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IoT Managed Services Market

Global Market Study on IoT Managed Services: North America to Remain Largest Regional Market in Terms of Revenue

IoT Managed Services Market by Services (Security Management Services, Network Management Services, Infrastructure Management Services, Device Management Services, Data Management Services)

IoT Managed Services Market (2023 to 2033)

As of 2022, demand for IoT Managed Services Market is valued at US$ 89.5 Billion and is anticipated to have sales of US$ 265.3 Billion by 2033. IoT managed services market is estimated to be US$ 97.5 Billion in 2023 and is anticipated to progress at a CAGR of 10.5% and as of 2023.

The Internet of Things (IoT) is a network of physical devices and objects incorporated with software, sensors, and connectivity that allow them to communicate with one another and other systems via the internet. The IoT-managed services market held nearly 20% market share of the internet of things (IoT) market.

These devices can be anything from smart thermostats and wearables to industrial machines and autonomous vehicles. The data collected from these devices can be analyzed to gain insights into how they are being used and how they can be improved, leading to increased efficiency, productivity, and cost savings.

The potential applications of IoT are vast and include everything from smart homes and cities to precision agriculture and healthcare. IoT is often considered a key enabler of the Fourth Industrial Revolution, or Industry 4.0, which aims to revolutionize manufacturing and supply chain management with advanced digital technologies.

Application of IoT technology can be used to control and automate various household appliances and systems, such as lighting, heating, air conditioning, security systems, and entertainment systems.

North America held a major market share of 18.4% in 2022 and is projected to dominate the forecast period and demand for the IoT managed services market value share of 29.1% in Europe held the global market in 2022.

IoT Managed Services Market Size (2022)

US$ 89.5 Billion

Projected Market Value (2033)

US$ 265.3 Billion

Global Market Growth Rate (2023 to 2033)


Network Management Services Market Share (2022)


United States Market Share (2022)


Manufacturing application Market Share (2022)


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What are the Major Factors Driving the IoT Managed Services Market?

“Increasing adoption of IoT devices in various industries,”

The internet of things (IOT) managed services market is driven by several factors, including increasing adoption of IOT devices need for cost-effective solution, growing demand for cloud-based services, increasing focus on data analytics and need for enhanced security

  • In February 2023, Qualcomm launched a new platform to capitalise on market demand for cross-industry collaboration on embedded chip deployment and the internet of things (IoT) ecosystem.
  • In February 2023, To meet the increasing need for private networking and enterprise 5G, HPE intends to merge the private cellular provider's advanced technologies into its operating CSP and Aruba networking corporation portfolios.
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What Factor is Responsible for Driving the Opportunity in the United States for the IoT Managed Services Market?

“The Growing Adoption of IoT Devices Driving Demand for IoT Managed Services in United States Market”

The increasing adoption of IoT devices in various industries, such as healthcare, transportation, manufacturing, and retail, is creating a need for managed services to ensure the devices are properly configured, monitored, and maintained.

IoT networks can be complex, involving multiple devices, protocols, and data sources. Managing these networks requires specialized skills and tools that many organizations do not possess. As a result, they are turning to managed service providers to help them manage their IoT infrastructure.

Overall, the IoT managed services market in the United States is being driven by the need for specialized skills and expertise, cost optimization, and security concerns, among other factors. In a survey conducted by Microsoft, 94% of United States businesses reported that they had already invested in IoT technology.

Due to these reasons, in 2022, the United States IoT managed services market companies helped the country to account for a dominant share of 14.2% in the global marketplace.

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Which Country in Asia Has the Highest Global CAGR for the IoT Managed Services Market?

“India has high CAGR for IoT Managed Services Market”

The IoT market in India is growing rapidly, driven by increasing digitization and the adoption of smart technologies across various industries.

Several factors are contributing to the growth of the IoT market in India, including the government's Digital India initiative, increasing internet penetration, and the adoption of 5G technology. Industries such as manufacturing, healthcare, agriculture, and transportation are some of the major sectors driving IoT adoption in the country.

The IoT market in India is expected to grow rapidly in the coming years, with the government and businesses investing in the development of IoT infrastructure and technologies to support the growing demand for connected devices and smart technologies.

The CAGR for India's adoption of IoT managed services markets is predicted to be around 8.6%.

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Which Country in Europe Has the Highest Global Market Share for the IoT Managed Services Market?

“Germany Holds a High Global Market Share in Europe Region”

The IoT (Internet of Things) market in Germany is one of the largest and most developed in the world. Germany has a strong manufacturing industry, and Industry 4.0, the fourth industrial revolution, is a major driver of the IoT market in the country.

Industry 4.0 aims to integrate advanced technologies, such as IoT, artificial intelligence, and big data, into the manufacturing process to improve efficiency, reduce costs, and increase productivity.

The automotive industry is also a major player in the German IoT market, with companies such as BMW, Volkswagen, and Daimler investing heavily in IoT technology for connected cars and smart factories.

The healthcare industry is another growing sector in the German IoT market, with applications such as remote patient monitoring and digital health solutions gaining popularity.

Due to this reason, the IoT managed services market for Germany in 2022 held a market share of 9.4% in the global IoT managed services market.

Category-wise Insights

Which is the Most Utilized Services in IoT Managed Services Market?

“Network Management Services is the Most Required Services”

Network management is an important aspect of the Internet of Things (IoT) as it involves the coordination, administration, and optimization of various devices, protocols, and communication channels in an IoT ecosystem.

Network management services in IoT can help ensure the smooth functioning of IoT systems, prevent network failures and downtime, and improve the overall performance of IoT devices and applications.

Network management services are essential for ensuring the efficient and secure functioning of IoT systems. By effectively managing the network and devices, organizations can unlock the full potential of IoT and drive innovation and growth

Due to this reason the network management services market share was estimated to dominate the global market and account for 24.7% of the total market value share.

Which Application of the IoT Managed Services Dominates the Market?

“IoT Managed Services Improve Various Processes in the Manufacturing Vertical”

The IoT-managed services market for manufacturing applications is rapidly expanding, as manufacturers seek to leverage the benefits of IoT to optimize their operations and gain a competitive edge. IoT-managed services are providing manufacturers with end-to-end solutions that help them monitor, manage, and optimize their manufacturing processes in real-time.

These solutions are enabling manufacturers to improve their equipment efficiency, reduce downtime, minimize waste, and optimize their supply chain. Additionally, IoT-managed services are helping manufacturers reduce their energy consumption, lower their energy bills, and improve their sustainability.

With the continued growth of the IoT-managed services market, we can expect to see more innovative solutions that help manufacturers achieve their business goals and improve their bottom line.

In 2022 the manufacturing market share was estimated to dominate the global market and account for 12.6% of the total market value share.

Competitive Landscape

The strategy of IoT Managed Services companies is to provide end-to-end solutions that enable clients to manage and maintain their IoT devices and networks with ease, while ensuring the security and reliability of their systems and comprehensive IoT platform, Customized solutions and Scalability.

  • In February 2023, Cisco Systems had introduced new devices and a simple, cloud-based strategy to IoT management as IT and operational technology (OT) grow increasingly intertwined, the company disclosed february 2023.
  • In February 2023, Sierra Wireless, a Canadian cellular IoT specialist that has been controlled by US LoRaWAN firm Semtech, had announced the launch of a new eSIM / eUICC solution in the United States.

Recent developments related to key players providing the IoT-managed services market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

IoT Managed Services Market Report Scope



Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Billion for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Service
  • Application
  • Region

Key Companies Profiled

  • 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.
  • Others.


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Key Segments of IoT Managed Services Market Research

By Services:

  • Security Management Services
  • Network Management Services
  • Infrastructure Management Services
  • Device Management Services
  • Data Management Services

By Application:

  • Manufacturing
  • Automotive
  • Healthcare
  • Retail
  • IT & Telecom
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • 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.
  • Others

- Frequently Asked Questions -

In 2022, demand for the IoT managed services market amounted to US$ 89.5 Bn.

The global IoT managed services market is estimated to grow at a CAGR of 10.5% over the forecast period.

The market for IoT managed services market is forecasted to have a market value of US$ 265.3 Bn by 2033.

Demand for the IoT managed services market in India is projected to rise at 8.6% CAGR over the forecast period.

In 2022, North America IoT managed services market held a dominant market share of 18.4%.

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