IoT Device Management Market – Global Industry Analysis and Forecast (2023-2029)

IoT Device Management Market was valued at US$ 8.53 Bn. in 2022. Global IoT Device Management Market size is expected to grow at a CAGR of 18.58 % through the forecast period.
IoT Device Management Market Overview:
The Internet of Things is all about diverse online objects interacting with one another and gathering enormous amounts of data to support broad human objectives without requiring direct human participation. The consumer benefits of IoT solutions are undeniably great, but for the industry to prosper, IoT device management must quickly advance as well.

The processes involved of provisioning, authenticating, configuring, maintaining, monitoring, and diagnosing connected devices operating as a component of an IoT environment are referred to as IoT device management. This enables and supports the full range of functional capabilities of these connected devices. Therefore, it is obvious that having a dependable and efficient device management system is essential for keeping the smart assets connected, safe, and up to date.



To know about the Research Methodology:-Request Free Sample Report

2022 is considered as a base year to forecast the market from 2022 to 2029. 2022 market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2022 is a year of exception and analysis especially with the impact of lockdown by region.
IoT Device Management Market Dynamics:
IoT Device Management Market Drivers:

The fast-growing need for IoT solutions across all industrial sectors and the advantages of this network, such as connected computing, marketing automation, and supply chain analytics, are expected to drive the growth of the IoT device management market.

Additionally, the adoption of IoT device management and cloud-based technology services is being fuelled by the rising saturation of networking and communication technologies as well as the global demand for digitalization.

The fast-growing need for IoT solutions across all industrial sectors and the advantages of this network, such as connected computing, marketing automation, and supply chain analytics, are expected to drive the growth of the IoT device management market.

Additionally, the adoption of IoT device management and cloud-based technology services is being fuelled by the rising saturation of networking and communication technologies as well as the global demand for digitalization.

The development of the IoT device management business is being restrained by concerns with device cyber security as well as a lack of interoperability and connectivity. Additionally, advancements in IoT device management offer the possibility for profit growth through real-time device monitoring and updating, higher productivity, improved customer dependability, and data security.
The development of the IoT device management business is being restrained by concerns with device cyber security as well as a lack of interoperability and connectivity.

Additionally, advancements in IoT device management, including increased productivity, real-time device monitoring, and updating, increased customer reliability, and data security, provide the potential for profit for the market's growth.

IoT Device Management Market Restraints:

The IoT device management market is developing as a result of the growing demand for IoT solutions across all business sectors and the advantages of the network, including connected computing, marketing automation, and supply chain analytics.

The increasing adoption of network and communication technologies as well as the global demand for digitization is driving the use of IoT and cloud-based technologies. These technologies have several advantages for businesses, including hyper-connected system operators, lower running costs due to automation, and allow for customizations. The technology is rapidly being employed in smart and connected products due to its ease of scaling and scalability.

The IoT device management sector is growing thanks to smart home automation equipment as well as other smart devices like smart watches and water meters.

A significant roadblock for the IoT device management business is the issue of cybercrime at the device and connection levels. Platform, server, and browser intrusion can make the network unusable, leading to the loss of important data, higher installation costs for new devices, equipment theft as well as the theft of vital organizational data including financial and customer information. This has a detrimental effect on the market adoption of IoT device management.

IoT Device Management Market Trends:

While also having an impact on daily shop operations, smart devices and the Internet of Things (IoT) allow retailers to enhance the consumer experience and increase conversions. Power management, in-store navigation, theft prevention, and customer interaction are a few benefits of using IoT in the retail sector. The retail business is being completely transformed by the Internet of Things (IoT) and connected technology.

Energy use, whether in refrigeration, heating, air conditioning, lighting, or other sectors, is a big cost component for retailers, according to the IoT device management market survey. The annual cost of using various energy sources more effectively could be reduced by up to 20%. Smart IoT-enabled gadgets can aid with energy management and conservation challenges.

By empowering their staff to respond in ways that enhance the customer experience and properly manage store stocks, retailers are likely to see an increase in sales. 77 %of retailers believe that IoT solutions might greatly enhance the customer experience, according to a poll by Verizon.

Many IoT-based solutions may record, monitor, alert, or warn store employees about temperature, gas leaks, power outages, power usage, heating, and more using integrated sensors. Using these intelligent power management devices, store managers can communicate with refrigerator controllers and receive priority information with the aid of sensors. The market trends for IoT device management are advancing the sector.
IoT Device Management Market Segment Analysis:
Based on Component, The solutions sector represented a sizeable revenue share of over 45% in 2022. The growing need for IoT device management solutions across the manufacturing, automotive, and healthcare sectors is majorly responsible for the rise of this market sector. IoT solutions have been adopted more frequently as a result of the growing requirement to make data-driven decisions that will increase business profitability and operational productivity.

The services segment is expected to increase significantly over the forecast period. The category is expected to develop as a result of increasing IoT solution deployment and rising support and maintenance service demand. Additionally, the growing use of cloud-based solutions is expected to raise the need for installation and deployment services, which is expected to present the market with a variety of opportunities over the forecast period.

Based on the Solution, Over 20% of the market was occupied by the sector of data management solutions in 2022. The IoT devices' increased use in managing industrial processes and equipment and forecasting problems and disasters that could impede output is primarily responsible for the segment's rise. Since these demanding applications generate a lot of data, data management solutions have become incredibly popular and have taken over the market.

It is expected that the security solutions segment will develop at the fastest rate during the forecast period. The growth of the total market for solutions will be fuelled by the growing need to secure data, connected devices, and related assets.

These solutions are made to accommodate different customer needs for maintenance, security, and authentication. The segment's rise is also being fuelled by an increase in public awareness of security risks, data breaches, and hacks of exposed connected devices.

Based on the Service, The professional Service Segment is dominating the market with a 65% share. The need for professional services is expected to increase in response to the growing need for talented and experienced individuals with knowledge of managing, installing, and troubleshooting software.

Professional services enable businesses to increase profitability, improve resource utilization, and save administrative costs. Professional services stimulate the growth of the professional services sector by assisting businesses in managing resources more effectively by increasing collaboration, integrating knowledge management, and better planning.

The managed services segment is expected to increase significantly through the forecast period. This growth can be credited to managed services' expanded capabilities, which include remote monitoring and cost-effective IT infrastructure management via subscription-based pricing models. Retailers are also growing more concerned about data security and privacy protection due to the deployment of IoT-based solutions.

To handle their growing databases, they are choosing managed services. Growing company reliance on IT assets to increase business efficiency and the rising demand for cloud-based managed services are both key drivers of the managed services market's growth.

Based on the Organization, in 2022, the large company’s market share was above 60%, representing the largest market share. The market demand in large enterprises is expected to be driven by an increase in the adoption of IoT device management by major firms to effectively manage their enormous consumer datasets and equipment & business operating data.

Additionally, the large organizations' growing investment in implementing intelligent and connected solutions for controlling and streamlining numerous industrial processes through a centralized platform can be linked to the segment growth.

Small and medium-sized businesses (SMEs) would experience rapid growth during the forecast period. The segment's positive growth prospects can be attributable to the growing number of small and medium-sized businesses in nations like Singapore, India, and China.

Furthermore, it is forecasted that the segment's growth will be fuelled by the expanding role of government authorities in financing small and medium-sized businesses' adoption of digitalization. Small and medium-sized businesses are being drawn to cloud-based IoT device management because of its cheaper service prices, which is encouraging for the market's growth.

Based on the Vertical, in 2022, the manufacturing sector held the highest market share, at over 35%. The need to accelerate digital transformation across the manufacturing vertical is mostly to blame for the huge proportion of this market.
Additionally, manufacturers' increased reliance on connected devices to organize industrial processes, boost efficiency, and shorten time to market enables them to make strategic decisions incorporating the newest technology to meet their growing needs. Manufacturers were also able to apply smart solutions to improve their company efficiency and profitability due to the growing necessity to make a big imprint in the more competitive global market.
Regional Insights:
With a revenue share of more than 30% in 2022, North America dominated the market. The supremacy can be due to infrastructure advancements, widespread use of cutting-edge networking technologies, and rising cloud technology usage. The North American market is primarily supported by the United States. Additionally, the existence of well-known sector leaders and their sizable client base is crucial in enabling the North American market to expand steadily.

Over the Forecast Period, Asia Pacific is expected to have significant growth. The area is distinguished by a high density of people, the widespread use of smartphones, and the on-going development of high-speed data networks.

Additionally, a lot of local smartphone users use their portable devices to access social media. As a result, the area has enormous prospects for IoT adoption. Additionally, it is expected that the sector would experience several opportunities due to governments' increasing focus on supporting small and medium-sized businesses that heavily utilize intelligent devices.

The objective of the report is to present a comprehensive analysis of the global IoT Device Management Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the IoT Device Management Market dynamic, structure by analyzing the market segments and projecting the IoT Device Management Market size. Clear representation of competitive analysis of key players by Product type, price, financial position, product portfolio, growth strategies, and regional presence in the IoT Device Management Market make the report investor’s guide.
IoT Device Management Market Scope: Inquire before buying



Global IoT Device Management Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 8.53 Bn.


Forecast Period 2023 to 2029 CAGR:
18.58%
Market Size in 2029:
US$ 28.15 Bn.


 Segments Covered:
by Component
Solution
Service


by Solution
Real-Time Streaming Analytics
Security Solutions
Data Management
Remote Monitoring
Network Bandwidth Management


by Service
Professional Services
Managed Services


by Organisation Size
Large Enterprises
Small & Medium Enterprises (SMEs)


by Vertical
Retail
Healthcare
Transportation & Logistics
Utilities
Manufacturing
Others



IoT Device Management Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.Microsoft Corporation (Washington, US)
2.IBM Corporation (New York, US)
3.Smith Micro Software, Inc. (Pennsylvania, US)
4.Advantech Co.Ltd.( Taipei, Taiwan)
5.Bosch Software Innovations GmbH (Berlin, Germany)
6.Amplia Soluciones S.L. (Europe)
7.Aeris Communication, Inc. (California, US)
8.PTC Incorporation (Massachusetts, United States)
9.Oracle Corporation (Texas, US)
10.Smith Micro Software, Inc.( Pennsylvania, US)
11.Telit Communications PLC (California, US)
12.Cumulocity GmbH (Germany)
13.Zentri Inc.( California, United States )

Frequently Asked Questions:

1] What segments are covered in the Global IoT Device Management Market report?
Ans. The segments covered in the IoT Device Management Market report are based on Component, Solution, Service, Organisation Size, and Vertical.

2] Which region is expected to hold the highest share in the Global IoT Device Management Market?
Ans. The North America region is expected to hold the highest share in the IoT Device Management Market.

3] What is the market size of the Global IoT Device Management Market by 2029?
Ans. The market size of the IoT Device Management Market by 2029 is expected to reach US$ 28.15 Bn.

4] What is the forecast period for the Global IoT Device Management Market?
Ans. The forecast period for the IoT Device Management Market is 2023-2029.

5] What was the market size of the Global IoT Device Management Market in 2022?
Ans. The market size of the IoT Device Management Market in 2022 was valued at US$ 8.53 Bn.