The evolution of the digital marketplace has taken away many of the physical, tangible items commonly associated with the workday, but smart devices are omnipresent. It’s a bit ironic, then, that a newfangled “concrete” technology has cornered the market when its features are far beyond those of a simple smartphone. Recent analysis suggests there are rapid gains to be made in the IoT managed services market.
Internet of Things, or IoT, devices are physical systems that can host expanded internet activities beyond that of an average laptop or smartphone. That doesn’t mean a gadgetary layman can’t have an IoT device; it’s a matter of functionality. Internet-connected devices are bumped up to the IoT distinction when provisioned with inbuilt technologies such as functional software and network actuators. They’re seamlessly interconnected with the IT network brain and can be controlled remotely with full functionality.
The created network of IoT promotes a communication and interactivity of connected systems that befits the MSP business model. In fact, the impressive current metrics on IoT business integration were spurred on by the escalation of managed cloud services in the interest of cost-cutting. MSPs are in a tricky spot, as some have struggled with the complexity of IoT services. Issues of scale and flexibility in the rollout, in relation to the usual efforts of an MSP, must be addressed if the providers want to ride the IoT wave.
Hopefully, competitive MSPs can figure out the through line for the burgeoning business in time. It’s unsurprising to learn that the IoT managed services market is just around the corner from a stint in the financial spotlight. Analyst firm Frost & Sullivan expects the market’s outlook to triple from $53 billion in 2020 all the way to $166 billion. The firm’s report underlines the inevitable adoption of IoT technology as the main motivator behind the inflated numbers. Frost & Sullivan Senior Industry Analyst Deepali Sathe said, “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.” Several industries will be reevaluating business needs during the upcoming COVID-19 recovery period—which will coincide with a prolific age of IoT assimilation.
Frost & Sullivan’s research indicates that the Asia Pacific area, followed by North America, will see the fastest growth. Some governments in the Asia Pacific area had made forward-thinking infrastructure changes that fostered IoT market value, while others worldwide are playing catch-up due to sluggish 2G or 3G systems. North America and Europe had inflated numbers in 5G, LTE-M, and Narrowband-IoT deployment, offset by the associated higher spectrum costs.
The main problems IoT integration runs across are regional network incongruities and standardization lapses. Forming strategic partnerships with MSPs using intelligent edge methods—ones dedicated to enhancing comprehension of IoT devices in business practices—could be the best option for those wanting in on this booming market.