Internet of Things (IoT) Managed Services

Global Internet of Things (IoT) Managed Services Market to Reach US$785.8 Billion by 2030

The global market for Internet of Things (IoT) Managed Services estimated at US$166.3 Billion in the year 2023, is expected to reach US$785.8 Billion by 2030, growing at a CAGR of 24.8% over the analysis period 2023-2030. Network Management, one of the segments analyzed in the report, is expected to record a 26.7% CAGR and reach US$349.8 Billion by the end of the analysis period. Growth in the Security Management segment is estimated at 25.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$48.0 Billion While China is Forecast to Grow at 24.0% CAGR

The Internet of Things (IoT) Managed Services market in the U.S. is estimated at US$48.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$118.3 Billion by the year 2030 trailing a CAGR of 24.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 22.2% and 20.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.9% CAGR.

Global Internet of Things (IoT) Managed Services Market - Key Trends and Drivers Summarized

How Are Internet of Things (IoT) Managed Services Shaping Enterprise Digital Transformation?

The Internet of Things (IoT) managed services are critical in enabling businesses to manage, deploy, and maintain IoT ecosystems efficiently. As organizations adopt IoT technologies to enhance their operations, the complexity of managing connected devices, data streams, and networks grows significantly. IoT managed services offer comprehensive support, including device management, network monitoring, data security, and analytics, allowing businesses to focus on their core operations. These services are particularly beneficial for enterprises that lack the technical expertise or resources to maintain their own IoT infrastructure. By outsourcing management to specialized providers, companies can optimize their IoT systems and ensure seamless operations, driving cost efficiency and scalability.

What Technological Innovations Are Fueling IoT Managed Services?

Technological advancements in cloud computing, edge computing, and artificial intelligence (AI) are transforming IoT managed services. Cloud platforms enable centralized management of IoT devices, offering scalability and flexibility to enterprises across various industries. Edge computing is playing a critical role by bringing data processing closer to the source, reducing latency and improving real-time decision-making capabilities. AI and machine learning are being integrated into managed services to analyze data streams in real time, detect anomalies, and automate responses, further improving the efficiency and reliability of IoT ecosystems. These innovations are enabling service providers to offer more sophisticated solutions that meet the evolving needs of businesses across sectors.

How Do Market Segments Define the Growth of IoT Managed Services?

Service types include infrastructure management, security management, network & data management, and analytics, with security management emerging as the fastest-growing segment due to rising concerns over data breaches and cybersecurity threats. Applications span across smart cities, industrial automation, healthcare, and retail, with industrial automation leading the market as manufacturers seek to optimize operations through IoT-driven solutions. End-users include large enterprises, small and medium-sized businesses (SMBs), and governments, with large enterprises adopting IoT managed services to manage vast IoT ecosystems. The market is experiencing rapid growth in regions such as North America and Europe, where digital transformation and IoT adoption are advanced, and is expanding in Asia-Pacific, driven by industrial automation and smart city initiatives.

What Factors Are Driving the Growth in the IoT Managed Services Market?

The growth in the IoT managed services market is driven by several factors, including the increasing complexity of IoT networks, the rising demand for real-time data processing, and advancements in cloud and edge computing technologies. As IoT ecosystems grow, businesses are turning to managed service providers to handle the complexities of device management, network monitoring, and data security. The integration of AI and automation into managed services is also driving growth by enabling more efficient and proactive management of IoT infrastructures. Additionally, the growing focus on cybersecurity and the need to protect IoT devices and data from potential threats are pushing organizations to adopt managed security services, further fueling market expansion.

Select Competitors (Total 37 Featured) -

• Aricent Inc.
• Cisco Systems, Inc.
• Cognizant Technology Solutions Corporation
• Futurism Technologies Pvt. Ltd.
• Happiest Minds Technologies
• Harman International Industries, Inc.
• HCL Technologies Limited
• Ilink Systems Inc.
• Infosys Limited
• Key Innovators
• Scalable Systems, Inc.
• Tata Consultancy Services
• Tech Mahindra Limited
• Tieto Corporation
• Trustwave Holdings, Inc.
• Virtusa Corporation
• Wipro Limited

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