the Global IoT Services Market. The driving forces as well as considerable restraints have also been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have also been taken into consideration for enhancing market know-how of our clients and at the same time explaining market positioning of competitors.

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The capital and operational expenditure remains a key concern for all the organizations that have further enhanced the application of professional services in terms of consulting, designing & integration, and support & maintenance among others. The digital transformation across all the countries especially after the growing internet penetration and IoT systems have reshaped the paradigm of organizational ecosystem. All the companies be it small or large are rapidly enrolling themselves with the IoT product and services channelling to remain at par with the global standards. With more than 20% of the compounded annual growth rate, professional services is expected to boom further especially in the specialized technical consulting business and services.

The consulting industry in US alone was more than USD 260 billion in 2017, and the management consultancy valued at around USD 140 billion for the same year. The consulting industry across specialized fields such as IT, human resources, environmental regulations and real estate among numerous others formed some of the main industries for consulting.

Professional Services for the client by different companies have taken into consideration four main features for analysis that includes:

US has come across as the one of the desired locations for professional services with the developed education and research infrastructure further adding to the overall demand of domestic and international professional services. From 2014 to 2015, the professional services based industry in US increased from 883,000 to 896,000 employing more than 8.8 million Americans obtaining and annual revenue of around USD 1.7 trillion. A special mention of all the industries where services played a major role in US include Accounting, architecture, engineering, legal and management services.
The growing importance of IT across all industries and domains has led to an overburdening of IT in many enterprises. IT departments in most organizations are astounded dealing with customer requests while simultaneously juggle internal change requests and infrastructure issues. These kinds of situations are commonplace as more companies are turning towards managed service providers for their day-to-day tasks and free up internal IT staff for core projects. Managed services have quickly turned into big business, as in 2016 it was found that 64% of enterprises use some form of managed services or the other while expecting that the managed-services market alone will grow up to $195 billion by 2019.


Managed services in terms of network, security, data and device management across the cyber security issues have evolved and grown into a key industry for IoT system survival. With more than USD 95 billion spending for cyber-security globally in 2018, and cybercrime damages costing USD 6 Trillion by 2020 the demand for managed services have reached an all-time high. Hard drives crashing, human error, external storage of documents over cloud and negligence over endpoint security in network management have also contributed to the rise in demand for managed services.
Transportation and logistics is expected hold a significant market share for IoT services industry. A few key factors to influence the growth would be the existing transportation infrastructure making way for real-time surveillance and connectivity. The increasing requirement for managing analytics, security, data, high volume networking, management, digitalization, and increase in the overall operations & responsiveness have further driven the overall Global IoT Services Market demand.

IoT Services trends:

• Rise in number of connected devices resulting in consumer centric services by organizations to maintain brand and Global IoT Services Market share
• Growth of smartphones and analytics sector to boost the IoT services industry
• Smart transportation will form a key segment for IoT services sector globally.
• Reducing cost of compliance and risk management will remain some of the key agendas for the organizations.
• Transport and logistics vendors will strengthen their technological solutions related to IoT and focus on automation
• Real-time tracking of information related to organizations and customers will form a key segment of the overall IoT ecosystem.

Market Scope:

Type:

Professional Services: Consulting, Designing & Integration, Support & Maintenance, Infrastructure, Others

Managed Services: Security Management, Network Management, Data Management, Device Management, Others

Vertical: Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy, Others

Key Players:
• AT&T
• Ericsson
• Cisco
• Cognizant
• Infosys
• Harman International Industries
• Tieto Corporation
• Virtusa Corporation
• Tata Consultancy Services
• Vodafone Global PLC
• Accenture PLC
• Atos SE
• NTT Data Corporation
• Tech Mahindra
• Luxoft Holding Inc.
• EPAM Systems, Inc.
• NIIT Technologies
• Lochbridge Inc.
• Dell Technologies Inc.
• Bosch
• Rogers Communication Inc.
• Deloitte
• AGT
• Jetter AG
• CGI
• Wind River
• Verizon Enterprise Solutions
• Globecomm
• Integron
• Arrow Sustainable Technology Solutions

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