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The Europe IOT managed services market is expected to generate a net worth of $XX million by rising at a CAGR of 24.67% for the forecast period of 2019-2027. One of the profitable opportunity for the said market has been the concept of smart cities which has been gaining popularity among the governments. The basic need to optimize the use of IoT managed services market is set to grow at an unprecedented rate as smart cities utilize information and communication technology (ICT) and the internet in every aspect of development such as smart grids, smart buildings, smart lightings, etc.
The market is segmented on the basis of its service, organization size, and end-users. The device management services dominated the service segment of the market in 2018. For reducing Europe's dependency on the diminishing oil and gas sources and further improve economic conditions, several legislations have been laid down for the increase in use for electric vehicles by 2025. This policy, in addition to that, mandates to cut greenhouse gases, and stringent regulations related to the safety of workers will also contribute to the growth of IoT solutions in this region. However, major factor hindering the market growth is the lack of flexibility and scalability of the services. Also, data loss due to security glitch is a major concern that has emerged for the market in recent years.
Some of the leading market companies are International Business Machines Corporation (IBM Corp.), Huawei Technologies, Qualcomm Incorporated, Alphabet Inc., Hewlett Packard Enterprise, Intel Corporation, Cisco Systems Inc., Honeywell International Inc., Tata Consultancy Services, Samsung Corporation, Accenture PLC, Microsoft Corporation and Infosys.