The growth of the Internet of Things (IoT) is no secret – and certainly no surprise – to technophiles and those in the industry. But do you know how fast it’s projected to grow?
Hold onto your Bluetooth-enabled hat, because you may not believe these numbers. And keep in mind, these are just projected growth stats for the IoT professional services market, with exceptional growth in the industrial and transportation sectors. The report does not factor in the growth of smart home devices across the globe.
The IoT professional services market is projected to grow from USD 79.0 billion in 2018 to USD 189.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.1% from 2018 to 2023, based on a newly released study.
The proliferation of connected devices across the globe and the requirement for highly customized IoT professional services in the industrial and transportation sectors are expected to drive the overall growth of the IoT professional services market from 2018 to 2023. 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.
IoT in Business: System Design and Integration Leads the Way
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.
Smart Transport and Logistics a Key Driver
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.
To create an accurate report, in-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the IoT professional services market.
The report aims to help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.