The fast-emerging IoT Managed Services Market 2020 is noticing escalated growth, which has been recorded at a CAGR of 22.4% by Market Research Future after an in-depth study. It has also noted down that the market has high chances to reach a valuation of USD 172.6 billion by the year 2025, which is being instigated by various factors counting at the world level. Such a growth scene will take place during the years of 2019 to 2025, which is stated to be the market’s forecast period.
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The rising demand from agriculture in smart farming and manufacturing sector for growing equipment efficiency is the significant driver for the growth of the IoT managed services market. The application of technologies, such as IoT, in the agriculture industry, may have a maximum impact on the market. As per the UN, the global population is ready to stroke 9.6 billion by 2050; therefore, to nourish the population, the farming industry must embrace IoT.
The applications of IoT-based smart farming not only target predictable large farming operations, but also may be used to fortify other upward or common trends in agriculture, such as family farming (complex or small spaces, particular cattle or cultures, preservation of particular or high-quality varieties, etc.), organic farming, and increase highly transparent farming. This may facilitate the IoT managed services market to cultivate efficiently in the assessment period.
Furthermore, the expanding security threat, which is identified through connected devices and the demand for efficiency in connected devices, can be proficient by the Internet of thing managed service. These are yet other factors bolstering demand for this market in the coming years. On the contrary, the factor of lack of scalability acts as a restraint factor in the growth course of the market over the forecast period. IoT is tranquility upgrading, and technological advancements are ongoing. Once the scalability issue is equal, the IoT managed service market would grow exponentially in the forecast period.
The Global IoT managed service market by segmentation has included various segments such as services, end-users, and organization size.
By the segment of services, the market has included security management, network management, infrastructure management, and device management.
By the segment of end-users, the market has included it & telecom, healthcare, automotive and transport, manufacturing, BFSI, and others.
By the segment of organization size, the market has been segregated into SMEs and large enterprises.
The geographical analysis of the IoT managed services market has been studied for North America, Europe, Asia-Pacific, and the Middle East & Africa and South America.
The region of the North America region leads the IoT managed services market and is anticipated to occupy the leading share in the market owing to the technological advancements and early adoption of IoT managed services in this region. The region of Europe acquires the second position in the global IoT managed services market by the end of the forecast period in support of the tremendous developments in the automotive sector.
In fact, the Asia-Pacific region has emerged as the fastest-growing market with the highest CAGR during the assessment period. The primary driving factors for the growth in this region are rising technological adoption and tremendous opportunities in industry verticals in the APAC countries, mainly in Australia, South Korea, Japan, and China.
MRFR recognizes the key players in the global IoT Managed Services market as Accenture PLC, Cisco Systems, Inc., Google, Inc., AT&T, Qualcomm Incorporated, IBM, Oracle Corporation, Microsoft Corporation, Hewlett Packard Enterprise Co., and Intel Security Group.
The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to expand their reach to the customers.
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