According to the results of a recent market analysis by Frost & Sullivan (News - Alert), the IoT managed services market will likely experience massive growth over the next few years.
Researchers closely examined the tech trends of a number of global regions including North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa. Though the past year was highly affected by the pandemic, the IOT managed services industry brought in $53.56 billion, which is expected to increase significantly as IoT devices continue to rise in popularity among consumers and businesses.
"While the recent pandemic adversely affected expansion across verticals, the impact is expected to be short to medium term, and businesses will recover," said Deepali Sathe, Senior Industry Analyst, Frost & Sullivan. "Technology adoption across verticals has been increasing as the benefits of IoT are quantified for companies to move from pilot and proof-of-concept stage to implementation. Almost all verticals, such as manufacturing, retail, healthcare, utilities, and energy, are expected to regain strong growth trajectories."
The IoT industry is currently facing a problem with standardization, and customers and businesses struggle to integrate devices that are compatible with their networks. This issue will likely be a key focus for managed service providers who are looking to provide customers with easier connectivity. As popularity among IoT devices continues to explode, managed services providers will likely forge other solutions to provide security, connectivity, and cost reduction for users across the business spectrum.
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