IoT Managed Services Market Emerging Trends and New Technologies Research 2021
According to a new market research report ”Internet of Things (IoT) Managed ServicesMarket by Service Type (Infrastructure Management, Security Management, NetworkManagement, Data Management, Device Management), Vertical, and Region - GlobalForecast to 2021", published by MarketsandMarkets™, The IoT managedservices market size is expected to grow from USD 21.85 Billion in 2016 to USD79.60 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 29.5% duringthe period 2016–2021.
The major drivers for upsurge in demand for the IoT managedservices market include rising momentum of managed cloud services as industryis transitioning from traditional hosting to cloud hosting. This fuel the riseof Managed Cloud Services. Many organizations are still unware and notsuccessful to exploit the full potential of cloud. So this redirects them tomostly utilize a third party managed cloud service provider for the same.
Browse 36market data tables and 36 figures spread through 112 pages and in-depth TOC on“Internet of Things (IoT) Managed Services Market by Service Type (InfrastructureManagement, Security Management, Network Management, Data Management, DeviceManagement), Vertical, and Region - Global Forecast to 2021"
The major vendors covered in the IoT managedservices market for this study include Cisco Systems, Inc. (California, U.S.),Cognizant Technology Solutions Corporation (New Jersey, U.S.), HCL TechnologiesLimited (Uttar Pradesh, India), Harman International Industries, Inc.(Connecticut, U.S.), Infosys Limited (Karnataka, India), Virtusa Corporation(Massachusetts, U.S.), Tieto Corporation(Helsinki, Finland), Tata ConsultancyServices Limited (Maharashtra, India), Tech Mahindra Limited (Maharashtra,India), and Wipro Limited (Karnataka, India).
Evolution ofIoT technologies and increasing adoption of IoT system for enterprises providelucrative growth opportunities across the globe over the forecast period. Withgrowing emphasis on connected devices, the high demand for new cloud servicesis expected by all organizations. The service provider guide companies increating a new IoT infrastructure to enhance its existing system. It alsoincludes strategy formulation, use case development, roadmap development,technology assessment, and IoT architecture.
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The scope ofthis report covers the IoT managed services market analysis by services type,vertical, and region. The device management services segment is expected togrow at the highest CAGR during the forecast period. Device management services helps to achievebetter data security, perform analyses to gain valuable insights from thegranular data coming out from these services, and ensure a great customerexperience.
The smarttransportation segment is expected to have the largest market share andestimated to grow at the highest CAGR during the forecast period. Smarttransportation is all about integrating advanced technologies with the existingtransportation infrastructure, delivering real-time online information aboutthe traffic flow, tracking of the assets, and passengers/commuters. IoT managedservices help the transportation vendors to manage the monitor the complex IoTecosystem. The increasing requirement for managing analytics, security,devices& sensors, data and high volume networking and increase in the overalloperations and responsiveness drives the smart transportation vertical in IoTmanaged services market.
As per thegeographic analysis, Asia-Pacific (APAC) is expected to grow at the highestCAGR during the forecast period. The region is estimated to surpass Europe interms of IoT adoption and deployment in the near future. This growth can beattributed to the growing number of connected devices, sensors, networkconnectivity, cloud adoptions and others for business applications and also theincreasing requirement of the enterprise IT security technologies. The companies in this regionare spending heavily on the connected devices; this is driving the adoption ofIoT technology among numerous industries in this region. Additionally, thelarge number of government initiatives for IoT is driving the market in thisregion.
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