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IoT Managed Services Market Size (2024 - 2029)

The IoT managed services market is poised for significant growth, driven by the increasing adoption of multi-cloud applications, automation, and the demand for IoT in industrial settings. Technological advancements and the decreasing costs of sensors and processors are enhancing real-time information access, contributing to market expansion. The need for improved operational efficiency and collaboration among key players is expected to further propel the market. The integration of IoT technologies in the industrial sector, particularly with the emergence of Industry 4.0, is influencing market dynamics. Additionally, the development of connected devices and advancements in Artificial Intelligence are creating new business opportunities, particularly in areas such as remote monitoring and predictive maintenance. The COVID-19 pandemic has also accelerated the push for automation in manufacturing, thereby increasing the demand for IoT-managed services.

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Market Size of IoT Managed Services Industry

Internet of Things (IoT) Managed Services Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 27.82 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Internet of Things (IoT) Managed Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

Internet of Things (IoT) Managed Services Market Analysis

The internet of things (IoT) managed services market is expected to grow at a CAGR of 27.82% during the forecast period. The rise in the multi-cloud application, automation, and increased demand for IoT in industrial space is augmenting the demand for IoT-managed services across the globe.

  • The expansion is anticipated to be fueled by technological developments and the rising affordability of sensors and processors that can deliver real-time information access. The need to increase operational proficiency and excellent cooperation among the key market players is also anticipated to fuel expansion. The methods developed to build a combined digital-human workforce would offer significant growth opportunities.
  • The scalability, cost advantages, and data analytics benefits made possible by IoT technologies in the industrial domain are impacting the adoption as Industry 4.0 comes to fruition. For instance, Tech Pro says over 80% of industrial manufacturing organizations either use or plan to deploy IoT devices.
  • Enterprises looking to opt for IoT are increasing, and global IoT MSPs are further targeting such enterprises. According to the CompTIA survey on MSPs, MSPs see emerging technology as a significant business opportunity source, and over 50% of respondents offer IoT-managed services.
  • Developing connected devices is anticipated to create new opportunities for businesses with expertise in cutting-edge Artificial Intelligence (AI) algorithms to create ground-breaking solutions that may address the issues with the technology. IoT-managed services are becoming more popular in application areas like remote monitoring, asset management, predictive maintenance, remote servicing, and operational information.
  • Due to the COVID-19 spread, manufacturing facilities are expected to increase the automation level in the future, wherever possible, due to social distancing norms. It would further push the number of industrial IoT-connected objects to multiply, fuelling the demand for IoT-managed services.

Internet of Things (IoT) Managed Services Industry Segmentation

IoT-managed services are a collection of tools and services that aid in overseeing the entire IoT ecosystem. It outlines a suitable business plan for digital transformation and gives enterprises the power to put together the ideal combination of IoT products and solutions.

The Internet of Things (IoT) Managed Services Market is segmented by application (network management, device management, data management, security management, and other applications), end-user (energy and utilities, manufacturing, retail, healthcare, BFSI, IT & Telecom, and other end-users), and geography (North America (United States, Canada, and rest of North America), Europe (Germany, UK, France, Spain, and rest of Europe), Asia-Pacific (India, China, Japan, and rest of Asia-Pacific), and Latin America (Brazil, Argentina, and rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, and rest of MEA).

The market sizes and forecasts are provided in value (USD million) for all the above segments.

By Application
Network Management
Device Management
Data Management
Security Management
Other Applications
By End-user
Energy and Utilities
Manufacturing
Retail
Healthcare
BFSI
IT & Telecom
Other End-users
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East and Africa
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IoT Managed Services Market Size Summary

The IoT managed services market is experiencing significant growth, driven by the increasing adoption of multi-cloud applications, automation, and the rising demand for IoT solutions in industrial settings. This expansion is supported by advancements in technology and the decreasing costs of sensors and processors, which enable real-time data access. The market is further bolstered by the need for enhanced operational efficiency and collaboration among key players. The integration of IoT technologies within the framework of Industry 4.0 is facilitating scalability, cost savings, and data analytics benefits, which are crucial for the adoption of IoT solutions. As enterprises increasingly seek IoT capabilities, global IoT managed service providers are targeting these businesses, recognizing emerging technologies as a significant opportunity for growth. The development of connected devices, coupled with cutting-edge AI algorithms, is creating new business opportunities in areas such as remote monitoring, asset management, and predictive maintenance.

The Asia-Pacific region is poised for substantial growth in the IoT managed services market, driven by its burgeoning commercial sectors, including healthcare, manufacturing, and agriculture. The region's expansion is further supported by government initiatives and investments aimed at promoting IoT adoption in various applications. The integration of blockchain and cryptographic processes in IoT security services is enhancing data management and reducing vulnerabilities, thereby fueling market growth. The market is highly fragmented, with numerous players competing on price, quality, and product differentiation. Strategic alliances and partnerships, such as those between Argentine Chamber of IoT and Telit, and between KORE and Google Cloud, are helping companies expand their market presence and enhance their service offerings. Key players in the market include IBM Corporation, Accenture PLC, and Tech Mahindra Limited, among others, who are actively engaging in acquisitions and collaborations to strengthen their positions in the global IoT managed services landscape.

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IoT Managed Services Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Stakeholder Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Application

      1. 2.1.1 Network Management

      2. 2.1.2 Device Management

      3. 2.1.3 Data Management

      4. 2.1.4 Security Management

      5. 2.1.5 Other Applications

    2. 2.2 By End-user

      1. 2.2.1 Energy and Utilities

      2. 2.2.2 Manufacturing

      3. 2.2.3 Retail

      4. 2.2.4 Healthcare

      5. 2.2.5 BFSI

      6. 2.2.6 IT & Telecom

      7. 2.2.7 Other End-users

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Spain

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 India

        2. 2.3.3.2 China

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of Asia-Pacific

      4. 2.3.4 Latin America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of Latin America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 UAE

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Rest of Middle East and Africa

IoT Managed Services Market Size FAQs

The IoT Managed Services Market is projected to register a CAGR of 27.82% during the forecast period (2024-2029)

Tech Mahindra Limited, Infosys Limited, Wipro Limited, Cognizant Technology Solutions Corp.​ and HCL Technologies Ltd are the major companies operating in the IoT Managed Services Market.

IoT Managed Services Market Report Snapshots

IoT Managed Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)