Internet of Things (IoT) Professional Services Market

key players have adopted Various Growth Strategies, such as Expansions, Mergers & Acquisitions, Partnerships, and new Product Launches. Partnerships and Mergers & Acquisitions

The Internet of Things (IoT) professional services market size is estimated to be USD 57.18 Billion in 2016 and is projected to reach USD 158.28 Billion by 2021, at a CAGR of 22.6% during the forecast period. Some of the major factors that are driving the growth of the IoT professional services market include increasing adoption of digital transformation services in organizations by opting specialized IoT business & technology consulting services and rising trend of adopting IoT professional services to reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). The adoption of IoT professional services is propelled by the increasing demand for highly customized IoT services in the industrial and transportation sector. The IoT professional services offered to different industries help the enterprises with robust infrastructure, automation, and profitability.

Technological giants such as Accenture PLC (Dublin, Ireland), Atos SE (Besons, France), Capgemini S.A. (Paris, France), Cognizant Technology Solutions Corporation ( New Jersey, U.S.), IBM Corporation (New York, U.S.), Infosys Limited (Karnataka, India), NTT DATA Corporation (Tokyo, Japan), Tata Consultancy Services Limited (Maharashtra, India), Tech Mahindra Limited (Maharashtra, India),  and Wipro Limited (Karnataka, India) offer IoT professional services to cater to the needs and demands of the market. These players have adopted various growth strategies, such as expansions, mergers & acquisitions, partnerships, and new product launches. Partnerships and mergers & acquisitions have been the major strategical trends, accounting for more than half of the market share of all the growth strategies adopted by the major market players. 

Cognizant Technology Solutions Corporation has adopted a strategic mix of organic and inorganic growth strategies, such as new product developments, partnerships, mergers & acquisitions, and business expansions. In 2016, Cognizant partnered with German-based Klöckner & Co (ETR: KCO), a producer-independent distributor of steel and metal products for IT services to support Klöckner & Cos IT strategy and digitization of operations across Europe.

Similarly, Atos SE, in January 2017, acquired Engage ESM, a provider in the enterprise-service management sector and a ServiceNow Gold Services Partner. This acquisition is aimed at enabling Atos to offer enterprise and emerging customers an enhanced portfolio of cloud-based service-management solutions.

Related Reports:

Internet of Things (IoT) Professional Services Market by Service Type (Consulting, Infrastructure, System Designing & Integration, Support & Maintenance, and Education & Training), Applications, and Regions - Global Forecast to 2021

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Report Code
TC 4986
Published ON
Feb, 2017
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