Internet of Things (IoT) Managed Services Market Projected to Reach $115.5 Billion at 27.36% CAGR Till 2023 | Top Worldwide Key Players – Cognizant, Infosys, Virtusa, Tcs, Tieto Corporation, Dell Technologies

The global IoT managed services market was valued at USD 26.96 billion in 2017, and is expected to reach a value of USD 115.05 billion by 2023 at a CAGR of 27.36%, during the forecast period (2018 - 2023). This report provides information about the leading players in the market and a corresponding detailed analysis of the top vendors in the IoT managed services market. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.

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The key factors augmenting the adoption of IoT managed services is the major paradigm shift of organizations in various industries, from traditional hosting to cloud hosting services. These organizations are adopting managed service providers (MSPs) to achieve high performance and to aid them in planning financial budget.

The major players include –

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION, INFOSYS LIMITED, VIRTUSA CORPORATION, TATA CONSULTANCY SERVICES LTD, TIETO CORPORATION, DELL TECHNOLOGIES INC, HARMAN INTERNATIONAL INDUSTRIES, INC., WIPRO LIMITED, HCL TECHNOLOGIES LIMITED, and TECH MAHINDRA LIMITED, amongst others.

Key Developments in the Market

• March 2018 u2013 Virtusa acquired eTouch Systems Corp, a technology service company that is specialized in Digital web Engineering. This acquisition is anticipated to expand Virtusa’s digital engineering and IT outsourcing services

• October 2017 u2013 Dell EMC expanded its open networking to handle digital transformation that is increasing top-of-rack performance, thereby, bringing open networking to data center interconnect applications

Development of New Applications in the Field of Connected Device is Driving Market Growth

Development of new applications and technological advancements in the field of wireless connectivity innovations (such as Wi-Fi, GPRS, and WiMax) are increasing the number of connected devices. The increased security threats, identified with connected devices, and the demand for efficiency in connected devices can be accomplished by the IoT managed service, thus, leaving a positive effect on the IoT managed service market.

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Manufacturing Expected to Have the Largest Market Share

The manufactures' requirement for operational productivity has augmented the usage of sensors through upgraded automation and integrated connected technology solutions over the manufacturing procedure. High volume networking, coupled with a rise in the overall operations, devices & sensors, data, security, and the increasing requirement for managing analytics drive the manufacturing segment in the IoT managed services market.

APAC is Growing at an Exponential Rate

The North American market has been the market of focus for IoT Managed Service companies. The North American market is the highest contributor to the market, followed by Europe and Asia-Pacific. North America holds a major chunk in the global market. The United States is major contributor to the North American market, on account of early adoption and major investments in the IoT technology. The demand for IoT managed service in the Asia-Pacific region is expected to increase significantly during the forecast period. The increase in spending on technologies, rising investments in advanced technologies, and high mobile and internet penetration are the major drivers for the IoT managed service market in Asia-Pacific. India is set to be one of the most attractive destinations for investment activities in IoT, owing to government initiatives, such as smart cities.

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