IoT Managed Services Market Size Report Predicts Healthy Growth with Demand & Forecasts by 2024-2031

The global IoT managed services market is expected to grow at a significant CAGR during the forecast period. Some major factors such as the rise in the application of multi-cloud, automation, and increased demand for IoT in industrial space, are augmenting the demand for IoT managed services across the globe. IoT refers to a 24*7 network of interconnected objects that can collect and exchange data using embedded sensors and mobile devices, among others. A connected device can become "smart" by combining sensors, networks, applications, and so on, which come together to create added intelligence. The applications of IoT can be found in several industries today, such as manufacturing, healthcare, transport & logistics, government, retail, and energy & utility, among others. Managed service is the practice of outsourcing a dedicated team to handle defined responsibilities, cut down the cost, and manage operations effectively. The IoT managed services market is highly dependent upon the adoption of IoT among industries.

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The IoT managed services market is highly fragmented, owing to the presence of a large number of players. The majority of vendors are participating in various marketing strategies to expand their market share. The vendors available in the market are competing on price, quality, brand, and product differentiation, and also the acquisition of small players is happening to ensure an optimum position in the IoT managed services, globally. Several key players include HCL Technologies Ltd., Infosys Ltd., and Tech Mahindra Ltd., among others.

Recent Developments-

• In February 2020, Smartfren, one of Indonesia's leading telecom operators with more than 20 million active subscribers, announced Cisco as its preferred digitization partner to create a multi-cloud architecture. The project will entail the creation of a digital services data center architecture in Indonesia with cloud computing, and cloud services integrated.

• In October 2019, Integron announced the launch of managed services solution for mobile asset management. Integron will leverage its expertise in IoT managed services, to assist connected health and life sciences companies in the turnkey deployment of scalable asset management tools.

Global IoT Managed Services Market Report Segmentation

By Application

• Network Management
• Device Management
• Data Management
• Security Management
• Other Applications

By End-User

• Energy and Utilities
• Healthcare
• Manufacturing
• BFSI
• Retail
• IT and Telecom
• Others

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IoT Managed Services Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• HCL Technologies Ltd.
• Infosys Ltd.
• Tech Mahindra Ltd.

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