IoT managed services market is estimated to reach US$ 135.0 billion by 2027 from US$ 30.2 billion in 2018. The report includes (12-Tables, 69-Figures, 140-Pages) key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
Pune, Maharashtra -- (SBWIRE) -- 03/02/2019 -- Factors such as increasing adoption of connected devices, smart homes, and smart cities are the key factors driving the global IoT managed services market. Also, the Asia-Pacific region is anticipated to provide numerous profitable opportunities for the market players operating in the IoT managed services market in the coming years.
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Integration of Managed Security Services with Other Technologies
IoT Managed service providers are integrating new technologies to gain more intelligent insights about the behavior of malware and other threats. Few vendors have network sandboxing technology with its services to gain access to the behavior of malicious activities in a virtual environment. Network sandboxing technology generates huge volumes of reporting information than traditional tools. Advanced automated security event and log correlation rules are applied to filter out the false positives. The real threats are then analyzed using managed security services technology to understand the behavior and business impact of reaming positive threats. A detailed incident report is generated with specific remediation recommendations. This helps service providers to focus on their resources to true incidents rather than on false incidents. Security management services in IoT managed services market are expected to be the fastest growing segment during the forecast period.
Increasing Demand from the Manufacturing Sector
The increasing adoption of IoT in the manufacturing sector is creating a massive demand for IoT managed services and are significantly driving the global IoT managed services market. With the increasing adoption of IoT in the manufacturing sector, most of the manufacturing companies are facing challenges while implementing IoT such as identification of suitable IoT solution, compatibility of IoT devices from different vendors, and others. To resolve this issue, IoT managed services providers offer services such as evaluate, integrate, and deploy IoT solution based on the requirement. For instance, Microsoft offers Azure cloud platform to enable industrial IoT centric device management. To tap the market vendors are highly focused on offering unique services such as smart enterprise control, smart factory and business interconnect services, asset performance management, and others. Currently, the government, manufacturing, and transport & logistics collectively accounted for almost half of the global IoT managed services market by end-use in 2018. Moreover, the transport & logistics market for IoT managed services is expected to grow with a CAGR of 20.9% during the forecast period of 2019 – 2027.
The partnership was observed as the most adopted strategy in global IoT managed services market. Few of the recent strategies by some of the players are listed below:
2018: Cisco entered into the partnership with MTN to offer IoT services in South Africa with Cisco's Jasper Control Center automated IoT connectivity platform. With collaboration with MTN, Cisco offered business customers with the launch, manage, and monetize IoT services.
2018: Infosys entered into the collaboration with PTC for the launch of joint CoE at Infosys campus in India. CoE will be focusing on the vertical specific IoT solutions with PTC ThingWorx industrial innovation platform.
2018: Wipro entered into the partnership with JCB India Ltd., a leading construction equipment manufacturer to deploy IoT to 10,000s construction equipment machine of JCB. Wipro's IoT solution allows JCB to remotely monitor the health and performance of machines in the field.
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GLOBAL IOT MANAGED SERVICES - MARKET SEGMENTATION
- Device Management Services
- Data Management Services
- Network Management Services
- Security Management Services
- Transportation & Logistics
- Energy & Utilities
- Smart Building & Home
- IT & Telecom
- North America
o Rest of Europe
- Asia Pacific (APAC)
o Rest of APAC
- Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
- South America (SAM)
o Rest of SAM
- Cisco Systems Inc.
- Google Inc.
- Harman International
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- Tata Consultancy Services Limited
- Wipro Limited
- IoT security market is expected to grow from US$ US$ 8.4 Bn in 2017 to US$ 30.9 Bn by 2025 at a CAGR of 17.6% between 2017 and 2025.
- IoT at Workplace Market to 2025 - Global Analysis and Forecasts by Device and Connectivity
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