The IoT managed services market is US$ 30.2 Bn in 2018 and is anticipated to grow at a CAGR of 18.5% to account for US$ 135.0 Mn by 2027.
The IoT managed services market has gained substantial traction in the past few years owing to the growing number of connected devices. Moreover, the government projects such as smart cities, connected airports, metros, and others have a significant positive impact on the growth of global IoT managed services market. The developing countries of Asia-Pacific are one of the most attractive markets for IoT managed services. The huge investments by governments of China and India for the development of advanced telecommunication infrastructure are significantly driving the IoT managed services market in the Asia Pacific region.
IoT managed service providers are strategically adopting multi-cloud. Many IoT solutions need to be hosted on-premise due to factors such as performance, security, and reliability. Moreover, IoT solutions that are deployed in different regions might require different public cloud providers. For instance, the IoT solution deployed in Europe, North America, and Asia might need local cloud providers for data privacy regulations. The multi-cloud strategy enables managed service providers to be more responsive to its customers and requirements.
IoT managed services market by services is segmented into Device Management Services, Data Management Services, Network Management Services, and Security Management Services. The security management services are expected to witness a high Y-o-Y growth during the forecast period due to the increasing cybersecurity attacks.
The overall IoT managed services market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the IoT managed services market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the ICT sector.
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