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The global IOT managed services market is anticipated to grow with a CAGR of 24.78% for the forecast period of 2019-2027. The key market drivers for IoT managed services include the need for cost-efficient managed services, a growing number of machine-to-machine connections and the expansion of next-generation processors for IoT devices. Of these, the most significant factor is the growing number of machine-to-machine connections as they enable various electronic and mechanical machines to communicate independently with other machines and with each other.
The global IOT managed services market is segmented on the basis of organization size, end-users and services. The organization size can be further segmented into large enterprise and SME's. The end-users for the market include healthcare, automotive & transport, IT & telecom, manufacturing, BFSI and others. The service segment for the market includes security management, network management, infrastructure management, device management, and other services. With the ongoing heavy adoption of IoT managed services from numerous end user industries, complexities such as handling of IoT becomes problematic for service providers by further lack of infrastructure support for the devices in emerging nations, data loss due to vulnerable security, etc. are some of the constant challenges faced in the IoT environment.
The global IoT managed services market is spread over North America, Europe, Asia Pacific and the Rest of the World. The Asia Pacific region is predicted to exhibit potential growth over the forecast period with countries like India, Japan, China, South Korea and Australia being its leading contributors. The region has a high demand for eHealth services in the healthcare sector due to the increasing government healthcare expenditure which will accentuate the digital health market, further driving IoT in the healthcare industry. The North American region accounted for the largest share in the year 2018, due to factors like rapid growth of the industrial, automotive, transportation and healthcare sectors coupled with the adoption of IoT in these industries for better operational efficiency.
Tata Consultancy Services, Intel Corporation, Alphabet Inc., Infosys, International Business Machines Corporation (IBM Corp.), Honeywell International Inc., Samsung Corporation, Qualcomm Incorporated, Cisco Systems Inc., Microsoft Corporation, Accenture PLC, Huawei Technologies and Hewlett Packard Enterprise are some of the companies operating in the global market. These establishments can potentially shift their rivalry by enabling tailored offerings to more-specific segments of the market and even supplying customized products for individual customers that can further enhance price realization.