NEW YORK, Dec. 9, 2022 /PRNewswire/ —
Major players in the IoT managed services market are Cisco Systems Inc, IBM Corporation, HCL Technologies ltd, HARMAN International, Cognizant Technology Solutions Corporation, GOOGLE INC, Infosys Limited, Wipro Limited, Microsoft Corporation, Tata Consultancy Services, Tech Mahindra Limited, Accenture PLC, Oracle Corporation, Intel Security Group, Hewlett Packard Enterprise Co, Tieto Corporation, Virtusa Corporation, Qualcomm Incorporated and AT&T.
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The global IoT managed services market is expected to grow from $47.80 billion in 2021 to $61.46 billion in 2022 at a compound annual growth rate (CAGR) of 28.57%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The IoT managed services market is expected to reach $162.12 billion in 2026 at a compound annual growth rate (CAGR) of 27.44%.
The IoT managed services market consists of sales of IoT managed services by entities (organizations, sole traders, and partnerships) that aid in IoT environment management. It defines a suitable business strategy for digital transformation and enables organizations to bring together the right mix of IoT products and solutions.
The main type of IoT managed services are infrastructure management services, security management services, network management services, data management services, and device management services.Security management services are used to provide a foundation for an organization’s cybersecurity strategy.
Security managed services locate and safeguard a company’s or group’s resources and procedures. The end-users using these services are automotive & transport, IT & telecom, healthcare, BFSI manufacturing, and others, and different organization size are SMEs and large enterprises.
North America was the largest region in the IoT managed services market in 2021.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 and Africa.
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 growth of the IoT managed services market.
Technological advancements are a key trend gaining popularity in the IoT managed services market.Modern cloud-based technology has helped IoT-managed services companies ensure data is backed up and protected in a secure and safe location.
Cloud-based services for connecting, monitoring, and managing IoT devices are presented.Cloud providers provide IoT services that combine required features into a complete solution that includes connectivity between devices and the cloud, data processing from devices, and interaction with connected devices via the application.
For instance, in May 2019, Integrated Telecom Company, a telecom provider, introduced a new suite of Managed Security Services (MSS) to assist organizations with monitoring, threat detection, incident handling, and ongoing cybersecurity risk management. These MSS services offer proactive and comprehensive security monitoring of network devices, endpoints, cloud, and SAAS environments.
In July 2021, Taoglas, a United States-based provider of digital transformation using IoT, acquired Smartsensor Technologies for an undisclosed amount.With this acquisition, the company provides the opportunity to expand industrial and enterprise-level IoT services and will accelerate plans for the growth of connected smart services.
Smartsensor Technologies is an Australia-based company that provides IoT-managed Services.
The countries covered in the IoT managed services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The IoT managed services market research report is one of a series of new reports that provides IoT managed services market statistics, including IoT managed services industry global market size, regional shares, competitors with an IoT managed services market share, detailed IoT managed services market segments, market trends and opportunities, and any further data you may need to thrive in the IoT managed services industry. This IoT managed services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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