What Has Been The Evolution of the IoT Managed Services Market in Recent Years?
The iot managed services market has seen considerable growth due to a variety of factors.
• In recent times, the market size of IoT managed services has expanded at an accelerated pace. The market which was valued at $88.38 billion in 2024 is projected to increase to $108.22 billion in 2025, reflecting a compound annual growth rate (CAGR) of 22.4%.
The growth during the historical period can be linked to factors such as the heightened complexity of IoT ecosystems, the surge in the number of IoT devices, the requirement for scalable and secure connectivity, the escalating demand for data analytics in IoT, and the lack of in-house expertise for managing IoT.
What Is the Forecasted Market Size and Growth Rate for The IoT Managed Services Market?
The iot managed services market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the IoT managed services market is predicted to experience significant growth, reaching a value of $263.01 billion in 2029 with a compound annual growth rate (CAGR) of 24.9%.
The enhanced expansion scope of 5G networks, the growth of edge computing within the IoT landscape, a focus on IoT privacy & security, the emergence of industry-specific IoT applications, and an increased need for multi-cloud applications all contribute to this projected growth during the forecast period. Other notable trends include the incorporation of artificial intelligence into IoT management, the use of managed IoT platform-as-a-service (PaaS), remote monitoring and preventative maintenance, sustainable and eco-friendly IoT practices, and the implementation of blockchain for improving IoT security.
What Factors Are Driving Growth In The IoT Managed Services Market?
Growth in the IoT managed services market is expected to be driven by increasing adoption of these solutions in the automotive, electronic goods, and information and telecommunications sectors. The key factors propelling this growth include current long-term evolution (LTE) deployments and advances in several technical fields. The automotive, consumer electronics, and telecom sectors are major users of IoT-managed services. According to an August 2022 report by the Health Sector Cybersecurity Coordination Center (HC3), a section of the US Department of Health and Human Services' (HHS) cybersecurity program, about 7 billion devices were linked through the Internet of Things (IoT) in 2022. Furthermore, this figure is predicted to rise substantially, with an additional 20 billion devices expected to utilise this technology by 2025. Therefore, the growing demand for IoT managed services solutions in these sectors will continue to fuel the growth of the IoT managed services market.
What Are The Main Segments Of The Global IoT Managed Services Market?
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
Subsegments:
1) By Infrastructure Management Services: Cloud Infrastructure Management, On-Premises Infrastructure Management
2) By Security Management Services: Endpoint Security Management, Network Security Management, Data Security Management
3) By Network Management Services: Network Monitoring, Network Optimization, Network Configuration Management
4) By Data Management Services: Data Analytics, Data Storage And Backup, Data Integration
5) By Device Management Services: Device Provisioning, Device Monitoring, Firmware Management
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What Emerging Trends Are Influencing The Growth Of The IoT Managed Services Market?
Prominent organizations functioning in the abrasives sector are embracing strategic alliances as a growth strategy in the market. A strategic alliance denotes a system in which businesses utilize each other's capacities and assets for shared benefit and achievement. An example of this occurred in May 2023 when NTT Ltd., an IT infrastructure and services firm based in the United States, and Cisco Systems Inc., a technology firm also based in the United States, unveiled a partnership to engineer and implement composite solutions that enable companies to boost operational efficacy and push sustainability aspirations. These solutions, brought about by predictive upkeep, asset tracing, and supply chain supervision capabilities will exploit NTT's Edge as a Service suite and Cisco's IoT strengths to offer instantaneous data analysis, heightened security, smarter decision-making, and decreased operating expenses.
Who Are the Key Players in the IoT Managed Services Market?
Major companies operating in the IoT managed services market include:
• 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.
• 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
What Is The Most Dominant Region In The IoT Managed Services Market?
North America was the largest region in the IoT managed services market in 2024.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
