Worldwide Internet of Things (IoT) Managed Services Market is expected to reach $120.0 billion by 2022; Finds New Report

Worldwide Internet of Things (IoT) Managed Services Market to Grow at a CAGR of 15.3% during 2016–2022 to touch $120.0 billion

Rising adoption of mobility technology, increasing IoT adoption rate in industries and mobile subscriber base improves the strength of the market. The managed security services hold more than 30% of the market share for overall IoT managed services market in 2016, while managed devices hold 18% of the market share.

The “Worldwide IoT Managed Services” market is set to grow at a CAGR of 15.3% during the forecast period 2016–2022 to touch $120.0 billion. This was revealed in a new study titled “IoT Managed Services: Market Trends & Forecast – 2016–2022”, published today by Publisher LLP, a global ICT and Electronics market research and consulting organization.

According to Publisher, currently IoT adoption is at the initial stage, but across the world, there is a demand for IoT technology in all kind of organizations. Also, most of the organizations are already benefiting from the IoT adoption and continue to invest in IoT technologies. The increase in the IoT technology adoption rate will positively impact on the growth of IoT managed services market. Within few years, more than 50 billion devices will be connected to the internet and more than 70% of the business will be digital across the globe. The management of connected devices will become a key element in connected devices world. In addition to that, reducing the operation cost, improving the customer satisfactions and relationship, reducing the risk issues, etc., are set to be the key priorities for enterprises. Thus, there is a need for managed services in IoT landscape. The IoT managed services market is analyzed by three segments: Managed Services Types, Regions, and Verticals.

“The customers’ demands are increasing for managed service providers (MSP). Customers expect MSP to provide secure networks, device management, billing platforms, network integration, and connectivity. Moreover, customer needs a single solution that offers one window into many networks and also add-on existing networks. Thus, IoT managed service providers are expected to fulfill this gap and provide customize profits/benefits to customers” - Tariq Shaik, Research Manager at Publisher.

The managed services segment types consist of managed security services, managed networks, managed infrastructure, managed devices and others. The managed security services are expected to play a key role in the IoT managed services market as security is one of the key challenges for IoT technology adoption in consumers and industry landscape. Today, attackers are targeting the connected devices to hack the confidential data as connected devices stores or processes multiple businesses and personal information. Thus, there is a huge demand for managed security services to run IoT successfully. Also, organizations are spending millions together to reduce the security issues and to capture the revenue in this market. As per the vertical analysis, Manufacturing and BFSI industries are expected to outperform and together are contributing around $19.6 billion revenue for IoT market growth in 2016. In the manufacturing industry, the term connected car has become the buzzword and manufacturers are aggressively investing in this sector. Moreover, within few years, connected car adoption rate is expected to grow further in developing countries and developed countries as well. Thus, there is a need of IoT managed services in this industry. In addition, Healthcare and Education industries are set to be the emerging verticals for IoT managed services market in the next 6–7 years.

As per the study, North America is set to be the leading region for IoT managed service market followed by Western Europe and Asia-Pacific. The Middle East & Africa and Latin America are set to be the emerging regions for IoT market growth. The rising awareness of smart technologies in enterprises and consumers, increasing spending on IoT technologies, initiatives of governments, and rising mobile subscriber base in developing countries are expected to drive the market growth in the upcoming years.

“Within few years, billions of devices will be connected to the internet from various industries and consumers. The increase in the number of connected devices will lead to demand for the IoT managed services as connected devices are required to manage accurately and to leverage the benefits. Thus, in the next 6–7 years, managed service providers have huge business opportunities in this market.” – According to Senior Research Analyst.

Further, the report also aims to cover the below points:

• IoT managed services market analyzed by types: managed security service, managed networks, managed infrastructure, and managed devices
• Cover the industry segments including Manufacturing, BFSI, Retail & Consumer Electronics, IT & Telecom, Transportation, Energy & Utilities, Healthcare, and Education
• An in-depth analysis of the emerging regions and verticals for IoT managed services adoption in the next 6–7 years
• Usage and adoption rate of various IoT managed services in each industry verticals
• Provides an in-depth analysis of the key business opportunities in each vertical
• Gives industry outlooks such as current and future market trends and drivers, restraints and emerging technologies
• Analyzes the market by six distinct geographical regions – North America, Western Europe, Central Eastern Europe, Asia Pacific, Latin America and the Middle East & Africa

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