ID: MRFR/ICT/1717-CR | July 2019 | Region: Global | 85 pages
Global IoT Managed Services Market is poised to touch an approximate valuation of USD 172.6 Billion by 2025, continually growing at a 22.4% CAGR during the forecast period.
IoT managed services offer systematic solutions to solve business problems, increase operational efficiencies, and create new markets by leveraging data to and fro connected devices and the digital core. The IoT managed services comprise four different services like device management, infrastructure management, data security management, and network management segment.
With the increased number of connected devices, smart city projects, and the rising adoption of cloud services, business IoT specialists and the most reliable IoT network under one roof to help them deploy and manage IoT solutions through the entire lifecycle.
COVID-19 couldn't do much damage to the global IoT managed services industry. There were minor challenges in Q2 & Q3 2020, mainly due to slow down in various end-user verticals. The global telecom industry reportedly faced major delays in launching the fifth-generation mobile service following the coronavirus outbreak worldwide. However, only 33% of IT budgets shrunk, and most budgets aligned spending on mobile access and security enhancements.
Computational storage would demonstrate useful applications, and storage security will be a big focus to secure valuable institutional data. A major emphasis on developing more comprehensive technologies is expected to be seen. In 2021, regulatory bodies would enact stricter data privacy laws for consumer protection, and companies would make IoT managed services their topmost priority and invest in confidential computing, the virtual private Cloud, and other secure infrastructure.
Proliferation of IoT Managed Services is a Major Growth Driver
The IoT managed services market is rapidly garnering sizeable traction. The current deployment of LTE and technological advancements in various fields are the key factors boosting the IoT managed services market size. Widespread IoT managed services applications in automotive, consumer electronics, and IT & telecom drive the market growth.
Especially during the mid-term 2020, the market prospects remained bright for IoT managed services security. This, as a result, spurred the demand for IoT managed services further. Besides, the proliferation of a range of modern connected electronic devices, including laptops, wearables, smartphones, and others, influence the growth of the market. Simultaneously, increased focus on enhancing network connectivity boosts IoT managed services market growth.
Technical Expertise Remains a Major Concern.
Despite the favorable growth prospects, the market still witnesses significant restraints such as the lack of technical expertise and awareness for IoT managed services benefits. These are major factors restraining market growth.
The IoT managed services market report is segmented on the basis of services, end-users, organization size, and region. The services segment is sub-segmented into network management, security management, device management, infrastructure management, and others.
The end-users segment is sub-segmented into automotive and transport, it & telecom, healthcare, BFSI, manufacturing, and others. The organization size segment is sub-segmented into SMEs and large enterprises.
By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
North America dominates the global IoT managed services market.
North America is expected to remain a highly attractive market for IoT managed services during the assessment period. Factors such as vast technological advancements and the early adoption of IoT managed services in this region drive the market growth.
The presence of many key service providers and robust data centers across the region boost the IoT managed services market growth. Additionally, advances in IoT managed technologies and services have been favorable to increase IoT managed services applications. Increasing numbers of IT & Telecom companies foster the adoption of IoT managed services widely.
Europe Holds Second Highest Share in Global Market
Europe accounts for the second-largest market for IoT managed services security. The region is witnessing increased investments for research and development, and innovations of IoT managed technologies and services.
Besides, tremendous developments in the automotive sector and technology upgrades, and increasing IoT managed services applications due to the digital transformation of businesses help the region witness significant growth. The UK and Germany are major revenue generators in the regional market, becoming the most attractive market space for the market players.
APAC is Emerging as a Promising Market for IoT Managed Services Security
In Asia Pacific, the market is driven by the increasing R&D investments for the AI technologies developments and the digital transformation of businesses in the region. Also, the increasing implementation of cutting-edge technologies in the automotive and IT & telecommunication sectors foster market growth in the region.
Moreover, the high adoption of automation solutions in the manufacturing sectors and the presence of various notable players, and large deployments of IoT managed services across the industries boost the regional market's growth. With the increasing technological adoption and tremendous opportunities across industry verticals, APAC countries, such as South Korea, Australia, Japan, and China, hold major shares in the regional market.
Highly competitive, the IoT managed services market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and expansion remain prevailing key trends for the leading players as these strategic moves support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and product portfolio.
Cisco Systems, Inc., Accenture PLC, Google, Inc., Qualcomm Incorporated, AT&T, IBM, Microsoft Corporation, Oracle Corporation, Intel Security Group., and Hewlett Packard Enterprise Co. are some of the affluent contenders holding sizeable IoT managed services market share.
Jan.28, 2021 ---- ADVA announced that the Saudi Telecom Company (STC) is rolling out on-demand virtual services using ADVA's Ensemble suite of network functions virtualization (NFV) technologies.
Jan.26, 2021 ---- Ivanti, the automation platform that helps make IT connection smarter and secure, announced the release of Ivanti Neurons for Healthcare. The solution enhances visibility into medical IoT devices and enables security teams to proactively detect and remediate vulnerabilities.
Jan.21, 2021 ---- WISeKey International Holding, a leading identity and cybersecurity company, announced the expansion of its Certificate Management Solution (CMS) deployments, INeSTM, dedicated to the Internet of Things (IoT) by adding new functionalities.
Jan.05, 2021 ---- Semtech announced its partnership with Amazon Web Services (AWS) to integrate the LoRaWAN protocol on the Network Server with AWS IoT Core, AWS's managed Cloud service that allows connected devices to interact with Cloud applications and other devices.
Dec. 18, 2020 --- Verizon Business announced the launch of IoT Managed Services, an offering designed to help manage the intricacies of preparing, deploying, managing, and maintaining IoT solutions for customers without needing
the necessary staff, time, knowledge, or resources.
The IoT managed services market analysis features unique and relevant factors anticipated to significantly impact the market growth during the assessment period. The detailed IoT managed services market research would help industry players to understand the market better. The report defines the historical, and current IoT managed services industry trends boosting the growth of the market.
Additionally, the COVID-19 impact on the IoT managed services industry is also included in the report. Regional assessment in this report and unlocks several untapped opportunities in regional and international markets. Detailed company profiling enables users to evaluate company shares, scope of the existing & emerging product lines in new markets, pricing strategies, innovation possibilities, and much more.
Frequently Asked Questions (FAQ) :
The global market for IoT managed services market is slated to reach a market value of USD 172 billion by 2025.
The global IoT managed services market is poised to generate substantial revenue at a 22.4% CAGR over the review period (2019-2025).
The augmented number of connected devices, the current development of smart cities, and the growing adoption of cloud services are likely to create opportunities for the market players.
The lack of scalability is expected to impede the overall market growth.
The security management segment is anticipated to record the highest CAGR over the review period.
The APAC region is witnessing significant technological development, foreign investment in emerging economies such as India and China, and increasing industrialization.
the technological advancements and early adoption of IoT managed services in North America are expected to drive the market over the review period.