IoT Managed Services Global Market – Overview
The global IoT managed services market is showing immense growth; mainly due to the increase in demand for connected devices in automotive, healthcare, retail and transportation sector. Increasing momentum of managed cloud services and declining profits from service revenues shifting the focus towards managed service providers are major factors driving the growth of IoT managed services market. Growing inclination towards cost efficient managed services is further fuelling the growth of IoT managed services market.
Technological advancements have played a major role in the development of IoT managed services. Steep increase in the adoption of IoT managed services across various industry verticals is one major factor driving the growth of Iot Managed Services Market. Cisco Systems Inc., Google Inc., Apple Inc., Intel Corporation, Microsoft Corporation, HPE, and IBM among others are the major investors in the IoT managed services market.
Based on application, smart transportation sub segment is expected to grow at the highest rate during the forecast period. This is owing to the increasing integration of advanced technologies into the existing infrastructure in the transportation sector. Increasing need for managing analytics, security devices and sensors is one major factor driving the market of IoT managed services in the transportation sector. According to a recent study report published by Market Research Future, the global market of IoT managed services is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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However, inability of managed service providers to cope up with IoT complexities and lack of scalability and flexibility in their service offering are major factors which could cause hindrance in the growth of IoT managed services market.
The prominent players in the market of IoT Managed Services market are –Accenture Plc. (Ireland), Cisco System Inc. (U.S), Google Inc. (U.S), Apple Inc. (U.S), AT & T Inc. (U.S), Intel Corporation (U.S), Microsoft Corporation (U.S), HP Inc. – (U.S), – International Business Machines Corporation (IBM) (U.S), Qualcomm Inc. (U.S) and among others
February 2018 – Cisco has launched a new ‘5G Now’ portfolio for service providers taking action. More than 20 global service providers and mobile operator customers globally are advancing their 5G action plans. Cisco here is focused on providing three things, namely services, infrastructure and automation. The key elements in Cisco’s “5G Now” Portfolio include Multi Cloud, IP Core, 5G packet core and service edge, access, client services, security, and professional services.
January 2018 – PTC has partnered with Microsoft Corporation in order to help customers accelerate their digital transformations in IoT. Both the companies will align the technology and expertise in order to deliver a robust solution for Industrial IoT and digital product lifecycle management. However, PTC will be responsible for offering a managed service of ThingWorx which will be delivered on Azure.
IoT Managed Services Global Market – Competitive Analysis
The market of IoT managed services appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Global IoT Managed Services Market, By Services
- Network Management
- Security Management
- Device Management
- Infrastructure Management
Global IoT Managed Services Market, By End Users
- Automotive and Transport
- IT and Telecom
Global IoT Managed Services Market, By Organization Size
- Large Enterprise
Market Research Future Analysis
The global IoT Managed Services market is expected to grow significantly. The market is highly application basis. IT & Telecom and Automotive & Transport segment of IOT Managed Services market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
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- IoT Managed Services Manufacturers
- Research firms
- Consultancy firms
- Software Developers
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
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