IoT Managed Services Market Revenue to Grow at a CAGR of 20.3% During 2018 – 2026 – Persistence Market Research
IoT is a 24*7 network of interconnected objects that are able to collect and exchange data using embedded sensors and mobile devices, among others. A connected device can become “smart” by combining sensors, networks, applications, etc., which come together to create added intelligence. The applications of IoT can be found in several industries today, such as manufacturing, healthcare, transport & logistics, government, retail, and energy & utility, among others. Managed service is the practice of outsourcing a dedicated team to handle defined responsibilities to cut down the cost and manage operations effectively.
The IoT managed services market is highly dependent upon the adoption of IoT among industries. The IoT managed services market is divided into five segments on the basis of services: security management services, network management services, infrastructure management services, device management services, and data management services. The factors driving the global IoT managed services market are the adoption of IoT across the industry, increase in the availability of managed cloud services, and increase in government investments in projects such as smart cities, among others.
The global IoT managed services market is expected to grow from US$ 21,483.5 Mn in 2018 to US$ 94,388.0 Mn by 2026, at a CAGR of 20.3% in terms of revenue during the forecast period (2018-2026). In this report, the global IoT managed services market is tracked in terms of value, and is calibrated to obtain the market revenue estimates of IoT managed services.
However, high cost of infrastructure & services, data security & privacy, and interoperability of connected devices are some of the major challenges that hamper the growth of the IoT managed services market. To understand and assess the demand and opportunities in this market, the IoT managed services market report is categorically split into three major sections: by services type, by industry type, and by region.
On the basis of services, the IoT managed services market is segmented into security management services, network management services, infrastructure management services, device management services, and data management services. The IoT network managed services segment is expected to dominate the market throughout the forecast period and enjoy a market share of 27.1% and 29.5% in 2018 and 2026 respectively.
On the basis of industry type, the IoT managed services market is segmented into manufacturing, automotive, healthcare, retail, IT & telecom, and others. The manufacturing segment of the IoT managed services market is expected to dominate the market for the longest duration in the forecast period owing to the high CAGR associated with it. The manufacturing IoT managed services segment is expected to grow from US$ 958.6 Mn in 2018 to US$ 22,996.5 in 2026.
The section IoT managed services market analysis by region includes an in-depth country-level analysis of all global regions, namely North America, Latin America, Europe, SEA & Others in Asia Pacific, Japan, China, and MEA, by services type, by industry type, & by country, and provides market data in terms of value for 2018-2026. In 2017, the market in North America dominated the overall global IoT managed services market, while the fastest-growing region in the IoT managed services market is SEA & Other APAC (given Asia Pacific is considered separately as three regions, i.e. China, Japan, SEA, and Others of APAC). North America is also expected to hold a majority of the market share of the IoT managed services market in 2026.
The key players reported in this study on the global IoT managed services market are Cognizant Technology Solutions Corporation, Tech Mahindra, Cisco Systems Inc., Oracle, IBM Corporation, Accenture, HCL Technologies Limited, Microsoft Corporation, Honeywell International Inc., and Google LLC, among others.