Growing number of smart cities will escalate the IoT Managed Services Market at a CAGR of 18.5%
Latest market study on “IoT Managed Services Market to 2027 by Services (Device Management Services, Data Management Services, Network Management Services, and Security Management Services); by End-Use (Government, Manufacturing, Transportation & Logistics, Energy & Utilities, Smart Building & Home, IT & Telecom, Healthcare, BFSI, and Retail) – Global Analysis and Forecast”, the IoT managed services market is estimated to reach US$ 135.0 billion by 2027 from US$ 30.2 billion in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The IoT managed services market has recently witnessed a significant adoption in diverse verticals ranging from government and manufacturing to healthcare and retail. The growth in adoption of IoT managed services is attributed to several factors such as rapid urbanization, trending smart homes, increasing penetration of smartphones, continuous advancements in cloud technology, rapid roll-out of 4G/5G networks, increasing cyber-attacks, and others.
There has been constant advancements in IoT managed services. Infosys entered into a partnership with Siemens PLM Software to create applications and services for MindSphere, which is an open cloud-based IoT operating system from Siemens. The partnership of Siemens and Infosys would enable the customers to enhance the competitiveness by managing the data produced by their devices. Initially the focus of partnership would be on the customers of energy, manufacturing, utilities, healthcare, transportation and logistics industries.
Some of the key companies operating in IoT managed services market across the globe include Cisco Systems Inc., Cognizant, Google Inc., Harman International, HCL Technologies Limited, IBM Corporation, Infosys Limited, Microsoft, Tata Consultancy Services Limited, and Wipro Limited among various other leading market players. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
The report segments the global IoT managed services market as follows:
Global IoT Managed Services Market – By Service
Device Management Services
Data Management Services
Network Management Services
Security Management Services
Global IoT Managed Services Market – By End-Use
Government
Manufacturing
Transportation & Logistics
Energy & Utilities
Smart Building & Home
IT & Telecom
Healthcare
BFSI
Retail
Global IoT Managed Services Market – By Geography
North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia Pacific (APAC)
Australia
China
India
Japan
Rest of Asia Pacific
Middle East and Africa (MEA)
Saudi Arabia
UAE
South Africa
Rest of MEA
South America
Brazil
Rest of South America (SAM)
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