IoT Managed Services Market Booming Worldwide to Show Significant Growth Over the Forecast to 2032

According to the report, the iot managed services market was valued at $132.1 Billion in 2023, and is estimated to reach $1313.2 Billion by 2033, growing at a CAGR of 25.6% from 2024 to 2033.

The growth of the IoT-managed services market is primarily driven by the increasing use of connected devices, rising need for data-driven decision-making, and the need for operational efficiency across sectors. The increasing adoption of digital transformation by enterprises has led to a surge in demand for specialist services due to the difficulty of managing multiple IoT networks. 

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Recent Development: 

1. In May 2023, NTT Ltd and Cicco Systems Ltd announced their partnership to develop and deploy joint solutions utilizing NTT's edge as a service and Cisco's IoT capabilities. These solutions will be developed to offer real-time data insights, enhanced security, and reduced operational cost amongst others.  

2. In July 2023,   KORE announced the launch of its IoT connectivity as a service (IoT CaaS) product. This product is designed to easily manage, order, and deploy IoT across the organization's process.

By type, the data management service segment held the largest market share in 2023, owing to the constantly rising volume of data across large and small & medium organizations. The increasing focus of businesses on constant expansion is further rising the volume of data thereby contributing to the growth of the market. 

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The need for IoT services in the healthcare industry is being driven by the growing use of linked medical devices for telemedicine, real-time health data analytics, and remote patient monitoring. The need for managed services to manage complex IoT ecosystems is further increased by the emergence of wearable health technology, smart hospitals, and personalized medicine. IoT technologies are also essential for effective healthcare delivery because of aging populations and the need to lower healthcare expenditures. Additionally, enhanced security and compliance management are further expected to contribute to the growth of the market.  

North America is home to numerous globally renowned technological firms that are pioneering IoT development and implementation, such as Microsoft, IBM, and Cisco. These businesses stimulate demand in several industries, including manufacturing, transportation, and healthcare, by offering cutting-edge IoT services and solutions. Additionally, the IoT infrastructure is improved by the quick uptake of cutting-edge technologies like 5G, cloud computing, and artificial intelligence across North America. This allows for smooth connectivity and data processing. The demand for managed IoT services is further fueled by the prevalence of well-established industries like healthcare and automotive that were early adopters of IoT.

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These factors are contributing to the largest share of North America in the global IoT-managed services market. Furthermore, the region's strong legislative framework fosters the expansion of the Internet of Things by enacting laws that encourage intelligent manufacturing, smart cities, and linked healthcare. Specialized managed services are becoming more and more necessary as cybersecurity becomes more and more important in defending IoT environments. Last but not least, North America's substantial R&D spending and pool of highly qualified talent foster ongoing innovation, which supports the region's continued dominance in the global IoT-managed services market.  

Players: - 

1. HCL Technologies Limited 

2. Cisco Systems, Inc. 

3. Tech Mahindra Limited 

4. Virtusa Corporation 

5. Happiest Minds Technologies 

6. Infosys Limited 

7. Tata Consultancy Services Limited 

8. Wipro Limited 

9. Cognizant Technology Solutions Corporation 

10. Harman International Industries, Inc 

11. Tieto Corporation. 

The report provides a detailed analysis of these key vendors in the global IoT-managed services market. These players have adopted different strategies such as new development, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, portfolio, and strategic moves of market vendors to showcase the competitive scenario.  

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