News Live 2018: Global IoT Managed Services Market Rise to 84.1 Billion by 2023, approx. 24% of CAGR by 2023

The Global IoT Managed Services Market is expected to grow approximately at USD 84.1 Billion by 2022, at an approx. CAGR of 24% between 2016 and 2022.

Global IoT Managed Services Market: IoT managed services enable interoperability with connected devices for solving business problems pertaining to operations, technical support, innovation or other verticals. The emergence of new technologies like ZigBee, which work on inexpensive batteries provide comfort in the development of connected devices. Increasing momentum of managed cloud services is one major factor driving the growth of IoT managed services market. Growing inclination towards cost efficient managed services is further fueling the market growth.

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The ongoing deployment of LTE and technological advancements in various fields have boosted the number of connected devices. The trend of a high attraction towards connected devices is observed worldwide. Emergence of new applications and advancements in technology in the field of wireless communication and worldwide interoperability for microwave access are increasing the number of connected devices. The IoT managed services market is broadly segmented on the basis of various end users, such as IT & telecommunication, healthcare, retail, automotive & transportation, manufacturing, and others.

Key Players:
Some of the key players of IoT Managed Services market are Accenture Plc. (Ireland), Cisco System Inc. (U.S.), Google Inc. (U.S.), AT & T Inc. (U.S.), Qualcomm Inc. (U.S.), International Business Machines Corporation (IBM) (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Hewlett Packard Enterprise (U.S.), Intel Security Group, and Apple etc.

By service, network management service type is expected to hold the largest share of the global IoT managed services market. Network management services basically deal with the entire network chain of an organization. These services help in analyzing the amount of data being transferred over a network and automatically routes it in order to avoid congestion which can result in a network crash. Managed services help in building a smart, connected & secured enterprise without shifting the focus of the organization from their core business operations.

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Key Findings
• The global IoT managed services market is estimated to reach USD 84.1 billion by 2022.
• By service, network management sub-segment in IoT managed services market accounts for the largest market share and is growing at a 24.35% CAGR, during the forecast period.
• By end user, automotive & transport sub-segment holds the largest market share in 2016, growing at a 26.17% CAGR, during the forecast period.
• By organization size, large enterprises sub-segment holds the largest market share and is growing at a 25.34% CAGR, during the forecast period.
• Geographically, North America has been projected to hold the largest market share in global IoT managed services market, followed by Europe and Asia Pacific in the second and third positions, respectively.

Regional and Country Analysis of IoT Managed Services Market Estimation and Forecast
IoT managed services market has a positive growth in all the regions. The high penetration rate of the internet of things managed services and advancements in technology are responsible for driving the growth of the IoT managed services market. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America is dominating the global IoT managed services market followed by Europe, which has the second largest market share due to increasing developments in the automotive sector whereas, Asia Pacific stands as the third largest

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