Global IoT Managed Services Market by Service (Device management services, Data management services, Network management services, Security management services and Others), Vertical (Manufacturing, BFSI, Healthcare, Transportation, Energy & Utilities, IT & Telecommunications, Retail and Others) and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030
IoT Managed Services Market size was worth around USD 48.35 billion in 2021 and is predicted to grow around USD 167.67 billion by 2030 with a compound annual growth rate of roughly 16.8% between 2022 and 2030. The report analyzes the global IoT managed services market's drivers, restraints/challenges, and the effect they have on the demands during the projection period.
Internet of things (IoT) refers to a network of interconnected devices are able to exchange and collect data utilizing integrated sensors and mobile devices, and are connected around the clock. The factors such as a quickening rate of smart infrastructure development, a growing number of connected devices, and a rise in investments for the improvement of telecommunication are anticipated to be the primary market drivers. Moreover, the increasing popularity of smart city concepts and emphasis on enhancing vehicle mobility, particularly in densely populated cities, are anticipated to boost market expansion in developed economies.
The market for Internet of Things (IoT) managed services is gaining considerable traction. The expansion of the IoT service management market is primarily propelled by the continued deployment of LTE networks and technological advancements in a number of industries. Increased use of IoT managed services solutions in the electronic goods, automotive, and IT & telecommunications industries is driving market growth.
- As per the analysis shared by our analyst team, the global IoT Managed Services market is estimated to grow annually at a CAGR of around 16.8% over the forecast period (2022-2030).
- In terms of revenue, the global IoT Managed Services market size was valued at around USD 48.35 billion in 2021 and is projected to reach USD 167.67 billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on service segmentation, the network management services were predicted to show maximum market share in the year 2021.
- Based on vertical segmentation, the manufacturing segment was the leading revenue-generating Service in 2021.
- On the basis of region, North America was the leading revenue generator in 2021.
Rising Usage of Managed Cloud Services Leading to Shift the Focus to Managed Service Providers
The increasing consumer preference for managed cloud services is driving the expansion of the IoT managed services market. The Managed Service Providers (MSP) ability to enable operational efficiency and high-performance work systems in companies, as well as the rising momentum of managed cloud services, are anticipated to be the key growth drivers of the internet of things (IoT) managed services market.
In addition, the decline in service revenue margins has shifted the focus to MSPs. In addition, the growing preference for cost-effective managed services is anticipated to slow the expansion of the internet of things (IoT) managed services market.
Increasing Cyber Attacks Surging Demand of IoT Managed Services
Security management services are in high demand as a result of the proliferation of cyberattacks and growing concern for data and device safety. Customers' end-to-end device security and management services are a top priority for vendors. In addition to focusing on several collaborations to boost its services offering and develop its company in developing regions, vendors are also prioritizing the formation of strategic alliances. During the projection period, the market for IoT managed services is anticipated to have a number of mergers and acquisitions aimed at enhancing service offerings.
Based on Service, the global market is segmented into device management services, data management services, network management services, security management services and others. The network management services segment dominates the market share by 2030 owing to the rising cyberattack risks. To meet market demand, IoT managed service providers are primarily focused on offering their customers with enhanced security services.
Based on vertical, the global market is segmented into manufacturing, BFSI, healthcare, transportation, energy & utilities, IT & telecommunications, retail and others. The manufacturing segment dominates the market share. Industry 4.0 is moving industries away from traditional applications and toward smart goods and intelligent robotics to enable digital manufacturing and an ecosystem of connected plants and enterprises. Due to rising acceptance of IoT and technology transfer across industries, the European Commission expected the value of IoT and digitalization across sectors to approach 1 trillion euros by 2020.
September 2022- Wipro Limited collaborated with Palo Alto Networks to deliver digital acceleration by providing cloud security, managed security services, SASE (Secure Access Service Edge), amongst others.
August 2022- Stefanini has collanprated with Integron by delivering end-to-end outsourced delivery services for life sciences companies to improve the effectiveness of clinical studies. The agreement combines experience in all phases of delivery, merging Integron's established managed IoT services with those of Cisco.
North America is Dominating the Market Share Due to the Rising Internet Users
North America is dominating the market share owing to the rapid technical advancements and quick acceptance of IoT management services in this industry. Numerous significant service providers and dependable data centers in the region contribute to the IoT managed services market growth. In addition, improvements in Internet of Things managed services and apps have contributed to the expansion of IoT managed services applications. Increasing numbers of IT and telecoms companies advocate for the wider use of IoT managed services.
IBM Corporation, Wipro, Cognizant Technology Solutions Corporation, Tata Consultancy Services, Tietoevry, Virtusa Corporation, Infosys Ltd., Verizon, Tech Mahindra Ltd., HCL Technologies Limited, Cisco Systems Inc., Aricent Inc., Stefanini, amongst others.
The global IoT managed services market is segmented as follows:
- Device management services
- Data management services
- Network management services
- Security management services
- Energy & Utilities
- IT & Telecommunications
- North America
- The U.S.
- Rest of North America
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America