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(Hosting-NewsWire.com, February 10, 2020 ) The report "Internet of Things (IoT) Managed Services Market by Service Type (Infrastructure Management, Security Management, Network Management, Data Management, Device Management), Vertical, and Region - Global Forecast to 2021", The IoT managed services market size is expected to grow from USD 21.85 Billion in 2016 to USD 79.60 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 29.5% during the period 2016–2021.
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Browse 36 market data tables and 36 figures spread through 112 pages and in-depth TOC on “Internet of Things Managed Services Market by Service Type (Infrastructure Management, Security Management, Network Management, Data Management, Device Management), Vertical, and Region - Global Forecast to 2021"
Evolution of IoT technologies and increasing adoption of IoT system for enterprises provide lucrative growth opportunities across the globe over the forecast period. With growing emphasis on connected devices, the high demand for new cloud services is expected by all organizations. The service provider guide companies in creating a new IoT infrastructure to enhance its existing system. It also includes strategy formulation, use case development, roadmap development, technology assessment, and IoT architecture.
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As per the geographic analysis, Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is estimated to surpass Europe in terms of IoT adoption and deployment in the near future. This growth can be attributed to the growing number of connected devices, sensors, network connectivity, cloud adoptions and others for business applications and also the increasing requirement of the enterprise IT security technologies. The companies in this region are spending heavily on the connected devices; this is driving the adoption of IoT technology among numerous industries in this region. Additionally, the large number of government initiatives for IoT is driving the market in this region.
North America is expected to hold the largest market share in the IoT managed services market
As per the geographic analysis, North America is likely to benefit from factors such as rapid digitization across industry verticals. Increasing adoption of smart connected devices and technological advancements, followed by robust network infrastructure and presence of major IoT MSPs that offer specialized managed services.
The major vendors covered in the IoT managed services market for this study include Cisco Systems, Inc. (California, U.S.), Cognizant Technology Solutions Corporation (New Jersey, U.S.), HCL Technologies Limited (Uttar Pradesh, India), Harman International Industries, Inc. (Connecticut, U.S.), Infosys Limited (Karnataka, India), Virtusa Corporation (Massachusetts, U.S.), Tieto Corporation(Helsinki, Finland), Tata Consultancy Services Limited (Maharashtra, India), Tech Mahindra Limited (Maharashtra, India), and Wipro Limited (Karnataka, India).
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