According to a new market research report ”Internet of Things (IoT) Managed Services Market by Service Type (Infrastructure Management, Security Management, Network Management, Data Management, Device Management), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets™, The IoT managed services market size is expected to grow from USD 21.85 Billion in 2016 to USD 79.60 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 29.5% during the period 2016–2021.
The major drivers for upsurge in demand for the IoT managed services market include rising momentum of managed cloud services as industry is transitioning from traditional hosting to cloud hosting. This fuel the rise of Managed Cloud Services. Many organizations are still unware and not successful to exploit the full potential of cloud. So this redirects them to mostly utilize a third party managed cloud service provider for the same.
Browse 36 market data tables and 36 figures spread through 112 pages and in-depth TOC on “Internet of Things (IoT) Managed Services Market by Service Type (Infrastructure Management, Security Management, Network Management, Data Management, Device Management), Vertical, and Region - Global Forecast to 2021"
Major Key Companies
The major vendors covered in the IoT managed services market for this study include Cisco Systems, Inc. (California, U.S.), Cognizant Technology Solutions Corporation (New Jersey, U.S.), HCL Technologies Limited (Uttar Pradesh, India), Harman International Industries, Inc. (Connecticut, U.S.), Infosys Limited (Karnataka, India), Virtusa Corporation (Massachusetts, U.S.), Tieto Corporation(Helsinki, Finland), Tata Consultancy Services Limited (Maharashtra, India), Tech Mahindra Limited (Maharashtra, India), and Wipro Limited (Karnataka, India).
Evolution of IoT technologies and increasing adoption of IoT system for enterprises provide lucrative growth opportunities across the globe over the forecast period. With growing emphasis on connected devices, the high demand for new cloud services is expected by all organizations. The service provider guide companies in creating a new IoT infrastructure to enhance its existing system. It also includes strategy formulation, use case development, roadmap development, technology assessment, and IoT architecture.
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The scope of this report covers the IoT managed services market analysis by services type, vertical, and region. The device management services segment is expected to grow at the highest CAGR during the forecast period. Device management services helps to achieve better data security, perform analyses to gain valuable insights from the granular data coming out from these services, and ensure a great customer experience.
The smart transportation segment is expected to have the largest market share and estimated to grow at the highest CAGR during the forecast period. Smart transportation is all about integrating advanced technologies with the existing transportation infrastructure, delivering real-time online information about the traffic flow, tracking of the assets, and passengers/commuters. IoT managed services help the transportation vendors to manage the monitor the complex IoT ecosystem. The increasing requirement for managing analytics, security, devices& sensors, data and high volume networking and increase in the overall operations and responsiveness drives the smart transportation vertical in IoT managed services market.
As per the geographic analysis, Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is estimated to surpass Europe in terms of IoT adoption and deployment in the near future. This growth can be attributed to the growing number of connected devices, sensors, network connectivity, cloud adoptions and others for business applications and also the increasing requirement of the enterprise IT security technologies. The companies in this region are spending heavily on the connected devices; this is driving the adoption of IoT technology among numerous industries in this region. Additionally, the large number of government initiatives for IoT is driving the market in this region.
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