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IoT professional services market to reach $189.2 bn by 2023: Report

IoT consulting service segment is projected to lead the IoT professional services market.

April 29, 2019 / 07:05 PM IST
Representative Image

Representative Image

According to the new market research report published by MarketsandMarkets, the global 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 percent during the forecast period.

The major drivers leading to the growth of the IoT Professional Services Market are the proliferation of connected devices across the globe and the requirement for highly customized IoT professional services in the industrial and transportation sectors.

IoT consulting services help in refining the business processes of organizations and are used for formulating different strategies, developing use cases, planning roadmaps, assessing technologies, and framing IoT architectures.

The providers of IoT consulting services ensure development and implementation of the appropriate IoT applications and architecture in organizations. They guide companies to create new IoT infrastructures to enhance their existing systems. The providers of IoT consulting services also help non-IT companies with minimal expertise to understand IoT technology.

IoT consulting services can be classified into technology consulting services, business consulting services, and operational consulting services.
Moneycontrol News
first published: Apr 29, 2019 07:05 pm

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