IoT-managed services providers are expected to leverage vertical expertise to expand globally, experiencing significant growth overall.
This is according to recent analysis by Frost & Sullivan, which finds the IoT-managed services market will experience ‘tremendous growth’ in the next five years.
In fact, the market is expected to reach $166.71 billion by 2025 from $53.56 billion in 2020.
Frost & Sullivan states, driven by increased IoT adoption, the managed services market will see an uptick as companies recognise the benefits of assistance across connectivity, cybersecurity, data management, device management, and infrastructure management.
According to the analysts, the lack of standardisation in the IoT industry has resulted in an extremely fragmented ecosystem. This has led to users struggling to find solutions and devices that are interoperable and compatible with their existing systems.
Addressing this challenge and focusing on the following strategic recommendations will offer tremendous growth prospects for IoT-managed services providers, Frost & Sullivan states.
Key recommendations include:
Frost & Sullivan senior industry analyst Deepali Sathe says, “While the recent pandemic adversely affected expansion across verticals, the impact is expected to be short to medium term, and bus ..