The IoT device management market is projected to reach US$ 4,965.4 million in 2023 and is expected to grow to US$ 28,118.5 million by 2033. The sales of IoT device management are anticipated to expand at a significant compound annual growth rate CAGR of 16.8% during the forecast period.
The market is driven by the increasing demand for IoT solutions across industries and their benefits, such as connected computing, marketing automation, and supply chain analytics.
Factors such as the saturation of networking and communication technologies and the global need for digitalization also contribute to adopting IoT device management and cloud-based technology services.
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Improvements in IoT device management, such as high productivity, real-time device monitoring and updating, increased customer reliability, and data security, fuel the market’s growth. However, the IoT device management market faces limitations, particularly regarding cybercrime risks at the devices and communication layer.
Cyber intrusions can lead to data loss, increased costs, and theft, negatively impacting market adoption.
IoT device management enables retailers to enhance customer experience, optimize operations, and increase conversions in the retail industry.
Smart IoT-enabled devices help in power management, in-store navigation, theft prevention, and customer interaction. Energy usage optimization using IoT devices can significantly reduce retailers’ costs.
Integrated sensors in IoT solutions provide real-time monitoring and alerts for temperature, gas leaks, and power outages, empowering store owners to manage inventories and improve the customer experience.
The security solutions segment is expected to dominate the IoT device management market, capturing over 60.6% of the market share. This is driven by the increasing demand for security solutions for connected devices and their benefits in device monitoring, diagnostics, and analytics.
In the healthcare sector, the smart health area is projected to expand by 25% till 2028, fueled by the digitalization of the industry. IoT device management solutions in healthcare offer advantages such as remote patient monitoring, end-to-end connectivity, data analysis, automatic alerts, and medical support.
Real-time streaming analytics hold a significant share of 29.8% in the IoT device management market. Companies are focusing on real-time data processing and analysis from multiple sources, enabling applications like remote patient monitoring in healthcare and improving the quality of care by providing real-time data to patients.
North America leads the global IoT device management market, capturing 28.6% market share. Factors contributing to this growth include investments in IoT technology, favorable government initiatives, and the presence of key IoT device management companies in the region.
The United Kingdom is experiencing a transformational growth rate of 17.2% due to adopting the Bring Your Own Device (BYOD) trend and deploying a mobile workforce. The need for private cloud solutions has increased during the COVID-19 pandemic, driving the demand for secure and flexible IoT device management.
India is emerging as a significant player in the IoT device management market, driven by the growing adoption of IoT devices across various industries such as manufacturing, healthcare, agriculture, transportation, and smart cities.
India offers immense business opportunities, with a large consumer base and a robust online marketplace. The country is expected to record a CAGR of 19.2% between 2023 and 2033, making it a significant market globally.
“IoT device management is pivotal in the world of connected devices. These solutions enable the efficient deployment, monitoring, and maintenance of Internet of Things (IoT) devices, driving the growth and scalability of IoT ecosystems across industries.” by FMI Lead Analyst.
Recent Developments:
- Aeris Communications, a supplier of Internet of Things (IoT) solutions based in California, struck an agreement with Ericsson in December 2022 to acquire Ericsson’s Connected Vehicle Cloud companies and IoT Accelerator.
- Aeris and Ericsson might collaborate to develop IoT connectivity software for thousands of organizations in 190 countries and over 100 million IoT devices worldwide. Aeris could provide a comprehensive IoT technology stack through Communications Service Providers (CSPs), direct sales organizations, and channel partners.
Leading Key Players:
- Smith Micro Software,
- SAP SE
- Oracle Corporation
- Microsoft Corporation
- Intel Corporation
- IBM Corporation
- Google Inc
- ARM Holdings
- Amazon Web Services Inc.
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IoT Device Management Market Segmentation:
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
By Deployment:
- Public cloud
- Private Cloud
- Hybrid cloud
By Application:
- Smart retail
- Connected health
- Connected logistics
- Smart utilities
- Smart Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
IoT Device Management Platform Market Growth– The IoT device management platform market size is anticipated to total US$ 4.4 Billion in 2022. With sales growing at a 24.4% CAGR, the market valuation is projected to top US$ 39.7 Billion by 2032.
IoT Network Management Market Trend– The global IoT network management market totaled US$ 5.1 Billion in 2022. The IoT network management market is expected to reach US$ 41.5 Billion by 2032, growing at a CAGR of 23.3% over the assessment period.
IoT Connectivity Management Platform Market Size– The IoT connectivity management platform market revenue totaled US$ 7.3 Billion in 2023. The IoT connectivity management platform market size is expected to reach US$ 34.7 Billion by 2033, growing at a CAGR of 16.9% over the assessment period.
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