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  • IoT Managed Services Market Analysis | 2023-2029

    IoT Managed Services Market Analysis | 2023-2029

    IoT Managed Services Market Analysis | 2023-2029
    Report code - SR2360 Delivery - 2 Weeks
    IoT Managed Services Market Size, Share, Trend, Forecast, Competitive Analysis && See more...

    Market Insights

    The IoT Managed Services Market was estimated at US$ 34.36 billion in 2022 and is expected to grow at an impressive CAGR of 12.7% during 2023-2029 to reach US$ 79.58 billion by 2029.

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    What are IoT Managed Services?

    IoT Managed Services refer to a suite of offerings, such as monitoring, maintenance, support, and management of Internet of Things (IoT) devices, networks, and systems, provided by a third-party service provider to organizations. IoT Managed Services aims to help organizations effectively and efficiently manage their IoT infrastructure and extract maximum value from their IoT investments.

    These services cover a range of activities, including IoT device and network management, data analytics, cybersecurity, and technical support, to name a few. The objective of IoT Managed Services is to provide organizations with the necessary resources and expertise to effectively manage their IoT environments and ensure optimal performance and security.

    IoT Managed Services are comprehensive offerings that provide end-to-end support for IoT solutions and applications. These services can include a range of functions, such as device management, data management, security, connectivity, and more. IoT Managed Services are designed to help businesses overcome the challenges associated with IoT implementation and maximize the benefits of IoT adoption.

    The goal of IoT Managed Services is to provide customers with a flexible, scalable, and secure IoT solution that can be customized to meet their specific needs and requirements. This can help businesses of all sizes to take advantage of the many benefits of IoT, such as improved operational efficiency, increased revenue, and reduced costs, without having to invest significant time and resources into the development of an in-house IoT solution.

    Market Dynamics

    The growing momentum of managed cloud services is expected to boost the global IoT managed services market.

    The shift from traditional hosting to cloud hosting in the IT industry has led to an increase in demand for managed cloud services. Many companies are still not fully familiar with cloud technology and choose to work with a third-party managed cloud service provider. This has fueled the growth of managed cloud services, which are a popular trend in the outsourcing services market.

    Managed XaaS (Anything as a Service) is a primary focus for managed service providers as they offer their services over the cloud. Cloud and IoT are closely connected as IoT components do not have their storage capability and require cloud storage for the data they generate. As a result, IoT-managed services are increasingly using cloud platforms to offer managed IoT services to organizations.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Service Type

    Infrastructure Management Services, Security Management Services, Network Management Services, Data Management Services, Device Management Services

    Network management services are expected to be dominant in the market.

    Application Type

    Smart Manufacturing, Smart Retail, IT and Telecom, Smart Transportation, Smart Energy, and Utilities, Smart Buildings

    The smart transportation sector is predicted to experience the most rapid growth during the forecast period.

    Region Analysis

    North America, Europe, Asia-Pacific, and the Rest of the World

    North America is projected to be the largest market

    Service Type Insights

    The network management services are expected to be dominant during the forecast period. These services manage an organization's entire network, aiming to optimize its use and ensure efficient data transfer to prevent network crashes. By working with a managed service provider that offers network management services in the IoT realm, organizations can benefit from reduced downtime, improved network connectivity, enhanced security, automatic device detection, scalability, and streamlined business operations.

    Application Insights

    The smart transportation sector is predicted to experience the most rapid growth during the forecast period. Smart transportation involves the integration of advanced technologies with existing transportation infrastructure to provide real-time online information on traffic flow, asset tracking, and passengers/commuters. IoT-managed services enable transportation providers to manage and monitor the complex IoT environment. The growing demand for managing analytics, security, devices, sensors, data, and high-volume networking, combined with the improvement in overall operations and responsiveness, drives the growth of the smart transportation sector in the market.

    The IoT Managed Services Market provides various services for the management and monitoring of smart building operations. These services include HVAC, lighting, shading, elevators, IP access control, smart security surveillance, intelligent infrastructure management, hybrid Wi-Fi, smartphone and VoIP access, network services, managed security services, device management services, data center management services, and energy management services. The advantages of using IoT-managed services include improved building efficiency, decreased energy consumption, and reduced operating expenses.

    IoT-managed services allow manufacturers to concentrate on their primary operations and processes. These services provide the technical expertise required to manage and enhance an organization's IoT ecosystem. The range of services offered by IoT Managed Services includes network management, infrastructure management, and more. Service providers offer monitoring and support, as well as remote management of the manufacturing industry's infrastructure, security, and data.

    Regional Analysis

    The North American region is projected to be the largest market for IoT managed services, due to the widespread digitization across different industries and the increasing use of smart devices. The region is characterized by a strong network infrastructure and the presence of leading managed services providers that offer specialized services. The growing demand for improved operational efficiency and cost-effective business processes is expected to drive further growth in the market.

    The Asia-Pacific region is expected to experience high growth in the IoT Managed Services Market due to the increasing adoption of IoT technology and the rising demand for better operational efficiency in businesses. The region's developing economies, such as India and China, are major contributors to the market growth in the Asia Pacific region.

    Additionally, the growing awareness of IoT technology and the presence of large enterprises that are investing in IoT-based solutions also drive market growth in the region. The increasing trend of digitalization and the growing demand for better operational efficiency and business processes are some of the factors that are expected to fuel the growth of the IoT-managed services market in the Asia Pacific region.

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    Key Players

    The major players operating in the global IoT Managed Services Market are (arranged alphabetically).

    • Cisco Systems, Inc.
    • Cognizant Technology Solutions Corporation
    • Happiest Minds Technologies
    • Harman International Industries, Inc.
    • Tata Consultancy Services
    • HCL Technologies Limited
    • Infosys Limited
    • Tieto Corporation
    • Tech Mahindra Limited
    • Wipro Limited
    • Virtusa Corporation

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the IoT Managed Services Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players).
    • SWOT analysis of key players (up to three players).

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The market is expected to grow at a CAGR of 12.7% during 2023-2029.

    The market size is estimated to reach USD 79.58 billion by 2029.

    The major players operating in the global IoT Managed Services market are Cisco Systems, Inc., Cognizant Technology Solutions Corporation, Happiest Minds Technologies, Harman International Industries, Inc., Tata Consultancy Services, HCL Technologies Limited, Infosys Limited, Tieto Corporation, Tech Mahindra Limited, Wipro Limited, Virtusa Corporation.

    The North American region is projected to be the largest market for IoT managed services, due to the widespread digitization across different industries and the increasing use of smart devices.

    The Asia Pacific region is expected to experience high growth in the IoT managed services market due to the increasing adoption of IoT technology and the rising demand for better operational efficiency in businesses.

    The study period of the market is 2017-2029.