Report Shows IoT Market to be Worth $189.2 Billion by 2023

North America is projected to lead the market during the forecast period.

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IoT Market to Grow to 189.2 Billion by 2023

A recent research report by MarketsandMarkets, a B2B research provider, shows that the Internet of Things Professional Services Market is forecast to grow from $79 Billion in 2018 to $189.2 Billion by 2023. This marks a Compound Annual Growth Rate (CAGR) of 19.1 percent during the period forecasted.

The report categorizes the market by service type, including Infrastructure, Consulting, System Designing and Integration, Education and Training, Application, Region, and Support and Maintenance.

North America is forecast to lead the IoT Professional Services Market from 2018 to 2023. The forward adoption of various technologies as well as the globalization of shared services within the North American region is said to be the primary reasons for the region’s advancement as a leader in the field.

The North American region also has a reputation for meeting regulatory standards for digitization, as well as for its technical expertise and advanced IT infrastructure status. These help to expand growth in the market for the region.

The logistics and smart transport segment of the IoT Professional Services Market is forecast to grow the most during the forecast period. Achievements in automation in the transport and logistics sector is credited for the expected growth.

Smart transport and logistics within the IoT market usually involve gathering data, research, and analysis of requirements. The integration of advanced technologies, along with existing logistics and transportation infrastructure, enables real-time delivery information in the digital ecosystem concerning asset tracking, traffic flow, and passenger or commuter data.

Providers within this market area utilize a team of technicians, particularly for developing mobile and web apps. The service providers also assist, support, and maintain components and solutions in the IoT Professional Services ecosystem.

The rapid increase of connected devices spanning the world as well as the increasing demand for customized IoT professional services in the industrial and transportation sector are said to be major drivers leading to the market’s growth.

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