Princeton, NJ -- (SBWIRE) -- 06/13/2018 -- SUMMARY
The Internet of Things (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 driver for the increase in the demand for IoT managed services market is the growing momentum of managed cloud services, the as industry is shifting from traditional hosting to cloud hosting. Managed Service Providers (MSPs) offer the organizations the desired level of performance and effectiveness and it aids them to planning of the financial budget.
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The scope of this report covers the IoT managed services market analysis by service type, vertical, and region. The device management services segment is expected to grow at the highest CAGR during the forecast period. Device management services help to achieve better data security, perform analyses to gain valuable insights from the granular data coming out from these services, and ensure a great customer experience.
Network management services is expected to have 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 optimize the network to make the best use of the available resources. Network management services assists in analyzing the amount of data transferring over a network and automatically routes it, to avoid congestion that can result in a network crash. Opting for a MSP that offers network management services in the IoT ecosystem can aid organizations in terms of reduced downtime, better network connectivity, safety, security, automatic device discovery, scalability, and seamless operation of the business process.
Smart transportation 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 the rise in the overall operations and responsiveness, drives the smart transportation vertical in the IoT managed services market.
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As per the geographic analysis, North America is expected to have the largest market share. North America is likely to benefit from its 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 offers specialized managed services. The need for better operational efficiency and business process at a low operating cost is expected to drive continuous growth in the IoT managed services market.
A few of the restraining factors that affect the growth of the market include lack of the scalability & flexibility in MSP service offerings and the inability of MSPs to cope up with IoT complexities. The IoT managed services vendors profiled in the report 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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