IoT Managed Services Market on Track for Strong Growth, Estimated to Grow at 24.9% CAGR Through 2029

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What Is the Expected CAGR for the IoT Managed Services Market Through 2025?
There has been a tremendous expansion in the size of the IoT managed services market in the past few years. It is forecasted to surge from $88.38 billion in 2024 to $108.22 billion in 2025, with a compound annual growth rate (CAGR) of 22.4%. This significant growth in the historical period can be traced back to the amplified complexity of IoT ecosystems, the surge in IoT device usage, the demand for scalable and secure connectivity, the escalating requirement for data analytics in the IoT domain, and the scarcity of in-house expertise for managing IoT.

What's the Projected Size of the Global IoT Managed Services Market by 2029?
The market size of IoT managed services is set to witness tremendous expansion in the coming years, growing to $263.01 billion in 2029 at an impressive CAGR of 24.9%. The predicted surge is linked to several factors, including the proliferation of 5G networks, the rise of edge computing in IoT, a focus on IoT security measures and privacy, the introduction of industry-dedicated IoT applications, and rising demand for multi-cloud applications. Key trends that will shape this period include the incorporation of artificial intelligence into IoT management, the emergence of IoT platform-as-a-service (PaaS), predictive maintenance and remote supervision functions, initiatives for sustainable and eco-friendly IoT practices, and the implementation of blockchain technologies for improved IoT security.

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Top Growth Drivers in the IoT Managed Services Industry: What's Accelerating the Market?
The expansion of the IoT managed services market is being driven by rising adoption in several sectors such as automotive, consumer electronics, and information and telecommunications. The current long-term evolution (LTE) deployment and technological advancements in various fields are key factors fueling the growth of IoT managed services. These services find significant applications in sectors like automotive, consumer electronics, and telecommunications. The Health Sector Cybersecurity Coordination Center (HC3), part of the Department of Health and Human Services' (HHS) Cybersecurity Program in the United States, reported in August 2022 that near 7 billion devices are connected via the Internet of Things (IoT) in 2022. Projections suggest dramatic growth, with an additional estimated 20 billion devices expected to harness this technology by 2025. This escalating use of IoT managed services solutions in industries like automotive, electronics, and information and telecommunications serves as a major propellant for the IoT managed services market's growth.

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What Trends Will Shape the IoT Managed Services Market Through 2029 and Beyond?
Big businesses within the abrasives industry are leveraging strategic partnerships as a means to broaden their market reach. Such partnerships allow firms to take advantage of each other's unique capabilities and resources for mutual growth and success. For example, NTT Ltd., an information technology infrastructure and services company from the US, joined forces with Cisco Systems Inc., another American technology company, in May 2023. Their objective was to design and implement integrated solutions to help businesses maximize operational efficiency and prioritize sustainability. By harnessing the predictive maintenance, asset tracking, and supply chain administration features, the collaboratively developed solutions will make use of NTT's Edge as a Service collection and Cisco's Internet of Things features to supply real-time data insights, heightened security, enhanced decision making, and decreased operational expenses.

What Are the Main Segments in the IoT Managed Services Market?
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

Subsegments:
1) By Infrastructure Management Services: Cloud Infrastructure Management, On-Premises Infrastructure Management
2) By Security Management Services: Endpoint Security Management, Network Security Management, Data Security Management
3) By Network Management Services: Network Monitoring, Network Optimization, Network Configuration Management
4) By Data Management Services: Data Analytics, Data Storage And Backup, Data Integration
5) By Device Management Services: Device Provisioning, Device Monitoring, Firmware Management

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Which Top Companies are Driving Growth in the IoT Managed Services Market?
Major companies operating in the IoT managed services market include 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., 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, accenture* plc, Fujitsu Limited, NTT Data Corporation

Which Regions Will Dominate the IoT Managed Services Market Through 2029?
North America was the largest region in the IoT managed services market in 2024.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

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