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.
IoT managed services is a portfolio of services and capabilities that help in managing the entire IoT environment. It defines an appropriate strategy for business for digital transformation and empowers the organizations, to bring together, the right mix of IoT products and solutions.
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The major drivers for the increase in demand for IoT managed services market include rise of managed cloud services and growing inclination towards cost effective managed services. Managed Service Providers (MSPs) offer high effectiveness and performance for enterprises with their offerings, which also boosts the growth of the market.
Network management services segment is likely to hold the largest market share in the IoT managed services market
Network management deals with the entire network chain of an organization. It is essential to enhance the network for optimum utilization of the available resources. Network management services assist in analyzing the amount of data transferring over a network and automatically routes it, to avoid congestion that can result in crash of the network. Opting for a MSP can help organizations in reduced downtime, better network connectivity, safety, security, automatic device discovery, scalability, and seamless operation of the business process.
Smart transportation segment is expected 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 and monitor the complex IoT ecosystem. The increasing requirement for managing analytics, security, devices & sensors, data, and high volume networking, along with a rise in the overall operations and responsiveness drives the smart transportation vertical in the IoT managed services market.
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North America is expected to hold the largest market share in the IoT managed services market
As per the geographic analysis, North America is likely to benefit from factors such as rapid digitization across industry verticals. Increasing adoption of smart connected devices and technological advancements, followed by robust network infrastructure and presence of major IoT MSPs that offer specialized managed services.
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).
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