The Global IoT Device Management Market size is expected to reach $7.3 billion by 2028, rising at a market growth of 32.0% CAGR during the forecast period.
Connected Device administration, provisioning, tracking, and diagnostics are all required for fault replication and remedial steps in the IoT device management industry. The complete IoT device management market is moved by a few key factors, including the complete growth of IoT networks and systems, raising issues over network security, increasing need to observe the health of IoT devices, and the implementation of 5G networks and their assistance for massive IoT, combined with Multi-access Edge Computing (MEC). Additionally, IoT device management systems offer data collecting and analysis.
The evolution of IoT device management has seen tremendous growth in recent years, due to the increasing implementation of mobile devices and smartphones, as well as the growing penetration of the internet. Emerging applications and economic models, as well as dropping device costs and standardization, are driving the expansion of IoT and linked devices.
Additionally, Industry 4.0 is altering industries by enabling digital factories and the establishment of an ecosystem of linked firms and plants by replacing legacy systems with smart machines and smart components. OEMs are adopting IoT devices throughout the operations as part of Industry 4.0. In anticipation of the greater implementation of IoT devices and digital revolution across industrial verticals, the European Commission estimated that the value of IoT in Europe will surpass EUR 1 trillion in 2020, indicating that the sector will thrive.
The COVID-19 pandemic has impacted every aspect of business domain as well as personal lives, comprising corporations from all industries. To handle the exceptional COVID-19 pandemic crisis and get the best possible outcomes in saving a life, money, energy, public sector enterprises and government agencies, IT, telecommunications, and healthcare invested extensively in IoT technology. As a result, increased IoT investment during the pandemic is a major factor in the market's expansion.
The IoT devices management market is being driven by rising concerns about network security, the use of health monitoring and linked medical devices, and the development of 5G networks. The IoT device management market is being driven by a growing awareness of security issues between clients that are using IoT solutions. Because diverse devices are linked to each other in the Internet of Things (IoT), data security gets complicated owing to device non-standardization and incompatibility.
The IoT device management market is being driven by a surge in the quantity of IoT devices and the difficulty of controlling such devices. IoT devices management software is utilized in a variety of industries, including automotive, manufacturing, and industrial. The solutions let consumers manage linked devices and assets more efficiently by offering authentication, API security, and network security. Consumers will benefit from these solutions in terms of network bandwidth control and remote monitoring.
Though it may appear that IoT devices perform simple functions like counting entry swipes at a secure door, they are built with a lot of advanced technology. Furthermore, if they're giving critical data to another workflow or system, everything related to it could suffer. It is not a big concern if the user counts the number of swipes at the entrance wrong, but if another piece of equipment mixes temperature data with entry swipe data, it can be disastrous and correcting the error isn't always simple. Deploying IoT devices can have a steep learning curve. Before obtaining them, it's a good idea to plan out how and why organizations use them.
Based on components, the IoT device management market is bifurcated into Solutions and Services. The solution segment acquired the highest revenue share in the IoT devices management market in 2021. The increased demand for IoT device management solutions throughout the manufacturing, healthcare, and automobile industries is driving this segment's growth. There is a growing requirement to make data-driven decisions to improve business profitability and operational productivity, which is contributing to segment growth.
Based on organization size, the IoT device management market is classified into Large Enterprises and Small & Medium Enterprises (SMEs). The large enterprises segment acquired the highest revenue share in the IoT devices management market in 2021. Large firms' growing implementation of IoT device management to efficiently handle the vast consumer equipment and datasets & company operation data is creating more demand for such advanced solutions. In addition, the increased investment by large organizations in installing intelligent and connected solutions for handling and simplifying numerous industrial processes by a centralized platform is expected to fuel market demand.
Based on verticals, the IoT device management market is bifurcated into Healthcare, Retail, Utilities, Transportation & Logistics, Manufacturing, and Others. The healthcare segment procured a substantial revenue share in the IoT device management market in 2021. During the COVID-19 pandemic, the increasing use of connected devices to monitor and control patient health has allowed healthcare facilities to invest heavily in IoT technology that delivers real-time analytics. Additionally, over the forecast period, the market is expected to benefit from the rising need for personalized healthcare and the increasing requirement for digital transformation throughout the healthcare vertical.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 1.1 Billion |
| Market size forecast in 2028 | USD 7.3 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 32% from 2022 to 2028 |
| Number of Pages | 322 |
| Number of Tables | 554 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Organization Size, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Region, the IoT device management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America emerged as the leading region in the IoT device market with the largest revenue share in 2021. Infrastructure advances, widespread use of cutting-edge networking technologies, and expanding cloud penetration are all contributing to the regional growth. The United States is the largest provider to the North American market. Additionally, the presence of major industry leaders and their large client base is critical to the regional market's growth.
Free Valuable Insights: Global IoT Device Management Market size to reach USD 7.3 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the IoT Device Management Market. Companies such as IBM Corporation, Oracle Corporation, Telit Corporate Group are some of the key innovators in IoT Device Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, Bosch.IO GmbH (Robert Bosch GmbH), Telit corporate group (DBAY Advisors Limited), Smith Micro Software, Inc., Aeris Communications, Inc., Silicon Laboratories, Inc., Advantech Co., Ltd., and PTC, Inc.
By Component
By Vertical
By Organization Size
By Geography
The global IoT device management market size is expected to reach $7.3 billion by 2028.
Growing data security issues to boost the market are increasing are driving the market in coming years, however, technical glitches and complete reliance on connectivity and power growth of the market.
IBM Corporation, Microsoft Corporation, Oracle Corporation, Bosch.IO GmbH (Robert Bosch GmbH), Telit corporate group (DBAY Advisors Limited), Smith Micro Software, Inc., Aeris Communications, Inc., Silicon Laboratories, Inc., Advantech Co., Ltd., and PTC, Inc.
The Manufacturing segment acquired maximum revenue share in the Global IoT Device Management Market by Vertical 2021, thereby, achieving a market value of $2.6 billion by 2028.
The North America market dominated the Global IoT Device Management Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.5 billion by 2028.
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