The managed IoT services market is estimated to grow from $ 21.85 billion in 2016 to $ 79.60 billion by 2021, at a CAGR of 29.5% between 2016-2021. Managed IoT Services are a collection of services and capabilities that help you manage your entire IoT environment. It defines the right strategy for digital transformation companies and enables organizations to create the right mix of IoT products and solutions. The difficulty of integrating IoT technology with existing legacy systems and processes is a major challenge for organizations planning digital transformation.
Market dynamics of managed IoT services
- MSPs provide operational efficiency and high-performance work systems in organizations.
- Increase in the number of managed cloud services
- Reduced revenue from service delivery by shifting focus to MSP
- A growing penchant for profitable managed services
- Failure of MSPs to Cope with the Complexities of IoT
- IoT MSPs lack the scalability and flexibility to offer services.
- The proliferation of connected devices will drive market demand
- Opportunity to generate recurring revenue from managed IoT services
- Experience with managed IoT services enables MSPs to expand their portfolio of service offerings
- Persistent security threats in the IoT environment
- MSPs use a legacy support process to deliver services
- Lack of long-term successful partnerships between MSPs and organizations
- The growing dynamic of cloud-based managed services is expected to drive the global market for managed IoT services.
The IT industry is moving from traditional hosting to cloud hosting. This contributes to the development of managed cloud services. Many organizations still do not know and cannot fully exploit the potential of the cloud. Hence, they choose a third party managed cloud provider for the same. This need drives managed cloud services. Cloud service is the most important trend in the outsourcing market. Managed anything as a service (XaaS) is the main focus of MSPs as they tend to offer their services through the cloud. Cloud and IoT are highly correlated because IoT components are not intended to be used as a self-storage element, and therefore the generated data must be stored in the cloud. Specifically, managed IoT services are moving to a cloud platform to deliver their managed IoT services to organizations.
Below are the main objectives of the study.
Define, describe and predict the market based on types and verticals.
Provide details of the main drivers of market growth (industry drivers, constraints, opportunities, and challenges).
Strategic sub-segment analysis based on individual growth trends, future prospects and contribution to the overall market.
Analyze market opportunities for stakeholders, provide company profiles of key players in the market, comprehensively analyze key competencies1 and illustrate the competitive environment in the market.
Predict the market size of sub-segments by region, namely North America, Europe, Asia Pacific, Middle East, and Latin America.
To track and analyze competitive events such as joint ventures, mergers and acquisitions, new product development, and market research and development.
The research methodology used to assess and predict the market for managed IoT services begins by collecting data on key vendor revenues and market size of selected segments from secondary sources such as industry associations such as the IoT M2M Council. , IoT Alliance and Consortium, and the Industrial Internet. Consortium (IIC), industry journals such as IEEE Internet of Things Journal, Journal of Internet Services and Applications and International Journal of Internet of Things and Web Services, etc. Supplier proposals are also taken into account when determining market segmentation. A bottom-up procedure was used to determine the total market size for individual technology segments.
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