New York, April 14, 2023 (GLOBE NEWSWIRE) -- The IoT Managed Services Market demand is estimated to be worth US$ 89.5 billion as of 2022, and by 2033, it is expected to generate US$ 265.3 billion in revenue. The IoT managed services Market is projected to reach US$ 97.5 billion in 2023 and grow at a CAGR of 10.5% starting in 2023.
IoT Managed Services refers to a type of third-party service that offers end-to-end management of IoT (Internet of Things) solutions for businesses. It involves the outsourcing of the management of a company's connected devices and systems to a service provider, who takes care of everything from device connectivity and management, to security, data analytics, and insights.
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The key benefit of IoT Managed Services is that it allows businesses to focus on their core competencies, while outsourcing the management of their IoT infrastructure to a specialized service provider. This can help businesses reduce costs, improve operational efficiency, and enhance their ability to scale their IoT solutions.
The Internet of Things (IoT) Managed Services Market is expected to experience significant growth in the coming years. IoT Managed Services involves the management of IoT devices, networks, and data by a third-party service provider. The market is expected to grow due to the increasing adoption of IoT devices in various industries such as healthcare, manufacturing, and retail.
Market Drivers:
The growth of the IoT Managed Services Market can be attributed to several factors. One of the major factors is the increasing adoption of IoT devices across various industries. IoT devices help organizations to automate processes, reduce costs, and increase efficiency. This has led to the increasing demand for IoT Managed Services.
Another factor driving the growth of the market is the need for real-time monitoring and management of IoT devices. With the increasing number of IoT devices, it becomes challenging for organizations to manage them effectively. IoT Managed Services provide real-time monitoring and management of IoT devices, ensuring their efficient operation.
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Some of the key players in the IoT Managed Services Market include Cognizant, Tech Mahindra, Cisco Systems, Inc., Oracle, IBM Corporation, Accenture, HCL Technologies Limited, Microsoft Corporation, Honeywell International Inc., Google LLC, AT&T Inc., General Electric Inc., SAP SE, Intel Corporation, Amazon Web Services, Inc.
Market Segmentation:
Services: The IoT managed services market can be segmented based on the types of services offered, such as device management, network management, security management, data management, and application management. Device management is expected to hold the largest share of the market, as the number of connected devices continues to grow and businesses seek solutions to manage and monitor their devices.
Organization Size: The IoT managed services market can be segmented based on the size of the organization, such as small and medium-sized enterprises (SMEs) and large enterprises. Large enterprises are expected to hold the largest share of the market, as they have more resources and a greater need for IoT managed services to manage their complex networks of connected devices.
Industry Vertical: The IoT managed services market can be segmented based on the industry verticals that utilize IoT solutions, such as healthcare, manufacturing, transportation and logistics, retail, and others. The healthcare industry is expected to be the major adopter of IoT managed services, as IoT solutions can help improve patient outcomes and reduce costs.
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Regional Analysis:
North America is the largest market for IoT Managed Services, followed by Europe and Asia Pacific. The growth of the market in North America can be attributed to the early adoption of IoT devices and the presence of major market players in the region. Asia Pacific is expected to witness the highest growth rate during the forecast period, owing to the increasing adoption of IoT devices in the region.
Recent Developments:
- In January 2023, IBM announced that it is expanding its IoT capabilities by acquiring a German company, Io-Tahoe. Io-Tahoe's AI-powered data management technology will help IBM provide enhanced IoT data insights and management services to its clients.
- In December 2022, Ericsson announced that it is partnering with Tele2 to provide IoT managed services to the Swedish city of Umeå. The partnership will focus on delivering smart city solutions for energy management, waste management, and air quality monitoring.
- In October 2022, Cisco announced that it is partnering with Siemens to provide IoT managed services for manufacturing customers. The partnership will focus on providing real-time monitoring and analytics for industrial machinery and equipment.
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