Overview and Scope
The IoT managed services are services that aid in IoT environment management. It defines a suitable business strategy for digital transformation and enables organizations to bring together the right mix of IoT products and solutions. IoT managed services offer systematic solutions to business problems, boost operational efficiency, and open up new markets.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the IoT managed services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iot managed services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the iot managed services market report are Cisco Systems Inc., International Business Machines Corporation, HCL Technologies Limited, HARMAN International Industries Incorporated, Cognizant Technology Solutions Corporation, AT&T Inc., Verizon Communications Inc., Vodafone Group Plc, T-Mobile US Inc., Sprint Corporation, Ericsson AB, Orange Business Services, Deutsche Telekom AG, Sierra Wireless Inc., Telit Communications PLC, Aeris Communications Inc., KORE Wireless Group, Arm Ltd., PTC Inc., Microsoft Corporation, Amazon Web Services Inc., Siemens Aktiengesellschaft, Robert Bosch GmbH, Dell Technologies Inc., Hewlett Packard Enterprise Company, Oracle Corporation, Telstra Corporation Limited, Software Aktiengesellschaft, Wipro Limited, Accenture plc, Fujitsu Limited, NTT Data Corporation
The iot managed services market report table of contents includes:
1. Executive Summary
2. IoT Managed Services Market Characteristics
3. IoT Managed Services Market Trends And Strategies
4. IoT Managed Services Market – Macro Economic Scenario
5. Global IoT Managed Services Market Size and Growth
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26. South America IoT Managed Services Market
27. Brazil IoT Managed Services Market
28. Middle East IoT Managed Services Market
29. Africa IoT Managed Services Market
30. IoT Managed Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Cisco Systems Inc
- International Business Machines Corporation
- HCL Technologies Limited
- HARMAN International Industries Incorporated
- Cognizant Technology Solutions Corporation
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