The IoT managed services market size is projected to reach US$ 519.22 billion by 2031 from US$ 82.30 billion in 2023. The IoT-managed services market is expected to register a CAGR of 25.9 % in 2023–2031. The expansion of multi-cloud applications, increase in automation, and rise in demand for IoT in the industrial space are driving the demand for IoT-managed services globally.
The expansion of multi-cloud applications, automation, and rising demand for IoT in the industrial space are all driving up demand for IoT-managed services globally. The increase is expected to be driven by technical advancements and the affordability of sensors and processors capable of providing real-time information access. The demand for increased operational proficiency and excellent collaboration among key industry participants is also expected to drive the market. The approaches used to create a hybrid digital-human workforce are expected to provide considerable growth potential.
IoT-managed services may provide systematic answers to corporate concerns, enhance operational efficiency, and open up new markets by leveraging data flowing between connected devices and the electronic core. The Internet of Things managed services market comprises four main services: device drivers, infrastructure services, data security control, and network monitoring.
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IoT Managed Services Market: Strategic Insights
The IoT managed services sector is rapidly gaining significant traction. LTE deployment and technical breakthroughs in many areas are the primary reasons driving the IoT managed services market. Widespread IoT managed services applications in automotive, consumer electronics, and IT/telecom will fuel market expansion. Furthermore, market prospects for IoT managed services security remained positive, which boosted demand for IoT managed services even more. Furthermore, the increasing use of connected devices such as laptops, wearables, and smartphones positively impacts the market growth. Increased focus on enhancing network connectivity is accelerating the IoT managed services market growth.
The IT sector is shifting from traditional to cloud hosting. This drives the growth of managed cloud services. Many firms are still unaware of and unable to fully leverage the cloud's capabilities. As a result, they hire a third-party managed cloud service provider for the task. This necessity is driving the need for managed cloud services. Cloud services are a prominent trend in the outsourced services industry. MSPs primarily focus on Managed Anything as a Service (XaaS), as they typically provide their services over the cloud. Cloud and IoT are inextricably linked since IoT components are not designed with self-storage, hence data created must be kept on the cloud. Specifically, IoT managed services are utilizing cloud platforms to deliver their IoT managed services to organizations.
Key segments that contributed to the derivation of the IoT managed services market analysis are service and end use.
The geographic scope of the IoT managed services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The market has enormous growth potential in Asia-Pacific due to thriving commercial sectors such as healthcare, safety and security, manufacturing, energy, and agriculture. Because of the incorporation of blockchain and cryptographic procedures into IoT security services, IoT provides a centralized network and associated data management, decreasing corporate risks and security issues while also propelling the IoT in the regional engineering services market.
The regional trends and factors influencing the IoT Managed Services Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses IoT Managed Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 82.30 Billion |
| Market Size by 2031 | US$ 519.22 Billion |
| Global CAGR (2023 - 2031) | 25.9 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Service
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The IoT Managed Services Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the IoT Managed Services Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The IoT managed services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT managed services market are listed below:
(Source: KORE, Press Release, 2022)
(Source: HCL Technologies, Press Release, 2022)
The "IoT Managed Services Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global IoT managed services market is expected to reach US$ 519.22 billion by 2031.
The key players holding majority shares in the global IoT managed services market are Cisco Systems Inc., Cognizant, Google Inc., Harman International, and HCL Technologies Limited.
Shifting towards everything-as-a-services (XAAS) is anticipated to play a significant role in the global IoT managed services market in the coming years.
Increasing demand for IoT managed services is the major factors that propel the global IoT managed services market.
The global IoT managed services market was estimated to be US$ 82.30 billion in 2023 and is expected to grow at a CAGR of 25.9% during the forecast period 2023 - 2031.