The Internetof Things (IoT) managed services market size is estimated to be USD 21.85Billion in 2016 and is projected to reach USD 79.60 Billion by 2021, at a CAGRof 29.5% during the forecast period. Some of the major factors that are drivingthe growth of the IoT managed services market include the rising momentum ofmanaged cloud services, as the industry is shifting from traditional hosting tocloud hosting. Many organizations are still unware about the full potential ofcloud, which results in their preference to outsource managed cloud servicesfrom third-party providers. The network management services segment is expectedto grow at the highest CAGR during the forecast period. Network managementservices is essential to optimize the network to make the best use of availableresources. It also assists in analyzing the amount of data transferring over anetwork and automatically routes it, to avoid congestion that can result innetwork crash.
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The majordrivers for the increase in demand for IoT managed services market include riseof managed cloud services and growing inclination towards cost effectivemanaged services. Managed Service Providers (MSPs) offer high effectiveness andperformance for enterprises with their offerings, which also boosts the growthof the market.
Technologicalgiants such as include Cisco Systems, Inc. (California, U.S.), CognizantTechnology Solutions Corporation (New Jersey, U.S.), HCL Technologies Limited(Uttar Pradesh, India), Harman International Industries, Inc. (Connecticut,U.S.), Infosys Limited (Karnataka, India), Virtusa Corporation (Massachusetts,U.S.), Tieto Corporation (Helsinki, Finland), Tata Consultancy Services Limited(Maharashtra, India), Tech Mahindra Limited (Maharashtra, India), and WiproLimited (Karnataka, India) offer IoT managed services to cater to the needs anddemands of the market. These players have adopted various growth strategies,such as business expansions, mergers & acquisitions, Partnerships andcollaborations, and new service launches. Partnerships and collaborations havebeen the major strategical trends, accounting for more than half of the marketshare of all the growth strategies adopted by the major market players.Companies have adopted these strategies to expand their service offerings andventure into new markets. For instance, In November 2016, Reliance Group, Indialeading private sector business house, partnered with Cisco Jasper for thelaunch of a new venture, UNLIMIT, exclusively dedicated to providing IoTservices to enterprise customers throughout India.
CognizantTechnology Solutions Corporation has adopted a strategic mix of organic andinorganic growth strategies, such as partnerships and collaboration, mergers& acquisitions, and business expansions. In December 2016, Cognizantexpanded its operations in Saudi Arabia with a new office in Riyadh. Thecompany aims to enhance operations and deliver digital services in thepotential markets of the Middle East region.
Similarly,Cisco Systems, Inc., in November 2016, Cisco Jasper partnered with RelianceGroup, for the launch of a new venture, UNLIMIT, exclusively dedicated toprovide IoT services to enterprise customers throughout India.
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