Global IoT Managed Services Market Size, Share, Growth Analysis, By Service Type, By Verticals, By Deployment Model - Industry Forecast 2024-2031

Global IoT Managed Services Market size was valued at USD 24.81 billion in 2022 and is poised to grow from USD 28.67 billion in 2023 to USD 91.25 billion by 2031, growing at a CAGR of 15.57% during the forecast period (2024-2031).

The global IoT Managed Services market has witnessed consistent growth, fueled by the increasing integration of IoT (Internet of Things) solutions across various sectors. Businesses are capitalizing on IoT technology to enhance operational efficiency, streamline decision-making processes, and gain a competitive edge. Key industries like manufacturing, healthcare, logistics, and smart cities have embraced IoT to optimize operations and foster innovative solutions. The demand for managed services is on the rise as organizations seek external expertise to manage their intricate IoT ecosystems effectively. Moreover, companies are in pursuit of scalable and adaptable IoT solutions that can cater to their evolving requirements. Managed services offer a cost-efficient approach to scaling IoT infrastructure without the burden of maintaining in-house resources. The IoT landscape necessitates collaboration among diverse stakeholders, prompting managed service providers to forge strategic partnerships with hardware manufacturers, software developers, and connectivity providers to deliver comprehensive end-to-end solutions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global IoT Managed Services Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global IoT Managed Services Market Segmental Analysis

The global IoT Managed Services market is segmented into four major segments i.e. by Service Type, Verticals, Deployment Model, and region. Based on Type, it is divided into Connectivity Management Services, Device Management Services, Security Management Services, Network Management Services. Based on Vertical, it is bifurcated as Manufacturing, Healthcare, Retail, Transportation and Logistics, Energy and Utilities, Smart Cities, Agriculture, Others. Based on Deployment Model it is segregated into, Cloud-based IoT Managed Services, On-premises IoT Managed Services, Hybrid IoT Managed Services. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

Drivers of the Global IoT Managed Services Market

The widespread uptake of IoT solutions across diverse sectors such as manufacturing, healthcare, smart cities, and agriculture underscores the importance of expert oversight to enhance connectivity, device performance, and data management. As IoT ecosystems become increasingly intricate and the number of associated devices continues to soar, there is a growing need for tailored managed services to effectively navigate this evolving landscape.

Restraints in the Global IoT Managed Services Market

One significant challenge in the marketplace revolves around the imperative to seamlessly integrate a wide array of IoT devices and platforms. The diversity within IoT ecosystems, marked by varying requirements and protocols, presents interoperability hurdles, impeding the smooth functioning of managed services. Additionally, there's a growing concern about heightened cybersecurity threats, as the expanding number of connected devices significantly amplifies the potential attack surface.

Market Trends of the Global IoT Managed Services Market

A growing emphasis on incorporating edge computing into IoT solutions is evident, as companies aim to leverage the increasing volume of data produced by IoT devices. This shift entails processing data at the point of origin to minimize latency and enhance real-time decision-making capabilities. Additionally, there's a notable rise in the adoption of AI and machine learning tools in IoT-managed services, marking another significant trend in the industry.