Insurtech Market Size

Insurtech Market Growth Projections and Opportunities

In today's rapidly changing world, the development of smart cities is gaining momentum worldwide. Governments are increasingly inclined towards adopting smart city projects, leading to a surge in demand for IoT managed services. Smart city initiatives necessitate efficient management solutions, and IoT plays a crucial role in these projects. The integration of new IoT applications and big data analytics is propelling the growth of smart city initiatives, which aim to provide features such as remote monitoring, traffic management, and automation. However, delivering these features raises challenges in device management complexity and heightened security concerns.

The IoT managed services sector addresses these challenges, offering device management services and data security services to meet the emerging needs for efficiency and security. As the smart city market expands, the growth of the IoT managed services market runs in parallel, reinforcing the symbiotic relationship between the two.

The adoption of cloud services has been on the rise due to innovations and various benefits such as flexibility, disaster recovery, and automatic software updates. Cloud technology has become integral for enterprises and industries, chosen for its cost efficiency and high performance. To sustain the technological advancements of cloud technology and accommodate the growing penetration of IoT, there is an increasing demand for IoT managed services.

While cloud services offer numerous advantages, they also come with cybersecurity threats. The rising adoption of cloud services has led to a heightened requirement for data security services. A notable partnership between Avnet, a leading global technology distributor, and AT&T on February 26, 2017, highlighted the integration of IoT managed services with cloud applications. This collaboration aimed to seamlessly deliver these integrated services into their IoT solution stack.

IoT managed services are tailored to specific industries, making them preferable for organizations with unique requirements. However, security remains a major concern across all sectors. IoT managed services, particularly those focused on IoT security assessments, emerge as the optimal solution to address these security concerns comprehensively.