The global IoT device management market is experiencing growth due to a rise in adoption of IoT devices and growth in need of data security and privacy.
PORTLAND, Ore., Sept. 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT Device Management Market by Component (Solution and Service), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), End User (Retail, Healthcare, Transportation, Manufacturing, Utilities, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global generated $2.2 billion in 2022, and is estimated to reach $29.5 billion by 2032, witnessing a CAGR of 30.2% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
The IoT device management market is the field of the technology sector that focuses on management and control of IoT devices. IoT devices are actual physical items that have sensors, software, and connection built in them so they can communicate data with other systems and devices. These electronic devices encompass a wide array of products, including connected vehicles, smartwatches, industrial machinery, and smart household appliances. IoT device management involves tasks like deployment, supervision, configuration, and maintenance throughout the lifecycle of these devices. It comprises various functionalities such as firmware updates, data analysis, security oversight, and troubleshooting of these devices.
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Prime determinants of growth
Factors such as the rise in adoption of IoT devices, and growth in need of data security and privacy primarily drive the growth of the IoT device management market. However, inconsistency in the IoT standards for compatibility hamper market growth to some extent. Moreover, rise in adoption of cloud base devices is expected to provide lucrative opportunities for market growth during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.2 Billion |
Market Size in 2032 | $29.5 Billion |
CAGR | 30.2 % |
No. of Pages in Report | 305 |
Segments covered | Component, Enterprise Size, End User, and Region. |
Drivers | Rise in adoption of IoT devices. Growth in need of data security and privacy. |
Opportunities | Rise in adoption of cloud base devices |
Restraints | Inconsistency in the IoT standards for compatibility |
Covid-19 Scenario
- The demand for IoT devices expanded across many industries as a result of a global trend toward remote work and the rise in reliance on digital solutions.
- IoT devices are embraced by businesses more frequently to support applications such as remote monitoring, asset tracking, and automation. This has increased the requirement for these devices to be managed and secured effectively.
- Organizations have looked for effective ways to remotely monitor, operate, and upgrade these devices, which has led to opportunities for device management platforms and services.
- The demand for comprehensive device management solutions is fueled by the urgent requirement for strong security measures to safeguard sensitive data acquired by IoT devices.
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the IoT device management market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to real-time streaming analytics, security solutions, data management, remote monitoring, and network bandwidth management. However, the services segment is projected to manifest the highest CAGR of 32.6% from 2023 to 2032, owing to providing reliable, secure, and efficient service offerings that meet the needs of both customers and providers.
The large enterprise segment to maintain its leadership status throughout the forecast period
Based on enterprise size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the IoT device management market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to remotely check the functionality and health of IoT devices, diagnose problems, and carry out upgrades and maintenance without physical access. However, small and medium-sized enterprise segment is projected to manifest the highest CAGR of 32.3% from 2023 to 2032, owing to the need to implement cost-effective IoT device management solutions, such as risk & compliance, encryption, and incident management drives the adoption of market among SMEs.
The manufacturing segment to maintain its leadership status throughout the forecast period
Based on end user, the manufacturing segment held the highest market share in 2022, accounting for more than one-third of the IoT device management market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to surge in the adoption of industrial IoT, a rise in the trend of adoption of automation in manufacturing, and an increase in penetration of smart devices in the manufacturing sector. However, the transportation segment is projected to manifest the highest CAGR of 34.9% from 2023 to 2032, owing to increase in demand for digital solutions in the smart transport industries, as it is projected to contribute to the development of intelligent transportation systems, which is expected to impact the services and customer satisfaction.
Asia-Pacific region to garner the major share by 2032
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the IoT device management market revenue, owing increase in adoption and growth of advanced and latest technologies, such as cloud computing, AI, and ML. However, the Asia-Pacific region is expected to witness the fastest CAGR of 34.1% from 2023 to 2032, owing to rise in the number of digital transformation initiatives with growth in adoption and growth of advanced technology, such as cloud computing, and data analytics drives the need for IoT device management solutions, particularly in countries such as China, Japan, and India.
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Leading Market Players: -
- Microsoft Corporation
- Oracle Corporation
- International Business Machines Corporation
- PTC, Inc.
- Telit
- Smith Micro Software, Inc.
- Aeris
- Advantech Co., Ltd.
- Enhanced Telecommunications
- Bosch.IO Gmbh
The report provides a detailed analysis of these key players of the IoT device management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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