With advances in modern technologies, the expansion of the Internet of Things (IoT) sector has witnessed extensive developments. The growing expansion of IoT services in various sectors and industries for efficient management is serving as a prominent growth generator for the global IoT managed services market.
IoT managed services comprise a range of services that help in managing the entire IoT environment, says Tanmay Deshingkar, at Transparency Market Research. These services empower various sectors to move toward smart management of day-to-day activities. The expansive need for the introduction of modern technologies across a large number of sectors and businesses will enlighten the growth prospects across the IoT managed services market.
A massive number of sectors are embracing IoT services for better management and efficacy. Some services are designed keeping in mind the different aspects and needs of a particular sector. IoT managed services are expanding their portfolio by customising their services for specific sectors. These factors will boost the growth of the IoT managed services market to a considerable extent.
Here are some of the major sectors that are implying IoT for various purposes. These sectors will provide a golden opportunity for the players in the IoT managed services market.
Transportation
The utilisation of IoT in transportation is magnifying exponentially. Several developments have been observed over the years. The transportation sector offers a shining opportunity for the players in the IoT managed services market. Many established players are trying to make a mark across the smart transportation sector.
For instance, Vodafone is testing a novel precision positioning technology to remotely track a vehicle within a few metres of its location. Similar developments will add extra stars of growth to the IoT managed services market.
Agriculture
Technology is playing a crucial role across the agriculture sector. The modernisation of the agriculture sector is ensuring the maximisation of crop production and less wastage. The government bodies of numerous countries are focusing on generating awareness about smart agriculture among their citizens. This aspect will invite phenomenal growth opportunities for the participants in the IoT managed services market.
The initiatives and investments of the South Korean Government to ramp up the smart farming sector is a classic instance. The Agriculture Ministry of South Korea recently announced US$36.3 million (€30.52 million) investment for a project that will focus on the development, research, and demonstration of smart farm technologies.
The majority of the farming population in South Korea is above the age of 70. A large chunk of the farmers grow their crops on land less than one hectare. To tackle this problem, smart farming is emerging as a great solution. These factors will help in increasing the growth rate of the IoT managed services market.
COVID-19 vaccine
Mass COVID-19 vaccination drives across numerous countries will prove to be a knight in shining armour in terms of growth prospects across the IoT managed services market. Vaccines for COVID-19 have finally received emergency approvals for use from various regulatory authorities. The production and distribution of vaccines have begun on a large scale. Management of vaccines is a tedious task. IoT is helping in efficient management of vaccines.
Tata Consultancy Services (TCS) has launched a COVID-19 Testing and Vaccine Management Suite that assists in streamlining the entire vaccination process. From manufacturing to allocation, every part of the process is managed by the Suite. The TCS Suite makes use of IoT, robotics, Artificial Intelligence (AI), and other technologies to enable a smooth vaccination process. The COVID-19 vaccination will be a game-changer for the players in the IoT managed services market.
Other sectors are also leveraging the power of IoT for seamless management and increased efficiency. Thus, these sectors are offering a rainbow of opportunities for the IoT managed services market to expand their growth prospects.
Strategic collaborations are acting as vital growth generators for the IoT managed services market. Some of the recent collaborations are as follows:
- Siemens, IBM, and Mindsphere partner to focus on Industrial IoT and edge computing
- Telefonica collaborated with Amazon Web Services (AWS) and Mavenir for IoT services
Seeing the current developments, the IoT managed services market seems to have a bright future. The expansion of growth will depend on how the market will cope and react with the rapidly changing landscape of various sectors.
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The author is Tanmay Deshingkar, a content writer at Transparency Market Research
About the author
Tanmay Deshingkar, a content writer at Transparency Market Research with extensive experience in researching and writing articles on various markets. He strives to create useful and enriching content for the reader. He also ensures that the content is void of errors and plagiarism-free. Tanmay is a commerce graduate.
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