Internet of Things (IoT) Managed Services Market – Growth, Trends, And Forecast (2020 – 2025)
Internet of Things (IoT) Managed Services Market market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
Top Companies Wipro Ltd., Cognizant Technology Solutions Corp., Cisco Systems Inc., Tata Consultancy Services, Tech Mahindra Ltd., Tieto Corporation, Virtusa Corporation, Infosys Ltd., HCL Technologies Ltd., Aricent Inc.
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Scope of the Report
The internet of things (IoT) managed services market was valued at USD 46.53 billion in 2019, and it is expected to reach a value of USD 158.75 billion by 2025 at a CAGR of 27.82%, during the forecast period (2020 – 2025). The rise in the application of multi-cloud, automation, and increased demand for IoT in industrial space is augmenting the demand for IoT managed services across the globe.
Key Market Trends
Manufacturing Sector to Hold a Significant Market Share
– Industry 4.0 is transforming industries, from having legacy systems to smart components and smart machines, to facilitate digital factories and development of an ecosystem of connected plants and enterprises. Industry 4.0 has persuaded OEMs to adopt IoT across their operations. Anticipating the increased adoption of IoT and digital transformation across industries, the European Commission estimated that the value of IoT in Europe itself is expected to exceed EUR 1 trillion in 2020. ?
– Maryville University estimates that by 2025 over 180 trillion gigabytes of data will be created worldwide every year. A large portion of this will be generated by IIoT-enabled industries. A survey by Industrial IoT (IIoT) giant Microsoft found that 85% of companies have at least one IIoT use case project. This number will increase, as 94% of respondents said they would implement IIoT strategies by 2021.?
– The benefits offered by IoT in the manufacturing industry are driving the adoption rates, benefits such as increased machine utilization, predictive maintenance and production, data analytics, monitoring, automation, and cost benefits. ?
– According to the Information Technology and Innovation Foundation (ITIF), IoT applications for monitoring machine utilization can increase manufacturing productivity by 10% to 25%. %. BC Machining LLC, a metal parts manufacturer, onboarded a machine utilization monitoring solution that helps it to improve productivity and optimize the utilization of computer numerical control (CNC) machines. IIoT solutions capture real-time data from equipment sensors to provide reports on the machines cycle times, downtime, and other parameters. ?
Asia-Pacific is Expected to Witness the Highest Growth Rate
– As the Asia-Pacific region is developing, it holds major expansion potential, owing to the booming commercial sectors, like healthcare, safety and security, manufacturing, energy, and agriculture. This is enabling the IoT market to grow at a faster rate.
– Due to integration of blockchain and cryptographic processes across IoT security services, IoT offers centralized management of network and associated data, thereby reducing the business vulnerabilities and security concerns, as well as fueling the IoT in the engineering services market in this region.
– The countries, such as India, Japan, China, Australia, and South Korea, are the major contributors to the Asia-Pacific market, and the growing smart city implementation in this region is presenting the market with varied potential growth opportunities.
– Moreover, growing government initiatives to encourage healthcare providers and other healthcare organizations to adopt EHR and EMR technologies and aggressive investments from nonprofit entities and private sectors in different applications are some of the factors expected to drive IoT managed services market in the Asia-Pacific region
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Internet of Things (IoT) Managed Services Market Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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