IoT Managed Services Market Forecast and Growth Analysis 2031

IoT Managed Services Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Service (Device Management Services, Data Management Services, Network Management Services, and Security Management Services), End Use (Government, Manufacturing, Transportation & Logistics, Energy & Utilities, Smart Building & Home, IT & Telecom, Healthcare, BFSI, and Retail), and Geography

  • Report Code : TIPTE100000445
  • Category : Technology, Media and Telecommunications
  • No. of Pages : 150
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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.

IoT Managed Services Market Analysis

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 Market Overview

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

iot-managed-services-market
Market Size Value inUS$ 30.2 Billion in 2018
Market Size Value byUS$ 135.0 Billion by 2027
Growth rateCAGR of 18.5% from 2019-2027
Forecast Period2019-2027
Base Year2019
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IoT Managed Services Market Drivers and Opportunities

Increasing Demand for IoT Managed Services to Favor Market

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.

Increasing Momentum for Managed Cloud Services

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.

IoT Managed Services Market Report Segmentation Analysis

Key segments that contributed to the derivation of the IoT managed services market analysis are service and end use.

  • Based on service, the IoT managed services market is segmented into device management services, data management services, network management services, and security management services.
  • By end use, the market is segmented into government, manufacturing, transportation & logistics, energy & utilities, smart building & home, IT & telecom, healthcare, BFSI, and retail.

IoT Managed Services Market Share Analysis by Geography

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.

IoT Managed Services Market Report Scope

IoT Managed Services Market News and Recent Developments

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:

  • KORE, a global provider of Internet of Things (IoT) solutions and global IoT connectivity-as-a-service (IoT CaaS), announced a go-to-market agreement with Google Cloud to allow IoT capabilities for enterprises throughout the world. Businesses might design effective IoT solutions using KORE's IoT Solutions as well as Google Cloud infrastructure and capabilities.

(Source: KORE, Press Release, 2022)

  • HCL Technologies and SAP established a collaboration on industry-relevant IoT packaged offerings and services. HCL Technologies is a global technology organization and an Internet of Things (IoT) certified enterprise. When executing Industry 4.0 transformations, businesses must deal with a fragmented and complex solution ecosystem. HCL Technologies will bundle relevant SAP software with services and hardware to help speed up and simplify this process.

(Source: HCL Technologies, Press Release, 2022)

IoT Managed Services Market Report Coverage and Deliverables

The "IoT Managed Services Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

  • IoT managed services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • IoT managed services market trends as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • IoT managed services market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IoT managed services market
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Service ; by End-Use

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions


What will be the market size of the global IoT managed services market by 2031?

The global IoT managed services market is expected to reach US$ 519.22 billion by 2031.

Which are the key players holding the major market share of the IoT managed services market?

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.

What are the future trends of the global IoT managed services market?

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.

What are the driving factors impacting the global IoT managed services market?

Increasing demand for IoT managed services is the major factors that propel the global IoT managed services market.

What is the estimated market size for the global IoT managed services market in 2023?

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.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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