IoT Managed Services Market Size, Growth Drivers, Analysis 2023-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

IoT Managed Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $209.57 billion In 2028 At A CAGR Of 23.5% :

The iot managed services market size has grown exponentially in recent years. It will grow from $72.94 billion in 2023 to $90.17 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to increased complexity of iot ecosystems, proliferation of iot devices, need for scalable and secure connectivity, rising demand for data analytics in iot, limited in-house expertise for iot management.

The iot managed services market size is expected to see exponential growth in the next few years. It will grow to $209.57 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to expansion of 5g networks, growth in edge computing for iot, emphasis on iot security and privacy, rise of industry-specific iot applications, growing demand for multi-cloud applications. Major trends in the forecast period include integration of artificial intelligence in iot management, managed iot platform-as-a-service (paas), predictive maintenance and remote monitoring, sustainable and green iot practices, adoption of blockchain for iot security.

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IoT Managed Services Market Major Segments
The iot managed services market 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

Key Driver - Rapid Growth In IOT Managed Services Fueled By Automotive, Electronics, And Telecom Industries

The increasing use of IoT managed services solutions in the automotive, electronic goods, and information and telecommunications industries will propel the growth of the IoT managed services market. The primary factors boosting the IoT managed services are the present long-term evolution (LTE) deployment and technical developments in numerous areas. IoT-managed services are widely used in the automotive, consumer electronics, and telecom industries. For instance, in 2020, 91% of the cars sold in the US were IoT-connected which is 13 million IoT-connected vehicles and is expected to reach 115 million by 2025. The IoT in the cars can predict car maintenance by collecting data from sensors, assessing any issues, communicating the information through the cloud, and then informing the driver. The predictive analysis of car maintenance increases the use of IoT in automotive. Therefore, the increasing use of IoT managed services solutions in the automotive, electronic goods, and information and telecommunications industries will drive the IoT managed services market growth.

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Prominent Trend - Technological Advancements Revolutionize IOT Managed Services Market With Cloud-Based Solutions

Technological advancements are a key trend gaining popularity in the IoT managed services market. Modern cloud-based technology has helped IoT-managed services companies ensure data is backed up and protected in a secure and safe location. Cloud-based services for connecting, monitoring, and managing IoT devices are presented. Cloud providers provide IoT services that combine required features into a complete solution that includes connectivity between devices and the cloud, data processing from devices, and interaction with connected devices via the application. For instance, in February 2021, NXP Semiconductors N.V, a secure Internet-of-Things (IoT) embedded solutions provider, introduced a new EdgeLock 2GO IoT cloud service platform that securely deploys and manage security of IoT devices and services. For IoT device manufacturers and service providers, EdgeLock 2GO and EdgeLock SE050 deliver an end-to-end security solution, from edge to cloud.

IoT Managed Services Market Players
Major companies operating in the iot managed services market report are 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., Sprint Corporation, 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, Fujitsu Limited, NTT Data Corporation

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Largest And Fastest Growing Region In The Market
North America was the largest region in the IoT managed services market in 2023. 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

The Table Of Content For The Market Report Include:
1. Executive Summary
2. IoT Managed Services Market Report Structure
3. IoT Managed Services Market Trends And Strategies
4. IoT Managed Services Market - Macro Economic Scenario
5. IoT Managed Services Market Size And Growth
…..
27. IoT Managed Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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