Growing inclination toward cost-efficient managed services is expected to drive the growth of the IoT managed services market
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 the upsurge in demand for the IoT managed services market include rise of managed cloud services and growing inclination towards cost effective managed services. The inability of Managed Service Providers (MSPs) to cope up with IoT complexities and the lack of scalability and flexibility in their service offerings are the major restraints for the IoT managed services markets.
Smart manufacturing is estimated to have the largest market share
The smart manufacturing vertical is expected to have the largest market share during the forecast period. The manufacturers’ need for operational efficiency has increased the utilization of sensors through enhanced automation and integrated connected technology solutions across the manufacturing process, which in turn, has increased the demand for IoT managed services for various manufacturing applications.
Asia-Pacific (APAC) is expected to grow at a faster rate during the forecast period
As per the geographic analysis, 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, and cloud adoptions for business applications and also the increasing requirements of the enterprise IT security technologies.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profiles of primary discussion participants are given below:
- By Company Type: Tier-1 (39%), Tier-2 (34%), and Tier-3 (27%)
- By Designation: C-Level (68 %), Manager Level (21 %), and Others (11%)
- By Region: Europe (36 %), APAC (24 %), North America (22 %), and the Rest of World (RoW) (18%)
The various key IoT managed services vendors profiled in the report are as follows:
- 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.)
- Tie to Corporation (Helsinki, Finland)
- Tata Consultancy Services Limited (Maharashtra, India)
- Tech Mahindra Limited (Maharashtra, India)
- Wipro Limited (Karnataka, India).
The global IoT managed services market has been segmented on the basis of services type, vertical, and region. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities in different regions. In addition to this, product portfolio analysis, value chain analysis, and strategic benchmarking are some of the other MarketsandMarkets analysis included in the report.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the IoT managed services market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments, across different regions.
- The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.