Latest News- IoT Managed Services Market: Network management services is expected to lead the Type segment during 2025-2029

The IoT Managed Services Market is being driven by Increased adoption of IoT solutions

The IoT Managed Services Market is expected to grow at a CAGR of 33.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 538.5 billion. In today's industrial landscape, the significance of IoT managed services has surged due to the imperative need for data collection and analysis to optimize complex maintenance tasks. IoT-enabled devices, such as wireless acoustic transmitters and steam trap monitors, play a pivotal role in monitoring plant operations across various industries. By leveraging data derived from these devices, industrial operators can assess the efficiency and performance of machines and systems, enabling them to prioritize maintenance activities and minimize unexpected downtime caused by machine failures. With a heightened focus on predictive maintenance, end-users are increasingly turning to IoT solutions to enhance operational efficiency and productivity. Industries with a substantial reliance on automation control solutions and instruments particularly benefit from IoT-enabled devices, as they facilitate real-time monitoring and analysis, ultimately contributing to reduced downtime and improved overall performance. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Network management services
  • Security management services
  • Infrastructure management services
  • Data management services
  • Device management services
• Deployment
  • On-premises
  • Cloud
• Sector
  • SMEs
  • Large enterprises
• End-user
  • Healthcare
  • Manufacturing
  • BFSI
  • Retail
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased adoption of IoT solutions
• Need to adhere to regulatory guidelines and ensure compliance
• Rise in industrial automation

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness of efficient management of IoT initiatives and investments
• High cost of implementation of IoT managed services
• Data privacy and security risk in cloud-based services

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Market Scope in IoT Managed Services Market Research Report

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Research Analysis Overview

The IoT Managed Services Market encompasses various applications of the Internet of Things (IoT) in industries, particularly in manufacturing organizations. Multi-cloud applications, sensors, processors, and digital-human workforce are integrated to enhance productivity. Artificial Intelligence (AI), remote monitoring, asset management, and data analytics are key components. Legacy systems, 5G technology, and Big data are driving the market. IoT-managed services offer manufacturing applications, digital health solutions, energy consumption management, and data protection control. Cloud-based services, IoT networks, and IoT solutions are provided by corporate IoT specialists for network monitoring, mobile devices, smart urban initiatives, and more.

Market Research Overview

The IoT Managed Services Market is a segment of the larger IT consulting and other services market, which encompasses companies providing IT consulting, application services, data processing, business process outsourcing, infrastructure services, and internet services. In the context of IoT, this market caters to the needs of industrial manufacturing organizations, integrating multi-cloud applications, sensors, processors, and digital-human workforces. The market's growth is driven by significant government investments in advanced IT infrastructure to address the shortage of IT expertise within their agencies. Additionally, the integration of Artificial Intelligence and IoT technologies is expected to further fuel market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/