The market for managed services in the Internet of Things (IoT) is divided into applications (network management, device management, data management and security management), end users (energy and utilities, manufacturing, retail, healthcare, BFSI as well as IT and telecommunications) and geography .
The Internet of Things (IoT) market for managed services was estimated at $ 46.53 billion in 2019 and is expected to reach $ 158.75 billion in 2025 to 2025 with an annual growth rate of 27.82%. With the increasing use of multiple clouds, the automation and increasing demand for IoT in the industrial sector, the demand for IoT-managed services is increasing worldwide.
With the advent of Industry 4.0, the industrial acceptance of IoT solutions is increasing. The scalability, cost advantages and analytical advantages of data that are activated bymanaged iot solutionsin the industrial sector influence acceptance. According to Tech Pro, for example, over 80% of industrial companies use or intend to use IoT devices.
Companies wishing to opt for IoT are growing in number, and global IoT MSPs are still targeting these companies. According to the CompTIA survey on MSPs, Member States see emerging technology as a significant source of business opportunities and over 50% of respondents offer IoT managed services.
However, disclosing confidential information to privacy issues is a key challenge for the market.
Due to the proliferation of COVID-19, production facilities should increase the level of automation in the future if possible due to the rules of social distance. This would increase the number of industrial IoT-related objects to grow at a remarkable rate, which would fuel the demand for IoT managed services.
The manufacturing sector will have a significant market share
Industry 4.0 changes industries from old systems to intelligent components and intelligent machines to facilitate digital factories and the development of an ecosystem of connected plants and companies. Industry 4.0 has convinced OEMs to start using IoT. In anticipation of the growth in the adoption of the Internet of Things and digital transformation in industry, the European Commission has estimated that the value of the Internet of Things in Europe itself should exceed EUR 1 trillion by 2020.
The University of Maryville estimates that more than 180 trillion gigabytes of data will be created worldwide by 2025. Much of it is generated by IIoT-compatible industries. A survey by industry giant IoT (IIoT) Microsoft showed that 85% of companies have at least one IIoT case project. This number will increase as 94% of respondents say they will implement IIoT strategies by 2021.
The advantages of IoT in the manufacturing industry determine acceptance rates, advantages such as increased machine use, predictive maintenance and production, data analysis, monitoring, automation and cost advantages.
According to the Information Technology and Innovation Foundation (ITIF), IoT applications for monitoring machine use can increase production productivity by 10% to 25%. %. BC Machining LLC, a manufacturer of metal parts, has developed a machine usage monitoring solution that can improve productivity and optimize the use of CNC (Computer Numerical Control) machines. IIoT solutions collect real-time data from device sensors to provide reports on cycle times, switch-off times and other machine parameters.
The highest growth rate is expected for the Asia-Pacific region
As the Asia Pacific region develops, there is potential for significant expansion thanks to growing economic sectors such as healthcare, security, manufacturing, energy and agriculture. As a result, the IoT market can grow faster.
Thanks to the integration of blockchain and cryptographic processes in IoT security services, IoT offers centralized management of the network and the associated data, reducing security gaps and problems and providing IoT for the engineering services market in this region.
Countries such as India, Japan, China, Australia and South Korea contribute the most to the Asia Pacific market, and the increasing implementation of the Smart City in this region offers the market a variety of growth opportunities.
In addition, growing government initiatives to encourage healthcare providers and other healthcare organizations to adopt EHR and EMR technologies
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