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Empowering Connectivity: Internet of Things (IoT) Managed Services Market Surpasses 2024, Poised for Remarkable 27.82% CAGR Growth by 2032 | Wipro Ltd., Cognizant Technology Solutions Corp., Cisco Systems Inc

Empowering Connectivity: Internet of Things (IoT) Managed Services Market Surpasses 2024, Poised for Remarkable 27.82% CAGR Growth by 2032 | Wipro Ltd., Cognizant Technology Solutions Corp., Cisco Systems Inc

Report Ocean is a comprehensive analysis of the “Internet of Things Managed Services Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

The Global Internet of Things (IoT) Managed Services Market, valued at approximately USD $$ billion in 2022, anticipates a robust growth trajectory with a compelling CAGR exceeding 27.82% throughout the forecast period from 2023 to 2030. Internet of Things (IoT) Managed Services involves outsourcing the management and support of IoT infrastructure and devices. As IoT ecosystems evolve in complexity, organizations increasingly seek specialized assistance for deploying, monitoring, and maintaining their IoT solutions.

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Providers of IoT Managed Services offer comprehensive support, including device management, connectivity management, data management and analytics, security and compliance, and support and maintenance. These services empower organizations to streamline IoT management complexities, optimize deployments, enhance operational efficiency, and foster innovation within their respective industries. The market’s growth is propelled by the escalating adaptation of IoT and the burgeoning IT industry.

According to the United Nations Conference on Trade and Development (UNCTAD) in 2023, the IoT market is undergoing rapid expansion, projected to generate significant global value. Advances in semiconductor technology drive this growth, facilitating the development of cost-effective and efficient IoT devices. On the demand side, key drivers include the increasing demand for advanced consumer electronics, the adoption of smart devices, internet-enabled devices, tele-healthcare services, and automation technology. As per India Brand Equity Market (IEBF) in 2023, the software product industry in India is poised to achieve a milestone of USD 100 billion by 2025. Indian companies strategically invest overseas to expand their global presence and strengthen global delivery capabilities. The data annotation market in India, valued at USD 250 million in FY20, is projected to reach USD 7 billion by 2030, fueled by growing domestic demand for AI. Furthermore, the expanding 5G network and rising demand for business intelligence solutions present growth opportunities in the market. However, potential challenges include cybersecurity risks and privacy concerns, along with a shortage of skilled professionals, during the forecast period from 2023 to 2030.

Key Regions and Market Players:

The key regions considered in the Global Internet of Things (IoT) Managed Services Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2022, North America dominates the market due to its advanced technological infrastructure and widespread adoption of IoT across various industries. The region’s strong emphasis on data security and privacy regulations has further fueled the demand for professional IoT Managed Services. Additionally, North America benefits from a thriving venture capital ecosystem, supporting the growth and innovation of IoT startups and service providers. With these factors in place, North America stands as the leading region in the global IoT Managed Services market. The Asia-Pacific region emerges as the fastest-growing region, presenting considerable opportunities for expansion, driven by thriving commercial sectors such as healthcare, safety and security, manufacturing, energy, and agriculture. The integration of blockchain and cryptographic processes in IoT security services plays a crucial role in driving IoT adoption in the engineering services market within the region, offering centralized networks and robust security measures.

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Major Market Players:

  • Wipro Ltd.
  • Cognizant Technology Solutions Corp.
  • Cisco Systems Inc.
  • Tata Consultancy Services Limited
  • Tech Mahindra Ltd.
  • TietoEVRY Corporation
  • Virtusa Corporation
  • Infosys Technologies Limited
  • HCL Technologies Ltd.
  • Aricent Technologies Holdings Limited.

Recent Developments:

  • In February 2022, IBM completed the acquisition of Neudesic, a prominent cloud services consultancy based in the United States. This strategic move enhances IBM’s range of hybrid multi-cloud services and strengthens its hybrid cloud and AI strategy. The addition of Neudesic’s capabilities enables IBM to provide enhanced cloud services to its clients and solidify its position in the rapidly evolving cloud computing market.
  • In November 2021, Nasdaq and AWS entered into a long-term partnership to develop advanced cloud-based infrastructure for global capital markets. This partnership signifies a significant step forward in leveraging cloud technology to enhance the efficiency, scalability, and reliability of capital markets worldwide.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also provides detailed information about crucial aspects such as driving factors & challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro markets for stakeholders to invest in, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below.

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By Application:

  • Network Management
  • Device Management
  • Data Management
  • Security Management
  • Other Applications

By End User:

  • Energy and Utilities
  • Manufacturing
  • Retail, Healthcare
  • Banking, Financial Services & Insurance (BFSI)
  • IT & Telecom
  • Other

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Global Internet of Things (IoT) Managed Services Market Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Segments Covered: Application, End User, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Advantages of Opting for Our Market Research Report:

Strategic Decision-Making:

Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

Market Understanding:

A comprehensive understanding of the market is crucial for success. Our reports delve deeply into market size, segmentation, and growth drivers, ensuring businesses have a nuanced comprehension of the landscape they operate in, aiding in effective planning and execution.

Competitive Intelligence:

Staying ahead of the competition is paramount. Our reports offer detailed competitive intelligence, highlighting key players, their market share, strategies, and strengths. This enables businesses to identify opportunities for differentiation and develop robust strategies for sustainable growth.

Customer Insights:

Understanding customer behavior is fundamental to success. Our research provides in-depth customer insights, including preferences, buying patterns, and needs. This information is instrumental in tailoring products and services to meet customer expectations and enhance overall satisfaction.

Risk Mitigation:

Every business venture involves risks, and our reports are designed to identify and assess potential risks within the industry. This proactive approach empowers businesses to develop risk mitigation strategies, ensuring resilience in the face of challenges and uncertainties.

Investment and Funding Decisions:

For investors and stakeholders, our reports offer a reliable foundation for investment decisions. Through thorough analysis of market trends and growth projections, we provide essential information to support sound investment and funding choices, maximizing returns on investment.

Validation and Credibility:

Our market research reports undergo rigorous analysis and validation processes, ensuring the credibility of the information presented. Businesses can rely on our reports as trustworthy sources, fostering confidence in decision-making processes and strategic planning.

Long-term Business Planning:

Successful businesses thrive on effective long-term planning. Our reports provide a forward-looking perspective, forecasting industry trends and potential challenges. This foresight is indispensable for crafting robust business plans that stand the test of time and dynamic market conditions.

Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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