IoT Device Management Market

Report Overview

The global market for IoT device management was valued at USD 1.58 billion in 2021. It is projected to reach USD 31.33 billion at a CAGR of 31.2% between 2023 and 2032. Market growth is expected to be driven by a growing emphasis on operational efficiency and managing connected devices. The Open Mobile Alliance (OMA) is a standardization initiative that major players in IoT have initiated. This has helped to boost the industry’s growth.

The ever-growing need to secure data, connected devices, and other connected assets will push all market for solutions to new levels. This market report gives a detailed analysis of the IoT device management market share, size, key growth factors, key trends, competitive landscape, and other key factors.

Global IoT Device Management Market Scope:

Component Analysis

In 2021, the solutions segment was responsible for 43% of revenue. This segment’s growth is due to the increasing demand for IoT device management solutions in the manufacturing, automotive, and healthcare industries. The adoption of IoT solutions has also increased due to the need to make data-driven business decisions that improve the profitability and productivity of operations.

Over the forecast period, significant growth is expected in services. The segment is expected to grow due to the increasing use of IoT solutions and increased demand for support services. The market will benefit from the increasing adoption of cloud-based solutions and increasing demand for implementation and maintenance services. Smart devices and devices connected to the Internet of Things (IoT) can help retailers improve customer experience, increase conversions, and impact day-to-day store operations.

Solution analysis

In 2021, the data management solutions segment held a significant market share of more than 25%. This segment’s rapid growth can be attributed to the increasing use of IoT devices to manage industrial processes and equipment and predict failures and disasters that could affect production. There are advantages to implementing the Internet of Things in the retail industry, such as power management, in-store navigation, theft prevention, and customer engagement. The Internet of Things (IoT) and connected technologies are taking over the retail industry.

These heavy applications generate a lot of data, which has led to a significant increase in demand for data management solutions, which are now dominating the market. Over the forecasted time, the fastest-growing segment in security solutions is expected to have the highest growth rates.

The market for security solutions will grow due to the increasing demand for data protection, connected devices, and other assets. These solutions can be tailored to satisfy various customer needs in terms of authentication, security, maintenance, and other aspects. The segment is also growing due to increasing awareness about security threats, data breaches, and hacking of connected devices.

Service analysis

In 2021, the professional services segment was responsible for more than 67% of all revenue. Professional services will be in high demand due to the growing demand for highly skilled professionals proficient in installing, managing, and troubleshooting software. Enterprises can use professional services to increase resource utilization, decrease administrative costs, and improve profitability.

Enterprises can also benefit from professional services to improve their resource management. This is done through improved collaboration, integrated knowledge management, and better planning. Over the forecast period, managed services will experience significant growth.

This is due to managed services’ additional capabilities, including remote monitoring and cost-effective IT infrastructure administration through subscription-based pricing structures. Retailers are also becoming more concerned about data security and privacy protection due to the increasing use of IoT-based services.

To maintain their growing databases, they are turning to managed services. Cloud-based managed services are becoming more popular due to the increasing dependency of businesses on IT assets to improve their business productivity.

Organization Size Analysis

In 2021, the market share for large enterprises was more than 58%. Large enterprises are expected to see an increase in IoT device management adoption to manage large customer data sets and business operations. The segment growth can also be attributed to the increased investment made by large enterprises in intelligent and connected solutions to manage and streamline various industrial processes via a single platform.

Over the forecast period, the small and medium enterprises (SMEs) segment will experience significant growth. This segment’s promising growth prospects can be attributed to the growing number of small and medium enterprises in countries like India, China, and Singapore.

The segment’s growth is expected to be driven by the growing role of government authorities in funding small and medium enterprises to embrace rapid digitalization. Small and medium-sized enterprises are attracted to cloud-based IoT device administration due to their lower service costs. This bodes well for IoT management market growth.

Vertical analysis

In 2021, the manufacturing segment held 33% of the market. It is due to the need to improve digital transformation within the manufacturing sector. Manufacturers increasingly depend on connected devices to improve their industrial operations, increase productivity, and reduce time to market. This allows them to make strategic decisions using current technology to meet their evolving needs.

Manufacturers have been able to find intelligent solutions to improve their business productivity, profitability, and competitiveness due to the growing competition. Over the forecasted time, the healthcare sector is expected to experience the fastest growth rate.

Healthcare facilities have made significant investments in IoT technology to provide real-time insight due to the growing use of connected devices to monitor and track patient health during the COVID-19 pandemic. The market will also be able to take advantage of the rising demand for personalized healthcare and the need for digital transformation in the healthcare sector over the forecasted time.

Кеу Market Segmentation

By Component

• Solution
• Service

By Solution

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

By Services

• Professional Services
• Managed Services

By Organization Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By Vertical

• Retail Industry
• Healthcare
• Transportation & Logistics
• Utilities
• Manufacturing
• Others

Market Dynamics:

All walks of life were affected by the COVID-19 pandemic, and businesses in all end-use industries. To deal with the COVID-19 pandemic, government agencies, IT, telecom, healthcare, and other public sector organizations invested heavily in IoT technology. This allowed them to save lives, money, and energy. The pandemic caused a surge in IoT investments, contributing to the market’s growth.

IoT device management was developed in response to the increasing penetration of communication and networking technology and the need for real-time analytics, connected assets, and the protection of machines. It helps in provisioning, authentication, configuration, control, maintenance and software updates, and monitoring and diagnosing connected devices.

This market is experiencing significant demand due to the increasing use of Internet-of-Things for different operations. Technology is constantly changing, and it is imperative that connected devices are managed efficiently. This has led to the development and implementation of real-time analytics and security solutions, and data management solutions.

These solutions can meet the requirements of automotive, manufacturing, and other industries. They allow for efficient management of connected assets and devices and provide security, authentication, and API protection. The fastest-growing security solution is expected to be over the forecast period.

Advanced technologies such as augmented reality, remote control, and more are increasingly being used by manufacturers. The widespread adoption of network and communication technologies, a saturation of networking, as well as the necessity of live analytics, connected devices, and the security of machines has led to the introduction of IoT device management.

Additionally, the increasing popularity of communication and modern technologies and the need to digitize the world are driving the growth of IoT devices and cloud-based technology services.

Regional Analysis

With a 35% revenue share, North America was the dominant market in 2021. This dominance can be attributed partly to technological developments and the heavy adoption of the most recent networking technologies. Also, cloud technology penetration is increasing. The U.S. is the main contributor to North America’s market. The North American market can grow because of the presence and support of industry leaders and their large customer base.

Asia Pacific is expected to experience significant growth during the forecast period. This region is known for its high population density, high use of smartphones, and continued rollout of high-speed internet networks. Many smartphone users access social media via their smartphones. The region has huge potential for IoT deployment. The market will also benefit from the increasing focus of governments on small and medium-sized businesses with extensive integration of intelligent devices.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

There are several market players in the. These include established market players operating worldwide and smaller local players that cater to a small number of clients. The market is highly fragmented and is characterized by fierce competitive rivalry. Some market players have begun to upgrade their products and launch new products in response to increasing competition.

System integrators and physical component suppliers in the connected device management industry are creating standard protocols to ensure the efficient operation of the IoT device management market. To gain a competitive advantage, they are investing heavily in R&D. Many companies have collaborated with or acquired emerging players in communication and device management technologies to create effective IoT device management solutions. Market growth is also driven by the Open Mobile Alliance (OMA), and other collaborative steps taken to form standardized protocols.

Маrkеt Кеу Рlауеrѕ:

• Smith Micro Software, Inc.
• Bosch Software Innovation GmbH
• Advantech Co., Ltd.
• Aeris Communication, Inc.
• Microsoft Corporation
• Oracle Corporation
• PTC Incorporation.
• Proximetry
• Telit Communications PLC
• IBM Corporation
• Enhanced Telecommunications Inc.
• Other Key Players