The Global Managed IoT Services Market size is estimated to be USD 47.01 billion in 2019 and is predicted to reach USD 780.51 billion by 2030 with a CAGR of 29.1% from 2020-2030. IoT is internet of things which is an interconnected network of objects which are able to control process and exchange data 24*7 with the help of embedded sensors. It provides addition intelligence to the existing devices and IoT has wide application in almost every industry which helps in the cost cutting and also increases operational efficiency of the enterprises.
Market Dynamics and Trends
There have been various technological advancements taking place in the market coupled with increased adoption of cloud services and increased demand of developed infrastructure. Furthermore, wide application in different industries and increased demand of operation efficiency are expected accelerate the growth of Manages IoT services market in the near future.
The additional factors include increased demand of cost reduction and increased demand of error free work and increased demand of high performance work without errors coupled with increase in smart cities are further expected to fuel the market growth. However, lack of managed service provider and lack of flexibility in their services are expected to inhibit the market growth. On the other hand, increased penetration of connected devices with increasing revenue for the service provider from IoT services are further expected create ample opportunities in the managed IoT services market over the forecast period.
Market Segmentations and Scope of the Study:
The global managed IoT services market share is analyzed on the basis of service type, application, end user and geography. On the basis of service type, the market is segmented into Infrastructure management services, Security management services, Network management services, Data management services, and Device management services. On the basis of application, the market is divided into Smart manufacturing, Smart metal, IT & telecom, Smart transportation, Smart energy & utilities, Smart buildings, and others. On the basis of end users, the market is fragmented into Energy and Utilities, Manufacturing, Agriculture, Healthcare, BFSI, Retail, Government & Defense, and Other. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America in anticipated to hold the major market share with increased adoption of IoT services on a large scale. Furthermore, increased demand of developed infrastructure coupled with various technological advancement is further expected accelerate the growth of managed IoT services market.
Asia Pacific is expected to show rapid growth with gradual increase in market share owing to the increased awareness coupled with increase in managed service provider with fast developing IT infrastructure. Moreover, increased demand of operational efficiency coupled with increase in smart cities are further expected to promote the market growth.
The managed IoT services market, which is highly competitive, consists of various market players. Some of the major market players include Atos SE, Aricent Inc., Infosys Limited, Accenture PLC, IBM Corporation, Larsen & Toubro Infotech, Tata Consultancy Services Limited (TCS), Capgemini SE, Tech Mahindra Limited, and Harman International (Samsung )among others.
In the past there have been various developments taken place which further takes place in near future and contribute the market growth. For instance, in August 2019, Infosys came into agreement with Toyota Material Handling North America to develop the cloud based IoT enabled telematics solution which helps in various activities such as location tracking, system maintenance, vehicle access control. It also helps in the improvement of services and after sales service and enhance customer experience.
- The managed IoT services market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
- The study comprises a deep dive analysis of the managed IoT services market trend including the current and future trends for depicting the prevalent investment pockets in the market.
- The information related to key drivers, restraints and opportunities and their impact on the managed IoT services market is provided in the report.
- The competitive analysis of the market players along with their market share in the global managed IoT services market.
- The SWOT analysis and Porters Five Forces model is elaborated in the study.
- Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
- Global Managed IoT Services market – By Product
- Infrastructure management services
- Security management services
- Network management services
- Data management services
- Device management services
- Global Managed IoT Services market – By Application
- Smart manufacturing
- Smart metal
- IT & telecom
- Smart transportation
- Smart energy & utilities
- Smart buildings
- Global Managed IoT Services market – By End User
- Energy and Utilities
- Government & Defense
- Global Managed IoT Services market –By Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of RoW
- North America