IoT Managed Services: North America to Remain Largest Regional Market in Terms of Revenue

Technology May 29, 2019 Matt

Distracted driving is getting worse:

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, rising managed cloud services, and increasing government investments in projects such as smart cities, among others.

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.

Compititive Analysis:

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.