The IoT Managed Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Managed Services , The iot managed services market size has grown exponentially in recent years. It will grow from $72.94 billion in 2023 to $90.17 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to increased complexity of iot ecosystems, proliferation of iot devices, need for scalable and secure connectivity, rising demand for data analytics in iot, limited in-house expertise for iot management.
The iot managed services market size is expected to see exponential growth in the next few years. It will grow to $209.57 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to expansion of 5g networks, growth in edge computing for iot, emphasis on iot security and privacy, rise of industry-specific iot applications, growing demand for multi-cloud applications. Major trends in the forecast period include integration of artificial intelligence in iot management, managed iot platform-as-a-service (paas), predictive maintenance and remote monitoring, sustainable and green iot practices, adoption of blockchain for iot security.
The increasing use of IoT managed services solutions in the automotive, electronic goods, and information and telecommunications industries will propel the growth of the IoT managed services market. The primary factors boosting the IoT managed services are the present long-term evolution (LTE) deployment and technical developments in numerous areas. IoT-managed services are widely used in the automotive, consumer electronics, and telecom industries. For instance, in 2020, 91% of the cars sold in the US were IoT-connected which is 13 million IoT-connected vehicles and is expected to reach 115 million by 2025. The IoT in the cars can predict car maintenance by collecting data from sensors, assessing any issues, communicating the information through the cloud, and then informing the driver. The predictive analysis of car maintenance increases the use of IoT in automotive. Therefore, the increasing use of IoT managed services solutions in the automotive, electronic goods, and information and telecommunications industries will drive the IoT managed services market growth.
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The iot managed services market covered in this report is segmented –
1) By Service Type: Infrastructure Management Services, Security Management Services, Network Management Services, Data Management Services, Device Management Services
2) By End-Users: Automotive And Transport, Information Technology And Telecom, Healthcare, Banking, Financial Services, And Insurance (BFSI), Manufacturing, Other End-Users
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
Technological advancements are a key trend gaining popularity in the IoT managed services market. Modern cloud-based technology has helped IoT-managed services companies ensure data is backed up and protected in a secure and safe location. Cloud-based services for connecting, monitoring, and managing IoT devices are presented. Cloud providers provide IoT services that combine required features into a complete solution that includes connectivity between devices and the cloud, data processing from devices, and interaction with connected devices via the application. For instance, in February 2021, NXP Semiconductors N.V, a secure Internet-of-Things (IoT) embedded solutions provider, introduced a new EdgeLock 2GO IoT cloud service platform that securely deploys and manage security of IoT devices and services. For IoT device manufacturers and service providers, EdgeLock 2GO and EdgeLock SE050 deliver an end-to-end security solution, from edge to cloud.
The iot managed services market report table of contents includes:
- Executive Summary
- IoT Managed Services Market Characteristics
- IoT Managed Services Market Trends And Strategies
- IoT Managed Services Market – Macro Economic Scenario
- Global IoT Managed Services Market Size and Growth
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- Global IoT Managed Services Market Competitive Benchmarking
- Global IoT Managed Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The IoT Managed Services Market
- IoT Managed Services Market Future Outlook and Potential Analysis
- Appendix
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