The acceptance of smart technologies in various industries has increased worldwide, which has led to the demand for IoT technologies. Most companies use smart technologies to reduce operating costs, improve customer satisfaction and increase return on investment.
Therefore, billions of devices in various industries are expected to be connected to the Internet in the coming years. The Internet of Things includes devices, applications, security, and connectivity, all of which require well-managed services. To successfully execute its technologies requires a well-managed service in every layer of the IoT ecosystem. Finally, there will be an increased demand for managed services.
Expected growth of managed IoT services
Increasing acceptance of digital technologies and IT spending on security services, changing business models and government initiatives, increasing mobile subscribers and increasing acceptance of connected devices in the business landscape and among consumers can lead to growth of IoT Managed Services Market 6-8 years.
The market is expected to expand at a CAGR rate of 15.3% in the forecast period 2016-2022, but in the forecast period 2018-2026 sales of 20.3% are expected. By 2026, total revenue is expected to be $ 94,388.0 million, after $ 21,483.5 million in 2018. The results of these reports track the IoT-managed services market in terms of value, which is then calibrated to market estimates to obtain income.
Management of the managed services market
To understand and analyze the demand and opportunities in this market, the market report is divided into three main sections: the type of industry, the type of services and the region. The portion of services managed in the network is expected to dominate the market throughout the forecast period, reaching a market share of 27.1% in 2018 and 29.5% in 2026.
Depending on the type of industry, the IoT market is divided into:
- IT and telecommunications
The manufacturing part of this market is expected to control the market for a longer period in the forecast period, due to the higher CAGR involved. The manufacturing share is expected to expand from $ 958.6 million in 2018 to $ 22996.5 million in 2026.
The IoT market analysis by region includes an in-depth assessment of all global regions at country level, namely Latin America, Europe, North America, Southeast Asia and other regions in Japan, China, Asia Pacific and MEA, by type of industry and by type of service and by country. The valuation will provide market data for the period 2018-2026 in terms of value.
General factors driving the global market for managed iot solutions include the introduction of IoT technologies across the industry, increased availability of managed cloud services, increased government investment in projects such as smart cities, and more.
However, the high cost of infrastructure and services, the interoperability of connected devices, data security and data protection are some of the main challenges that can hinder the growth of this market.
Also read: managed print services