Global IoT Services Market

Global IoT Services Market, formed the second largest component after IoT hardware that has changed the IoT functioning and application. Connection through the internet has become a necessity nowadays, forming the stepping stone of the IoT boom and its related services.

With the 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 a 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 the 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.

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 toward 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 making the 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 into 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 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 the market positioning of competitors. The capital and operational expenditure remain 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 an organizational ecosystem. All the companies are it small or large are rapidly enrolling themselves with the IoT product and services channeling to remain at par with the global standards. With more than 20% of the compounded annual growth rate, professional services are expected to boom further especially in the specialized technical consulting business and services.

The consulting industry in the 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.

Global IoT Services Market Scope:

Global IoT Services Market By 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

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