IoT Managed Services Market Growth Factors, Latest Rising Trend & Forecast to 2023

The Internet of Things (IoT) managed services market size is estimated to be USD 21.85 Billion in 2016 and is projected to reach USD 79.60 Billion by 2021, at a CAGR of 29.5% during the forecast period. Some of the major factors that are driving the growth of the IoT managed services market include the rising momentum of managed cloud services, as the industry is shifting from traditional hosting to cloud hosting. Many organizations are still unware about the full potential of cloud, which results in their preference to outsource managed cloud services from third-party providers. The network management services segment is expected to grow at the highest CAGR during the forecast period. Network management services is essential to optimize the network to make the best use of available resources. It also assists in analyzing the amount of data transferring over a network and automatically routes it, to avoid congestion that can result in network crash.

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The major drivers for the increase in demand for IoT managed services market include rise of managed cloud services and growing inclination towards cost effective managed services. Managed Service Providers (MSPs) offer high effectiveness and performance for enterprises with their offerings, which also boosts the growth of the market.

Technological giants such as 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) offer IoT managed services to cater to the needs and demands of the market. These players have adopted various growth strategies, such as business expansions, mergers & acquisitions, Partnerships and collaborations, and new service launches. Partnerships and collaborations have been the major strategical trends, accounting for more than half of the market share of all the growth strategies adopted by the major market players. Companies have adopted these strategies to expand their service offerings and venture into new markets. For instance, In November 2016, Reliance Group, India leading private sector business house, partnered with Cisco Jasper for the launch of a new venture, UNLIMIT, exclusively dedicated to providing IoT services to enterprise customers throughout India.

Cognizant Technology Solutions Corporation has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships and collaboration, mergers & acquisitions, and business expansions. In December 2016, Cognizant expanded its operations in Saudi Arabia with a new office in Riyadh. The company aims to enhance operations and deliver digital services in the potential markets of the Middle East region.

Similarly, Cisco Systems, Inc., in November 2016, Cisco Jasper partnered with Reliance Group, for the launch of a new venture, UNLIMIT, exclusively dedicated to provide IoT services to enterprise customers throughout India.

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