Market Trends: IoT Managed Services

The global Internet of Things (IoT) industry continues to grow exponentially, as internet-connected devices are found in many sectors across the global economy. The main appeal of the IoT app development is the wide variety of solutions and experiences that internet-connected devices can provide. Examples of IoT include wearable tech, smart appliances, digital home security, and biometric scanning. As a prominent San Diego iPhone App developer we get questions from our clients all the time around how IoT may influence their current or upcoming mobile application project. In this piece, we look to address just that question! So, let’s dig in. 

 Developing and bringing an IoT device to market is exciting, and it could become very popular depending on the service it provides or the problem it solves. There are over 45 billion IoT devices worldwide. Even the simplest devices using a few pieces of hardware and an affordable computer such as Raspberry Pi could have an IoT device up and running.

 However, the service and sustainment part of the project tends to run afoul of IoT devices, especially on a commercial level at scale. That is where IoT managed services can come into play.

The Internet of Things

IoT is a catch-all phrase that categorizes the network of physical devices that connects to the internet and shares data with other devices. Many IoT objects use sensors, cameras, and software to interact with the physical world, collecting and sharing data per its design and intended functionality.

 By its very definition, IoT is a broad term. It encompasses simple devices such as a wireless socket that a user can program to turn lights on and off at different times of the day to sophisticated industrial tools like self-driving automated tractors.

 The IoT industry will continue to be a significant part of digitally interconnected lives. As advances and breakthroughs continue in areas like machine learning and conversational artificial intelligence, IoT devices will increase in importance as one of the defining technologies of the 21st century.

IoT Managed Services

It might seem like a simple analogy to think of IoT managed services like your internet service provider. And indeed, a few of the IoT manager service companies are known entities such as AT&T and Verizon. There are some similarities. However, IoT managed services offer a far more robust service than keeping a device or home connected to the internet.

 IoT managed services provide a comprehensive approach to developing, implementing, and supporting an IoT solution. These service providers fill in the gaps for companies that may lack the resources, experience, and infrastructure to maintain and scale their IoT devices. Many IoT managed service providers monitor and operate the entire IoT ecosystem, offering different features and services such as performance optimization and data analysis.

 Perhaps the most significant benefit of using an IoT managed services provider is the ability to implement and support a commercial-ready solution that’s scalable, based on a business’s needs and growth.

Growth Potential

Even with all the IoT devices currently available, nearly as many don’t make it to deployment, or once deployed, they quickly lose sustainment support and become abandoned projects. IoT managed services aim to bridge this gap and is perhaps why this industry has seen tremendous growth over the last decade.

 According to a recently released report by Report Linker, the global IoT managed services market is expected to grow by $179.29B over the next four years. The holistic analysis of the IoT market focused on 25 vendors and evaluated different areas such as market size, trends, and challenges.

 Despite a slight slowdown with the implementation of IoT devices primarily due to the global disruption of the COVID-19 pandemic, the growth forecast for IoT and IoT managed services projects an upward trend.

Conclusion

Launching an IoT device is both an exciting project and a daunting challenge. IoT devices deployed by companies for commercial use must consider the cost of operations and sustainment for the life of the device. For many, the infrastructure, expertise, or support structure become barriers to the full potential of their IoT project. IoT managed services mitigate these barriers by offering a comprehensive program to support large-scale IoT devices.

 Dogtown Media understands the challenges of deploying and supporting IoT devices commercially. We specialize in application development designed to take advantage of the IoT movement. Take advantage of our free consultation to see how we can help bring your IoT device to market.