IoT Managed Services Market to Reach $193.2 Billion by 2034: Key Growth Trends

Real-Time Production Monitoring and Equipment Performance Making Manufacturing Process Smarter with IoT Managed Services: Fact. MR Report

ROCKVILLE, MD, UNITED STATES, February 12, 2025 /EINPresswire.com/ — As stated in the newly published report by Fact.MR, a market research and competitive intelligence provider, the global IoT managed services market is anticipated to reach US$ 92.26 billion in 2024 and escalate at a CAGR of 7.7% between 2024 and 2034.

From smart manufacturing plants in Germany to agricultural monitoring systems in India, these IoT services are revolutionizing how businesses operate and innovate. Key factors driving this surge include the need for efficient resource management, enhanced security, and seamless operational connectivity. Healthcare providers are increasingly adopting IoT solutions for patient monitoring and asset tracking, while smart cities implement these services for everything from traffic management to waste collection.

The market’s expansion is further fueled by the rising need for predictive maintenance in industrial settings and the growing adoption of smart building solutions. As businesses seek to remain competitive in an increasingly digital world, IoT-managed services offer a scalable, cost-effective solution for managing complex device networks and extracting valuable insights from connected systems. This global adoption trend shows no signs of slowing, as more organizations recognize the strategic advantages these services provide in improving efficiency, reducing costs, and driving innovation.

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Key Takeaways from Market Study

The global IoT managed services market is forecasted to reach a valuation of US$ 193.2 billion by the end of 2034.Among different service types, the security management services segment is estimated to hold a share of 32.9% of revenue in 2024.

In North America, the market in Mexico is projected to progress at a CAGR of 3% between 2024 and 2034.The East Asian market is anticipated to hold a share of 35.7% in 2024, with an estimated revenue of US$ 32.93 billion for the same year.

The market in Japan is projected to reach US$ 20.49 billion worth by the end of 2034.The market in the United States is analyzed to hold a share of 79.9% by the end of 2034.

“IoT managed services helping in tracking air quality, water levels, and pollution, which is promoting sustainability on next level,” says a Fact.MR analyst.

Edge Computing and 5G Technology Making Big Changes in the Market

Edge computing integration is revolutionizing how data is processed, enabling real-time decision-making at the device level while reducing latency and bandwidth usage. This advancement has made IoT solutions more efficient and cost-effective for businesses across sectors.

Artificial intelligence and machine learning capabilities are seamlessly integrated into IoT platforms, enabling predictive analytics and automated decision-making at an unprecedented scale. Manufacturing facilities now leverage these technologies to predict equipment failures before they occur, while smart cities use them to optimize traffic flow and energy consumption in real time.

The emergence of 5G networks is another game-changer, providing the high-speed, low-latency connectivity needed for mission-critical IoT applications. This has opened new possibilities in remote surgery, autonomous vehicles, and industrial automation. In addition, improved battery technology and energy harvesting solutions are extending the life of IoT devices, making them more practical for long-term deployments.

Managed Services for the Internet of Things Assisting in Device Tracking and Increasing Demand

As IoT devices are used in a variety of industries, such as manufacturing, retail, healthcare, and transportation, managed services are increasingly essential to ensure that the devices are properly configured, monitored, and maintained.

IoT networks are getting increasingly complex as there are more devices, protocols, and data sources. Many businesses lack the specialized skills and resources required to oversee these networks. For help managing their IoT infrastructure, they are turning to managed service providers.

The IoT managed services industry forecast states that another element generating lucrative potential for market participants in the future is the increased emphasis on data security and privacy in IoT networks.

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Scalability and Data Breach Are Growing Problems

According to the IoT managed services industry report, growing security concerns are preventing the market from expanding. Security issues are impeding the growth of the IoT solutions and services industry. As the number of connected devices increases, the risk of cyberattacks, data breaches, and illegal access increases, raising concerns about data privacy and system vulnerabilities.

Adoption is hampered by a number of industries’ reluctance to fully employ IoT technology due to possible security issues. Strong cybersecurity measures must be put in place to overcome these challenges and sustain the growth of the IoT industry.

The demand for IoT services and solutions is being negatively impacted by problems with price and scalability. Among the significant infrastructure expenditures required to implement IoT systems at scale are sensors, connectivity, and data management platforms.

Small and medium-sized businesses cannot afford the hefty upfront expenditures of IoT systems, let alone the continuous maintenance and upgrade expenses. Because IoT solutions must be tailored for several locations or businesses, adoption is sluggish in some sectors. This increases cost and complexity, which further reduces the size of the IoT managed services market.

Explore More Studies Published by Fact.MR Research:

IoT Analytics Market In 2024, the worldwide IoT analytics market is projected to be valued at US$33,601.9 million. A compound annual growth rate (CAGR) of 22.2% is anticipated for the industry between 2024 and 2034. By 2034, the market is expected to be worth US$2,50,333.8 million.

Managed Network Services Market In 2023, the managed network services market will be worth US$70.87 billion. The demand for managed network services is expected to grow at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2033, reaching a market value of US$ 154.44 billion by the end of 2033.

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