Market Size of IoT Managed Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 27.82 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Internet of Things (IoT) Managed Services Market Analysis
The internet of things (IoT) managed services market is expected to grow at a CAGR of 27.82% during the forecast period. The rise in the multi-cloud application, automation, and increased demand for IoT in industrial space is augmenting the demand for IoT-managed services across the globe.
- The expansion is anticipated to be fueled by technological developments and the rising affordability of sensors and processors that can deliver real-time information access. The need to increase operational proficiency and excellent cooperation among the key market players is also anticipated to fuel expansion. The methods developed to build a combined digital-human workforce would offer significant growth opportunities.
- The scalability, cost advantages, and data analytics benefits made possible by IoT technologies in the industrial domain are impacting the adoption as Industry 4.0 comes to fruition. For instance, Tech Pro says over 80% of industrial manufacturing organizations either use or plan to deploy IoT devices.
- Enterprises looking to opt for IoT are increasing, and global IoT MSPs are further targeting such enterprises. According to the CompTIA survey on MSPs, MSPs see emerging technology as a significant business opportunity source, and over 50% of respondents offer IoT-managed services.
- Developing connected devices is anticipated to create new opportunities for businesses with expertise in cutting-edge Artificial Intelligence (AI) algorithms to create ground-breaking solutions that may address the issues with the technology. IoT-managed services are becoming more popular in application areas like remote monitoring, asset management, predictive maintenance, remote servicing, and operational information.
- Due to the COVID-19 spread, manufacturing facilities are expected to increase the automation level in the future, wherever possible, due to social distancing norms. It would further push the number of industrial IoT-connected objects to multiply, fuelling the demand for IoT-managed services.
