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

• 
  CAGR (2023 - 2031)

  25.9 %
• Market Size 2023
  US$ 82.30 Billion
• Market Size 2031
  US$ 519.22 Billion

Market Dynamics

GROWTH DRIVERS

• Increasing Demand for IoT Managed Services

FUTURE TRENDS

• Shifting towards everything-as-a-services (XAAS)

OPPORTUNITIES

• Increasing Momentum for Managed Cloud Services

Key Players

• Cisco Systems Inc.
• Cognizant
• Google Inc.
• Harman International
• HCL Technologies Limited
• IBM Corporation
• Infosys Limited
• Microsoft
• Tata Consultancy Services Limited
• Wipro Limited

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Service

• Device Management Services
• Data Management Services
• Network Management Services
• Security Management Services

End-Use

• Government
• Manufacturing
• Transportation & Logistics
• Energy & Utilities
• Smart Building & Home
• IT & Telecom
• Healthcare
• BFSI
• Retail

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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

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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