IoT Managed Services
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What Will the IoT Managed Services Industry Market Size Be by 2025?
The scale of the IoT managed services market has been expanding swiftly in the recent past. Its worth will rise from $69.68 billion in 2024 to an estimated $80.08 billion in 2025, marking a compound annual growth rate (CAGR) of 14.9%. The previously observed growth can be credited to factors such as an upsurge in the complexity of IoT ecosystems, explosion of IoT devices, necessity for scalable and secure connections, heightened need for analytics in IoT, and the lack of sufficient internal expertise for IoT management.
What’s the Long-Term Growth Forecast for the IoT Managed Services Market Size Through 2029?
The market size for IoT managed services is anticipated to experience substantial growth in the coming years, expanding to $149.88 billion by 2029, with a compound annual growth rate (CAGR) of 17.0%. The accelerated growth within the predicted timeline can be ascribed to several factors including the expansion of 5g networks, the rise in edge computing specifically for IoT, increased focus on IoT security and privacy, the emergence of industry-tailored IoT applications, and an upsurge in the demand for multi-cloud applications. Key trends across the prediction period consist of the incorporation of artificial intelligence into IoT management, the rise of IoT platform-as-a-service (PaaS) management, the utilization of predictive maintenance as well as remote monitoring, the implementation of sustainable and eco-friendly IoT approaches, and the adoption of blockchain technology to enhance IoT security.
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What Are the Key Growth Drivers Fueling the IoT Managed Services Market Expansion?
The ascent in adoption of IoT managed services solutions within industries such as automotive, electronic goods, and information and telecommunications is set to accelerate the expansion of the IoT managed services market. Factors like current long-term evolution (LTE) deployments and technological advancements in multiple domains are amplifying the demand for IoT managed services. These services have found wide application in sectors like automotive, consumer electronics, and telecommunications. For instance, a report by the Health Sector Cybersecurity Coordination Center (HC3) published in August 2022 revealed that nearly 7 billion devices are linked through IoT in 2022. The report also predicted significant growth, with an additional 20 billion devices anticipated to tap into this technology by 2025. Consequently, the increased utilisation of IoT managed services solutions within industries such as automotive, electronic goods, and information and telecommunications will catalyse the surge of the IoT managed services market.
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What Are the Key Trends Driving IoT Managed Services Market Growth?
The primary firms in the abrasives market are utilizing strategic partnerships as their growth strategy. Essentially, strategic partnerships involve companies capitalizing on each other’s strengths and resources to mutually benefit and achieve success. An example of this could be seen in May 2023 when NTT Ltd., an IT infrastructure and services firm based in the United States, and Cisco Systems Inc., also a US-based technology firm, entered a partnership to create and implement integrated solutions. These solutions would enable businesses to optimize operational efficiency and progress towards sustainability objectives. Using predictive maintenance, asset tracking, and supply chain management tools, the newly developed solutions would exploit NTT’s Edge as a Service portfolio and Cisco’s IoT capabilities. The ultimate advantage would be real-time data insights, enhanced security measures, more efficient decision-making processes, and reduced operational expenses.
How Is the IoT Managed Services Market Segmented?
The iot managed servicesmarket 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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Which Companies Are Leading the Charge in IoT Managed Services Market Innovation?
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
Which Regions Are Leading the Global IoT Managed Services Market in Revenue?
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
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