According to Market Research Future (MRFR)’s latest analysis, the global IoT managed services market is set to thrive remarkably at a stellar CAGR of 24.48% during the forecast period 2016 to 2022. The market is anticipated to scale a valuation of USD 84.12 Bn towards the end of the assessment period. IoT has penetrated major end-user industries such as retail, telecom, automotive, healthcare, etc. An upsurge in applications is expected across different domains which are poised to accelerate revenue creation for market participants.
IoT managed services helps is solving issues concerning technical support, automation, operations, etc. while facilitating interoperability. Technological innovations are prognosticated to dictate the growth trajectory of the IoT managed services market by increasing shift towards connectivity. For instance, the developments in the wireless connectivity technologies are prognosticated to attract a larger customer base in the years to come.
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IoT requisites seamless connectivity for operational efficiency. The introduction of LTE technology has revolutionized the growth trajectory of the IoT managed services market over the last few years. The commercialization of 5G networks is projected to catapult the market on an upward trajectory. It is forecasted to exponentially increase the number of connected devices over the next few years, thus, augmenting the market.
The market is expected to attract inflow of investments over the assessment period for boosting the growth pattern of the IoT managed services market in the foreseeable future. However, the rising threats associated with security is likely to hinder market growth through the review period.
IoT Managed Services Market Companies profiled in this MRFR report are Accenture Plc. (Ireland), Google Inc. (U.S), Cisco System Inc. (U.S), Apple Inc. (U.S), Intel Corporation (U.S), AT & T Inc. (U.S), Microsoft Corporation (U.S), International Business Machines Corporation (IBM) (U.S), HP Inc. - (U.S), and Qualcomm Inc. (U.S)
By services, the global IoT managed services market has been segmented into network management, security management, device management, infrastructure management, and others.
By end-users, the IoT managed services market has been segmented into automotive and transport, IT and telecom, healthcare, BFSI, manufacturing, and others.
By organization size, the IoT managed services market has been segmented into SMEs, large enterprise.
The global IoT managed services market, by region, is segmented into North America, Asia Pacific, Europe and the Rest of the world (RoW). North America is presumed to exhibit exceptional growth and secure the pole position during the forecast period. The growth of the region can be attributed to the rapid technological developments and its early adoption. The presence of a well-developed infrastructure for quick deployment of novel technologies is anticipated to favor the future trajectory of the IoT managed services market in the region. Also, the region houses major players of the market which is anticipated to play a crucial role in the development of the regional market over the next couple of years.
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