The global market for IoT managed services, according to the report by Market Research Future (MRFR), is estimated to reach a notable market valuation of USD 172.6 billion by 2025, registering a substantial 22.4% CAGR over the forecast period of 2019 to 2025.
Drivers and Restraints
Augmented number of connected devices, the ongoing development of smart cities, and the rising adoption of cloud services are fuelling the market growth over the review period. The current adoption of LTE and technological advancements in several fields have increased the number of connected devices. The connected devices comprise of numerous devices, such as smartphones, sensors, laptops, tablet computers, and desktop personal computers. The growing trend of a big attraction towards connectivity is noted across the globe. The introduction of new technologies like ZigBee, which works on reasonably priced batteries, enhances comfort in the development of connected devices. The advent of new applications and technological advancements in the field of wireless connectivity technologies such as Wi-Fi, general packet radio service (GPRS), and worldwide interoperability for microwave access (WiMax) are raising the number of connected devices. The increasing number of connected devices is expected to grow exponentially in the coming years. The rising security threats associated with connected devices and the demand for efficiency in connected devices can be attained by the IoT managed services, consequently leaving a positive impact on the IoT managed services market in the foreseeable future.
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On the other hand, the lack of scalability acts as a limiting factor in market growth. IoT is still an upgrading technology, and technological advancements are in process. Once the scalability issue is overcome, the IoT managed service market is expected to grow exponentially.
The global IoT managed service market is segmented on the basis of service, into device management, data security management, infrastructure management, and network management segment. By services, the IoT managed service market has been segmented into security management, infrastructure management, network management, device management, and others.
By end-users, the market for IoT managed service has been divided into IT & telecom, automotive and transport, healthcare, BFSI, manufacturing, and others.
By organization size, the global IoT managed service market has been bifurcated into SMEs and large enterprises.
The analysis of IoT Managed Services Market Size has been studied into Europe (the UK, Germany, Spain, France, Italy, and the rest of Europe), North America (the US, Canada, and Mexico), Asia-Pacific (Japan, China, Singapore, Australia, India, and the rest of Asia-Pacific), the Middle East & Africa and South America.
North America region leads the IoT managed services market and is slated to hold the largest share in the market due to the technological advancements and early adoption of IoT managed services in this region. Europe accounts for the second position in the global IoT managed services market by the end of the forecast period owing to the lucrative developments in the automotive sector. Asia-Pacific has emerged as the fastest-growing regional market with the highest CAGR during the forecast period. The influential primary factors for the growth in this region are growing technological adoption and tremendous growth opportunities across industry verticals in the APAC countries, especially in South Korea, Australia, Japan, and China.
MRFR recognizes the major market players in the global IoT Managed Services market as Cisco Systems, Inc., Accenture PLC, Hewlett Packard Enterprise Co., Google, Inc., Qualcomm Incorporated, AT&T,IBM, Microsoft Corporation, Oracle Corporation, and Intel Security Group.
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