IoT Managed Services Market in India 2024

IoT Managed Services Market in India 2024

The IoT-managed services market in India is still in its early stages but is rapidly evolving. The growing IT industry, increasing IoT devices backed by improving digital infrastructure, the advent of 5G, and greater use of smart gadgets are the prominent drivers of market growth.

The development of IoT products, specifically in the domains of agriculture, health, water quality, natural disasters, transportation, security, automobiles, supply chain management, and smart cities, will drive the demand for IoT-managed services in the future.

The use of cloud computing, blockchain, and edge computing technologies offers new opportunities for market players.

The expansion of 5G connectivity in the country will further propel market growth. 5G smartphones will lead to more efficient and seamless interactions in the rapidly expanding Internet of Things (IoT) ecosystem, which bodes well for the market.

Market driver:

The declining cost of sensors and processors, better access to high-speed internet, and the development of new IoT applications in a wide range of industries have contributed to the increased number of IoT applications.

An increase in the number of IoT devices in various sectors has resulted in a greater need to monitor and maintain them. This has aided the growth of the market in India.

Market challenges:

IoT development requires specialized skills in hardware and software engineering, data analytics, and cybersecurity. However, India faces a skill gap in the field of IoT, hindering the growth of IoT-managed services. According to TeamLease Digital, a subsidiary of TeamLease Services, as of May 2023, around 30% of the 40,000 job openings for cybersecurity professionals in India remained unfilled due to a substantial shortage of skills.

The surge in 5G advancements has generated a demand for professionals proficient in handling extensive data over networks, covering areas such as cloud computing, network function virtualization, software-defined networking, application network and cloud security, blockchain, AI robotics, and IoT.

The Telecom Sector Skills Council (TSSC) reported a 28% skillset demand-supply gap in India in 2022-2023, with an anticipated requirement of at least 22 million skilled professionals by 2025 to harness the benefits of 5G.

Key trend:

Cyber-attacks such as MITM (Man in the Middle) attacks, outdated firmware vulnerabilities, physical hacking, firmware spoofing, and signal spoofing pose threats to IoT networks.

These threats often threaten the flow of IoT data, disrupt process flows, and compromise operating systems (OS), as well as impact image storage over IoT networks. IT service providers are addressing these concerns by expanding their 'Cybersecurity as a Service' offerings in IoT management. Industry players are competing to provide security frameworks that not only defend against current threats, but also adapt to counter future vulnerabilities.