The iot managed services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
IoT Managed Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of IoT Managed Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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, Accenture plc, Fujitsu Limited, NTT Data Corporation
Table of Contents
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. Global IoT Managed Services Market Size and Growth
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31. Global IoT Managed Services Market Competitive Benchmarking
32. Global IoT Managed Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT Managed Services Market
34. IoT Managed Services Market Future Outlook and Potential Analysis
35. Appendix
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