IoT Device Management Market Size Will Grow Profitably With 34.2% CAGR, Due To Rising Emphasis On Growing Operational Efficiencies And Managing Connected Devices Till 2030 | Grand View Research, Inc.

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IoT Device Management Market Size Will Grow Profitably With 34.2% CAGR, Due To Rising Emphasis On Growing Operational Efficiencies And Managing Connected Devices Till 2030 | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, IoT Device Management industry is booming with the major players in the IoT industry, which are undertaking various initiatives, such as the formation of the Open Mobile Alliance (OMA), for standardizing protocols. Also, the growth in IoT investment during the pandemic is a triggering factor contributing to the development of the market.

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 reach USD 19.77 billion by 2030, registering a CAGR of 34.2% over the forecast period.

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.

U.S. IoT device management market size, by solution, 2020 - 2030 (USD Million)

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.

IoT Device Management Market Segmentation

Based on the Component Insights, the market is segmented into Solution, and Services .

  • The solutions segment accounted for a significant revenue share of over 45% in 2021. The growth of this segment is primarily attributed to the growing demand for IoT device management solutions across the manufacturing, automobile, and healthcare industry.   
  • The services segment is expected to register significant growth over the forecast period. Growing deployment of IoT solutions and increasing demand for support and maintenance services are anticipated to drive the segment growth.

Based on the Solution Insights, the market is segmented into Real-time Streaming Analytics, Security Solutions, Data Management, Remote Monitoring and Network Bandwidth Management.

  • The data management solutions segment accounted for a considerable market share of over 20% in 2021. The segment’s growth is primarily attributed to the growing usage of IoT devices to manage industrial processes & equipment and predict faults & disasters that could hamper production. 
  • The security solutions segment is expected to register the fastest growth rate over the forecasted period. The increasing need for securing data, connected devices, and related assets will be driving the growth of the overall market for solutions.

Based on the Service Insights, the market is segmented into Professional Services, and Managed Services.

  • The professional services segment accounted for the largest revenue share of over 65% in 2021. The growing need for skilled and accomplished professionals holding expertise in managing, installing, and troubleshooting software is expected to drive the demand for professional services. 
  • The managed services segment is anticipated to register significant growth over the forecast period. The growing demand for cloud-based managed services and the increasing dependence of enterprises on IT assets to enhance their business productivity are also emerging as significant factors contributing to the growth of the managed services segment.

Based on the Organization Size Insights, the market is segmented into Large Enterprises, and Small & Medium Enterprises (SMEs).

  • The large enterprises segment accounted for the largest market share of over 60% in 2021. Increasing adoption of IoT device management by large businesses to efficiently manage their massive customer datasets and equipment & business operation data is anticipated to drive the market demand in large enterprises. 
  • The small and medium enterprises (SMEs) segment is anticipated to register significant growth over the forecast period. The promising growth prospects of the segment can be attributed to the rising number of small & medium enterprises in countries such as Singapore, India, and China.

Based on the Vertical Insights, the market is segmented into Retail, Healthcare, Transportation & Logistics, Utilities, Manufacturing and Others.

  • The manufacturing segment accounted for the largest market share of over 35% in 2021. The large share of this segment is primarily attributed to the growing need to enhance digital transformation across the manufacturing vertical. 
  • The healthcare segment is expected to register the fastest growth rate over the forecasted period. The growing inclusion of connected devices to track and monitor patient health during the COVID-19 pandemic has enabled healthcare facilities to invest significantly in IoT technology that provides real-time insights.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America dominated the market in 2021 with a revenue share of over 30%. The dominance can be attributed to the infrastructural developments, heavy adoption of the latest networking technologies, and increasing penetration of cloud technologies. U.S. is the primary contributor to the North America market.
  • Asia Pacific is anticipated to register significant growth over the forecast period. The region is characterized by a high population density, proliferation of smartphones, and continued rollout of high-speed data networks. Moreover, many smartphone users in the area access social media through their mobile devices.

Market Share Insights

  • February 2022: Device Authority contracted with Avnet for end-to-end IoT security management. Through this partnership Avnet has integrated Device Authority’s KeyScaler platform into its cloud computing IoT device management platform to assist the customers in managing their connected devices.
  • January 2020: Mannington put forward an updated sheet vinyl patterns. Miramar, announced by the company, which is added to Revive. Miramar features the Glam/Luxe trend in a unique diamond geometric design with subtle veining and soft color variation.

Key Companies Profile:

Several market players are active in the market, including both established players with worldwide operations and regional and local market players catering to a limited number of clients. 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.
  • Proximetry
  • Telit Communications PLC

Order a free sample PDF of the IoT Device Management Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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