IoT Device Management Industry Overview
The global IoT device management market size was valued at USD 1.48 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 34.2% from 2022 to 2030.
Growing emphasis on increasing operational efficiencies and managing connected devices is anticipated to drive market growth. Major players in the IoT industry are undertaking various initiatives, such as the formation of the Open Mobile Alliance (OMA), for standardizing protocols. This has also helped boost the growth of the industry. The outbreak of the COVID-19 pandemic has impacted all walks of life, including businesses from all the end-use industries. Government agencies and public sector organizations, IT, telecommunication, and healthcare invested heavily in IoT technology to deal with the unusual COVID-19 pandemic situation and obtain the best possible results in saving a life, energy, and money. Thus, growth in IoT investment during the pandemic is a triggering factor contributing to the development of the market.
Gather more insights about the market drivers, restrains and growth of the Global IoT Device Management Market
The penetration of communication and networking technologies and the need for real-time analytics, connected assets, and the security of machines have led to the adoption of IoT device management. It assists in provisioning and authentication, configuration and control, software updates and maintenance, and monitoring and diagnostics of connected devices.
The increasing adoption of Internet-of-Things (IoT) for various operations has created significant demand in this market. The rapid change in technology and the need for efficient management of connected devices leads to the development of real-time analytics, security solutions, and data management solutions.
These solutions are designed to cater to the needs of manufacturing, automobile, and other industries. They enable efficient management of devices and connected assets, providing users with network security, authentication, and API security. Security solutions are predicted to be the fastest-growing solution over the forecast period.
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IoT Device Management Market Segmentation
Grand View Research has segmented the global IoT device management market based on component, solutions, services, organization size, vertical, and region:
IoT Device Management Market Component Outlook (Revenue, USD Million, 2017 – 2030)
IoT Device Management Market Solution Outlook (Revenue, USD Million, 2017 – 2030)
- Real-time Streaming Analytics
- Security Solutions
- Data Management
- Remote Monitoring
- Network Bandwidth Management
IoT Device Management Market Service Outlook (Revenue, USD Million, 2017 – 2030)
- Professional Services
- Managed Services
IoT Device Management Market Organization Size Outlook (Revenue, USD Million, 2017 – 2030)
- Large Enterprises
- Small & Medium Enterprises (SMEs)
IoT Device Management Market Vertical Outlook (Revenue, USD Million, 2017 – 2030)
- Transportation & Logistics
IoT Device Management Market Regional Outlook (Revenue, USD Million, 2017- 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- February 2022: Device Authority partnered with Avnet for end-to-end IoT security management. Through this partnership Avnet has integrated Device Authority’s Key Scaler platform into its cloud computing IoT device management platform to help the customers in managing their connected devices.
- February 2020: Smith Micro Software, Inc. has announced the acquisition of Circle Media Labs Inc.'s operator business. Smith Micro's Safe Path Connected Life Platform is expected to benefit from this recently acquired technology, which will provide a holistic connected life experience for Family Location and Parental Controls, IoT, and Home in one place.
Key Companies profiled:
Some prominent players in the global IoT device management market include
- Bosch Software Innovation GmbH
- Smith Micro Software, Inc.
- Advantech Co. Ltd.
- International Business Machines Corporation
- Aeris Communication, Inc.
- Microsoft Corporation
- Oracle Corporation
- PTC Incorporation.
- Telit Communications PLC
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