Market Trends of IoT Managed Services Industry
This section covers the major market trends shaping the IoT Managed Services Market according to our research experts:
Manufacturing Sector to Hold a Significant Market Share
- Industry 4.0 is transforming industries, from legacy systems to smart components and machines, to facilitate digital factories and develop an ecosystem of connected plants and enterprises. Industry 4.0 persuaded OEMs to adopt IoT across their operations.
- Maryville University estimates that by 2025 over 180 trillion GB of data will be created worldwide every year. IIoT-enabled industries will generate a large portion of this. A survey by Industrial IoT (IIoT) giant Microsoft found that 85% of companies have at least one IIoT use case project. This number increased, as 94% of respondents said they would implement IoT strategies by 2021.
- The benefits offered by IoT in the manufacturing industry are driving the adoption rates. The benefits include increased machine utilization, predictive maintenance and production, data analytics, monitoring, automation, and cost benefits.
- According to the Information Technology and Innovation Foundation (ITIF), IoT applications for monitoring machine utilization can increase manufacturing productivity by 10% to 25%. %. BC Machining LLC, a metal parts manufacturer, onboarded a machine utilization monitoring solution that helps it improve productivity and optimize computer numerical control (CNC) machines. IIoT solutions capture real-time data from equipment sensors to provide reports on the machines' cycle times, downtime, and other parameters.
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Asia-Pacific is Expected to Witness the Highest Growth Rate
- As the Asia-Pacific region is developing, it holds significant expansion potential owing to booming commercial sectors like healthcare, safety and security, manufacturing, energy, and agriculture. It is enabling the IoT market to grow at a faster rate.
- Due to the integration of blockchain and cryptographic processes across IoT security services, IoT offers a centralized network and associated data management, reducing business vulnerabilities and security concerns and fueling the IoT in the engineering services market in this region.
- The countries such as India, Japan, China, Australia, and South Korea, are significant contributors to the Asia-Pacific market, and the growing smart city implementation in this region presents the market with varied potential growth opportunities.
- Moreover, growing government initiatives to encourage healthcare providers and other healthcare organizations to adopt EHR and EMR technologies and aggressive investments from nonprofit entities and private sectors in different applications are expected to drive IoT managed services market in the Asia-Pacific region.
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