The managed IoT services market is estimated to grow from $ 21.85 billion in 2016 to $ 79.60 billion by 2021, at a CAGR of 29.5% between 2016-2021. Managed IoT Services are a collection of services and capabilities that help you manage your entire IoT environment. It defines the right strategy for digital transformation companies and enables organizations to create the right mix of IoT products and solutions. The difficulty of integrating IoT technology with existing legacy systems and processes is a major challenge for organizations planning digital transformation.
Market dynamics of managed IoT services
- MSPs provide operational efficiency and high-performance work systems in organizations.
- Increase in the number of managed cloud services
- Reduced revenue from service delivery by shifting focus to MSP
- A growing penchant for profitable managed services
- Failure of MSPs to Cope with the Complexities of IoT
- IoT MSPs lack the scalability and flexibility to offer services.
- The proliferation of connected devices will drive market demand