Market Scope:

The COVID-19 outbreak didn't affect the IoT managed services industry. Of course, slow down in various end-user verticals caused few challenges in Q2 & Q3 2020, but they were negligible. The pandemic fostered digitization and transformation of economies. With the already-competitive telecom and manufacturing sectors geared up phenomenally, IoT managed services witnessed a significant rise in adoption.

The Internet of Things (IoT) managed services market witnessed a constant uptick over the past few months. Also, service providers are making substantial investments to foster R&D activities to improve IoT services. In 2021, the market is expected to witness continual growth due to the major emphasis on developing more comprehensive technologies.

Companies would prioritize investments in IoT-managed services due to stricter data privacy laws for consumer protection that regulatory bodies would impose in 2021. This would also boost investments in confidential computing, the virtual private cloud, and other security infrastructure.

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Dominant Key Players on IoT Managed Services market covered are:

• Accenture PLC
• Google Inc.
• Cisco Systems Inc.
• Qualcomm Incorporated
• IBM
• AT&T
• Microsoft Corporation
• Intel Security Group.
• Oracle Corporation
• Hewlett Packard Enterprise Co.

Segmentation of Market covered in the research:

The IoT managed services market forecast is segmented into services, end-users, organization size, and region. The service segment is sub-segmented into network management, device management, security management, and infrastructure management, among others. The end-users segment is bifurcated into automotive and transport, IT & telecom, healthcare, BFSI, manufacturing, and others. The organization size segment is sub-segmented into SMEs and large enterprises.

Market Drivers

The IoT managed services market is perceiving a significant rise in revenues. IoT is here to stay, promising rapid, hyperscale growth, super-boosted profit, and reinvigorated market potential to organizations. IoT managed services help organizations to embrace the right technologies, processes, and strategies. Moreover, advances in AI, 5G, and IoT technologies contribute to the IoT managed services market growth.

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As the core value proposition of IoT services, scalable data management & analytics and security capabilities are critical to delivering IoT's promise of analysis and action. However, managing the volume and velocity of data at hyperscale can be both challenging and costly. Resultantly, the process of IoT transmission to the cloud and large-scale analytics and security capabilities boost the IoT managed services market size.

Increasing demand for connected wearable devices and government initiatives to drive the development of IoT-based modules foster the growth of the market. Moreover, substantial investments by major IoT-managed service providers influence the market growth, offering innovative devices that can transfer data in real-time. Optimal security provision designed-in from the outset saves IoT failures.

Regional Segmentation

North America has consistently been dominating the global IoT managed services market. The largest market share attributes to vast technological advancements and the strong presence of key players enabling early adoption of IoT managed services.

Europe holds the second-best position globally in terms of IoT managed services market revenue. Increasing R&D investments and innovations in IoT-managed technologies and services drive market growth.

The Asia Pacific region is witnessing a spurring rise in the IoT managed services market value. Increasing investments for research and development of technologies, such as AI and IoT, and digital transformation of businesses in the region influence the market growth.

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Industry Trends:

IoT managed services offer help businesses solve business problems, increase operational efficiencies, and create new markets by leveraging data generated from connected devices and the digital core. IoT specialists, along with the most reliable IoT networks, help them deploy and manage IoT solutions through the entire lifecycle. Device management, data security management, infrastructure management, and network management segment are key IoT managed services. 

Rising Smart city projects and cloud services adoption are the latest trends revolutionizing the IoT managed services industry currently. Increasing AI and machine learning integration are other notable trends observed in the market. Widespread IoT-managed service applications in automotive, consumer electronics, and IT & telecom drive the market growth. Furthermore, the current LTE deployment and technological advancements in various fields are the key factors boosting the IoT managed services market size. 

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