According to a new report, published by KBV research, The Global IoT Device Management Market size is expected to reach $25.38 billion by 2031, rising at a market growth of 30.8% CAGR during the forecast period.
The Large Enterprises segment is leading the Global IoT Device Management Market by Organization Size in 2023; thereby, achieving a market value of $17.35 billion by 2031. Large organizations are typically early adopters of advanced technologies like IoT due to their substantial financial resources and robust IT infrastructure. These organizations implement IoT device management solutions to optimize operations, enhance productivity, and improve client experiences in various sectors, including manufacturing, healthcare, and retail. The ability of large enterprises to deploy large-scale IoT networks and invest in sophisticated management platforms has significantly contributed to their dominant position in the market.
The Services segment is experiencing a CAGR of 31.6% during (2024 - 2031). Consultation, deployment, integration, and ongoing support services are all included in this segment to guarantee the successful operation and implementation of IoT solutions. As businesses increasingly adopt IoT, they often require expert guidance and technical support to integrate these technologies into their existing systems. Additionally, the growing emphasis on managed services, where third-party providers handle IoT device management on behalf of businesses, has fueled the revenue growth of this segment. SMEs, in particular, have relied on services to overcome resource limitations and ensure the smooth operation of their IoT networks.
The Public Cloud segment is generating the highest revenue in the Global IoT Device Management Market by Deployment Mode in 2023; thereby, achieving a market value of $13.64 billion by 2031. Public cloud solutions have gained immense popularity due to their scalability, cost-efficiency, and ease of deployment. Businesses, especially small and medium-sized enterprises (SMEs), prefer public cloud platforms as they eliminate the need for significant upfront infrastructure investments and provide flexible pay-as-you-go models. Public cloud-based IoT device management solutions are also widely adopted due to their capacity to facilitate real-time monitoring, data storage, and analytics, which allows organizations to optimize operations and minimize expenses.
The Retail segment captures a CAGR of 31.4% during (2024 - 2031). The segment thrives on the increasing use of IoT to improve customer experiences and streamline inventory management. Smart shelves connected POS systems, and location-based services enable retailers to personalize offerings and ensure real-time product availability. The demand for IoT device administration to facilitate seamless operations has been significantly increased by the expansion of e-commerce and omnichannel retail strategies, resulting in substantial growth in this sector.
Full Report: https://www.kbvresearch.com/iot-device-management-market/
The North America region dominated the Global IoT Device Management Market by Region in 2023; thereby, achieving a market value of $8.8 billion by 2031. The Europe region is expected to witness a CAGR of 30.3% during (2024 - 2031). Additionally, The Asia Pacific region would register a CAGR of 31.7% during (2024 - 2031).
By Organization Size
By Component
By Deployment Mode
By Vertical
Unique Offerings 
