Global IoT Managed Services Market All Set To Grow At CAGR of 20.3%

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  • The manufacturing segment of the IoT managed services market is expected to dominate the market
  • North America is expected to hold a majority of the market share of the IoT managed services market in 2026

According to a report by Persistence Market Research, the global IoT managed services market is expected to grow at a CAGR of 20.3 per cent in terms of revenue during the forecast period (2018-2026).

 

The report mentioned that the factors driving the global IoT managed services market are the adoption of IoT across the industry, an increase in the availability of managed cloud services, and an increase in government investments in projects such as smart cities, among others. However, the high cost of infrastructure & services, data security & privacy, and interoperability of connected devices are some of the major challenges that hamper the growth of the market.

Three major sections

The report divided the IoT managed services market into three major sections: by services type, by industry type, and by region.

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 with a market share of 29.5 per cent in 2026.

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.

In 2017, the market in North America dominated the overall global IoT managed services market, while the fastest-growing region in the IoT managed services market is SEA and  Other APAC. North America is also expected to hold a majority of the market share of the IoT managed services market in 2026.

Key players

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.

Editor Team

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