The increasing adoption of IoT in the manufacturing sector is creating a massive demand for IoT managed services and are significantly driving the global IoT managed services market. With the increasing adoption of IoT in the manufacturing sector, most of the manufacturing companies are facing challenges while implementing IoT such as identification of suitable IoT solution, compatibility of IoT devices from different vendors, and others. To resolve this issue, IoT managed services providers offer services such as evaluate, integrate, and deploy IoT solution based on the requirement. For instance, Microsoft offers Azure cloud platform to enable industrial IoT centric device management. To tap the market vendors are highly focused on offering unique services such as smart enterprise control, smart factory and business interconnect services, asset performance management, and others.
The IoT managed services market has recently witnessed a significant adoption in diverse verticals ranging from government and manufacturing to healthcare and retail. The growth in adoption of IoT managed services is attributed to several factors such as rapid urbanization, trending smart homes, increasing penetration of smartphones, continuous advancements in cloud technology, rapid roll-out of 4G/5G networks, increasing cyber-attacks, and others.
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There has been constant advancements in IoT managed services. Infosys entered into a partnership with Siemens PLM Software to create applications and services for MindSphere, which is an open cloud-based IoT operating system from Siemens. The partnership of Siemens and Infosys would enable the customers to enhance the competitiveness by managing the data produced by their devices. Initially the focus of partnership would be on the customers of energy, manufacturing, utilities, healthcare, transportation and logistics industries.
Factors such as increasing adoption of connected devices, smart homes, and smart cities are the key factors driving the global IoT managed services market. Also, the Asia-Pacific region is anticipated to provide numerous profitable opportunities for the market players operating in the IoT managed services market in the coming years.
Some of the key companies operating in IoT managed services market across the globe include Cisco Systems Inc., Cognizant, Google Inc., Harman International, HCL Technologies Limited, IBM Corporation, Infosys Limited, Microsoft, Tata Consultancy Services Limited, and Wipro Limited among various other leading market players. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
IoT Managed service providers are integrating new technologies to gain more intelligent insights about the behavior of malware and other threats. Few vendors have network sandboxing technology with its services to gain access to the behavior of malicious activities in a virtual environment. Network sandboxing technology generates huge volumes of reporting information than traditional tools. Advanced automated security event and log correlation rules are applied to filter out the false positives. The real threats are then analyzed using managed security services technology to understand the behavior and business impact of reaming positive threats. A detailed incident report is generated with specific remediation recommendations. This helps service providers to focus on their resources to true incidents rather than on false incidents. Security management services in IoT managed services market are expected to be the fastest growing segment during the forecast period.
The partnership was observed as the most adopted strategy in global IoT managed services market. Few of the recent strategies by some of the players are listed below:
2018: Cisco entered into the partnership with MTN to offer IoT services in South Africa with Cisco’s Jasper Control Center automated IoT connectivity platform. With collaboration with MTN, Cisco offered business customers with the launch, manage, and monetize IoT services.
2018: Infosys entered into the collaboration with PTC for the launch of joint CoE at Infosys campus in India. CoE will be focusing on the vertical specific IoT solutions with PTC ThingWorx industrial innovation platform.
2018: Wipro entered into the partnership with JCB India Ltd., a leading construction equipment manufacturer to deploy IoT to 10,000s construction equipment machine of JCB. Wipro’s IoT solution allows JCB to remotely monitor the health and performance of machines in the field.
Growing number of smart cities will escalate the IoT Managed Services Market at a CAGR of 18.5%
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