IoT Device Management Market Growth, Size, Share, Trends, and Forecast 2030

IoT Device Management Market: Industry Prospective

The global IoT Device Management market was worth around USD 1,295.10 million in 2021 and is estimated to grow to about USD 5830.72 million by 2028, with a compound annual growth rate (CAGR) of approximately 28.50 percent over the forecast period. The report analyzes the IoT Device Management market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT Device Management market.

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IoT Device Management Market: Overview

IoT Device Management makes it simple to remotely register, monitor, organize, and manage large-scale IoT devices. IoT Device Management aids in the management of permissions in order to enhance device security. IoT device management is agnostic of design type and operating system, allowing fleets to scale and scale, cut costs and management efforts, vast and diversified IoT device deployments, all with the same service. The market for IoT device management has grown significantly as the Internet-of-Things (IoT) has become more widely adopted for various functions. Because of the rapid advancement of technology and the necessity for efficient management of connected devices, solutions such as real-time analysis, security, and data management have been developed.

Over the next few years, the market is likely to be driven by rising demand for IoT services, as well as increased penetration of communication and networking technologies. Increased investments in R&D activities for the development of technologically advanced IoT systems have been seen in the sector. The popularity of IoT device management products has risen as a result of this. Device provisioning, monitoring, administration, and diagnostics are all major application sectors in the industry. Because of the growing need for advanced infrastructure management solutions that eliminate manual complications in companies, the IoT Device Management Market is predicted to develop at a healthy rate.

COVID-19 Impact:

Due to its easy-to-use features, the COVID-19 pandemic has expanded the adoption of connected devices across numerous end-user industries. Connected gadgets aid in the enhancement of client experiences and services. Furthermore, the growing use of IoT technology is expected to drive up need for IoT device management. The global COVID-19 limits caused social alienation and boosted demand for IoT technology across a variety of industries, including manufacturing, utilities, retail, and others. As a result, market participants now have additional opportunities to offer innovative IoT device management solutions. Various commercial groups have heavily invested in IoT technology as a long-term recovery plan during the epidemic.

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IoT Device Management Market: Growth Drivers

Drivers:

• Intelligent Connected Devices (ICD) Proliferation.
• The emergence of intelligent sensors and the adoption of Lwm2m have created a critical need for a converged device management platform.
• Platforms that are device and vendor agnostic are becoming more popular.

Restraint:  

• Interoperability is hindered by the lack of uniform IoT standards.

Opportunities:

• Demand for cloud-based device management platforms is increasing.
• Increasing Enterprise Adoption of Bring Your Own Device (BYOD) and Bring Your Own Device (CYOD).

Challenges:

• Lack of compatibility and connectivity, as well as real-time complexity and a dynamic environment.
• Concerns about data security and privacy.
• Features and Functions of IoT Device Management.
• Benchmarking on a Strategic Level.

Global IoT Device Management Market: Segmentation

The global IoT Device Management market is segregated based on Component, solution, service, organization size, deployment, and application area.

Based on the Component, the market is segmented into solutions and services. As security concerns among clients who are installing IoT solutions develop, the security solution is the fastest growing in the IoT device management market. Because of the non-standardization and non-compatibility of devices, data security becomes more complicated when more devices are connected to each other in an IoT system. Furthermore, because there are so many different protocols, applications, and devices, it is easier for hackers/attackers to carry out nefarious operations.

By deployment, the market is segmented into Public cloud, Private cloud, and Hybrid cloud. The hybrid cloud deployment model is expected to grow at the highest CAGR during the forecast period helps in lowering overall costs while offering clients extremely flexible and expandable access. Vendors offer a hybrid cloud-based deployment methodology to help clients save money on infrastructure. Security is still a major concern that prevents widespread implementation; however, this concern is rapidly being addressed by third-party security testing to the highest standards.

Global IoT Device Management Market: Report Scope:

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Recent Developments

• In February 2020, Smith Micro Software, Inc. has announced the acquisition of Circle Media Labs Inc.'s operator business. Smith Micro's SafePath Connected Life Platform is expected to benefit from this recently acquired technology, which will provide a holistic connected life experience for Family Location and Parental Controls, IoT, and Home in one place.

IoT Device Management Market: Regional Landscape

The IoT device management market is predicted to be dominated by North America, which is expected to have the biggest market share. This region has a significant economic advantage because to its stable and well-established economy, allowing it to invest heavily in R&D and so contribute to the development of new IoT security and analytics technology. In addition, the government's support and significant expenditures by a number of well-known businesses are propelling the market in the North American region forward.

Due to the rapid adoption of smart cities and increased government investment in IoT programs, the IoT device management market in APAC has grown at the fastest rate.

IoT Device Management Market: Competitive Landscape

Some of the main competitors dominating the global IoT Device Management market include- Advantech Co. Ltd., Aeris Communications LLC, Amazon Web Services Inc., Amplia Soluciones S.L, AVSystem, Bosch.io GmbH, Cumulocity GmbH, Huawei Technologies Co. Ltd., GE Digital, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Particle Industries Inc. PTC Inc.,Silicon Laboratories Inc., Smith Micro Software Inc., SiteWhere LLC, Telite Communications PLC, Vodafone Group PLC, VMware Inc. and Wind River Systems Inc.

Global IoT Device Management market is segmented as follows:

By Component

• Solution
• Service

By Solution

• Real-Time streaming analytics
• Security solution
• Data management
• Remote monitoring
• Network bandwidth management

By Service

• Professional services
• Managed services

By Organization Size

• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs)

By Deployment

• Public cloud
• Private cloud
• Hybrid cloud

By Application Area

• Smart retail
• Connected health
• Connected logistics
• Smart utilities
• Smart Manufacturing
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa