IoT Device Management Market Report and Forecast 2024-2032

Market Outlook

According to this report, the IoT device management market size reached a value of USD 2.95 billion in 2023. Aided by the increasing adoption of Internet of Things (IoT) technologies and the growing need for efficient device management solutions, the market is projected to further grow at a CAGR of 28.8% between 2024 and 2032 to reach a value of USD 28.88 billion by 2032.

IoT device management refers to the processes and tools used to monitor, maintain, and secure IoT devices throughout their lifecycle. This includes provisioning, configuration, monitoring, and updating of devices to ensure optimal performance and security. IoT device management is critical for the effective operation of IoT ecosystems, enabling businesses to manage large-scale deployments and ensure the reliability and security of connected devices.

The increasing adoption of IoT technologies is driving the IoT device management market growth. With the rapid proliferation of connected devices across various sectors, there is a significant need for efficient device management solutions to handle the complexity and scale of IoT deployments. IoT device management solutions provide businesses with the tools and capabilities to monitor, manage, and secure their IoT devices, ensuring seamless operation and minimising downtime.

The rising trend of digital transformation and the growing adoption of smart technologies also play a significant role in the market's growth. As more businesses embrace digital transformation initiatives and integrate smart technologies into their operations, there is a growing need for IoT device management solutions to ensure the reliability and security of connected devices. These solutions enable businesses to manage their IoT devices more efficiently, optimize performance, and enhance security, driving their adoption across various sectors.

The expanding applications of IoT device management solutions in various sectors significantly contribute to the market's growth. In the manufacturing sector, IoT device management is used to monitor and manage industrial IoT devices, ensuring optimal performance and minimising downtime. These solutions enable manufacturers to gain real-time insights into their operations, improve efficiency, and enhance productivity, consequently driving up the IoT device management market share.

In the healthcare sector, IoT device management is employed to monitor and manage medical devices, ensuring compliance with regulatory requirements and improving patient care. The increasing adoption of connected medical devices and the growing focus on remote patient monitoring have driven the adoption of IoT device management solutions in the healthcare sector.

In the retail sector, IoT device management is used to monitor and manage connected devices such as smart shelves, digital signage, and point-of-sale systems. These solutions enable retailers to optimize their operations, improve customer experience, and enhance security. The growing adoption of smart technologies in the retail sector has further boosted the demand for IoT device management solutions.

As per the IoT device management market analysis, North America holds a significant share in the market, driven by the presence of leading technology companies and a well-established IoT ecosystem in the region. The increasing adoption of IoT technologies and the rising focus on digital transformation have boosted the demand for IoT device management solutions in North America. Moreover, the region's strong focus on cybersecurity and regulatory compliance further supports market growth.

The solution segment represents the largest component, driven by the high demand for comprehensive IoT device management software that enables efficient device monitoring, management, and security. Services, including implementation, support, and maintenance, are gaining traction as businesses seek to optimise their IoT device management solutions and ensure seamless integration with existing systems.

Market Segmentation

The market can be divided based on component, enterprise size, end use, and region.

Market Breakup by Component

• Solution
• Real-time Streaming Analytics
• Security Solutions
• Data Management
• Remote Monitoring
• Network Bandwidth Management
• Services
• Professional Services
• Managed Services

Market Breakup by Enterprise Size

• Large Enterprises
• Small and Medium Enterprises (SMEs)

Market Breakup by End Use

• Manufacturing
• Retail
• Healthcare
• Transportation
• Utilities
• Others

Market Breakup by Region

• North America
• Europe
• Latin America
• Middle East and Africa
• Asia Pacific

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global IoT device management market. some of the major players explored in the report are as follows:

• Robert Bosch GmbH
• Microsoft Corporation
• IBM Corporation
• Amazon Web Services, Inc.
• PTC Incorporation
• Oracle Corporation
• Amplía Soluciones S.L.
• Advantech Co., Ltd.
• Telit IoT Platforms, LLC
• Smith Micro Software, Inc.
• Others