IoT Device Management Market Size, Share, Growth Analysis, By Deployment(On-premises and Cloud-based), By Application(Manufacturing, Healthcare, and Transportation and Logistics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45B2051 | Region: Global | Published Date: March, 2024
Pages: 197 |Tables: 61 |Figures: 75

IoT Device Management Market Insights

Global IoT Device Management Market size was valued at USD 2.55 Billion in 2022 and is poised to grow from USD 3.44 Billion in 2023 to USD 37.72 Billion by 2031, at a CAGR of 34.90% during the forecast period (2024-2031).

The demand for IoT device management is expected to rise due to the increasing emphasis of businesses on controlling interconnected devices and enhancing operational efficiencies across various industry sectors. Leading market players are introducing new products and services to maintain competitiveness. Standardizing protocols in the IoT industry has been facilitated through initiatives like the formation of the Open Mobile Alliance (OMA), contributing to the industry's growth. OMA supports functions such as control, maintenance, software upgrades, monitoring, diagnostics, authentication, and provisioning of connected devices. The adoption of IoT technology in industrial processes is on the rise, prompting the need for effective management of connected devices. This has led to the development of security solutions, real-time data analytics, and data management solutions. In June 2022, Amazon Web Services (AWS) launched IoT Device Management, which enables the registration, organization, monitoring, and remote management of IoT devices on a large scale. The software integrates with AWS IoT Core and utilizes AWS IoT Device Defender to audit and monitor security aspects. AWS IoT Device Management software offers features like metadata monitoring, policy changes with service alerts, bulk updates, control of over-the-air updates, and continuous jobs for automatic updates. These solutions cater to the requirements of manufacturing, automotive, and other verticals, providing authentication, network security, API, and device administration capabilities. Security solutions are expected to witness significant growth in the projected period. Oracle Corporation, for example, introduced Cloud IoT Intelligent Applications in January 2022, offering users insights, efficiency, and visibility in areas like smart manufacturing, connected logistics, connected assets, connected customer experiences, and workplace safety.

US IoT Device Management Market is poised to grow at sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 2.55 Billion

Largest Segment

Cloud-based

Fastest Growth

Cloud-based

Growth Rate

34.90% CAGR

Global IoT Device Management Market ($ Bn)
Country Share for North America Region (%)

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IoT Device Management Market Segmental Analysis

Global IoT Device Management Market is segmented by deployment, application, and region. Based on deployment, the market can be segmented into on-premises, and cloud-based. Based on application, the market is segmented into manufacturing, healthcare, and transportation and logistics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

IoT Device Management Market Analysis by Deployment

By deployment, the market can be segmented into on-premises and cloud-based. Cloud-based deployment dominated the IoT device management market. Cloud-based deployments eliminate the need for upfront hardware investments and ongoing maintenance costs associated with on-premises infrastructure. Organizations can leverage the pay-as-you-go model, where they pay only for the resources they use, resulting in cost savings and better budget management.

While on-premises deployment remains a significant segment that is experiencing steady growth. Some organizations, particularly those operating in highly regulated industries or dealing with sensitive data, prioritize maintaining control over their IoT device management infrastructure. On-premises deployments provide them with a higher level of data privacy and security, as they have direct control over the devices and their management processes. Certain IoT applications, such as real-time monitoring or critical infrastructure management, demand low latency and high bandwidth. On-premises deployments can provide better control over network performance, ensuring faster response times and minimizing potential network-related issues.

IoT Device Management Market Analysis by Application

By application, the market can be segmented into manufacturing, healthcare, and transportation and logistics. The manufacturing sector dominated the IoT device management market. IoT device management solutions enable manufacturers to monitor and manage their connected devices, optimizing production processes, and improving operational efficiency. Real-time data collection and analysis help identify bottlenecks, reduce downtime, and enhance productivity. IoT device management facilitates quality control by monitoring and analyzing data from IoT-enabled sensors and devices. Manufacturers can detect anomalies, perform predictive maintenance, and ensure compliance with quality standards, resulting in improved product quality and customer satisfaction.

The healthcare industry represents the fastest-growing segment in the IoT device management market. IoT device management allows healthcare providers to remotely monitor patients' health conditions through connected medical devices. This facilitates proactive care management, enables early intervention, and reduces hospital readmissions. Healthcare organizations can utilize IoT device management solutions to track and manage medical equipment, supplies, and medications. Real-time data on asset location and utilization improves operational efficiency and reduces costs.

Global IoT Device Management Market By Deployment

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IoT Device Management Market Regional Insights

North America dominated the market due to the strong presence of major players and technological advancements. The United States, in particular, has a well-established IoT ecosystem and is home to several leading companies in the field. These companies are continuously launching innovative products and services to meet the growing demand for IoT device management solutions. The region's focus on industrial automation, smart cities, and connected healthcare further contributes to its dominance. Additionally, North America has a mature cloud infrastructure and a high level of awareness and adoption of IoT technologies, driving the demand for device management solutions.

The APAC region is the fastest-growing market for IoT device management. Countries like China, Japan, South Korea, and India are witnessing significant growth in IoT adoption across various industries. APAC's rapid urbanization, expanding industrial sectors, and increasing government initiatives for smart city development are major factors driving the growth of IoT device management in the region. Moreover, the rise of connected devices and the need for efficient device management solutions in manufacturing, automotive, and healthcare sectors are contributing to the market's expansion. The region is also witnessing increased investments in IoT infrastructure and rising partnerships and collaborations between technology providers and enterprises.

Global IoT Device Management Market By Geography
  • Largest
  • Fastest

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IoT Device Management Market Dynamics

IoT Device Management Market Drivers

Increasing focus of enterprises on improving operational efficiencies

  • One significant driver propelling the growth of the IoT device management market is the increasing focus of enterprises on improving operational efficiencies through the control and management of interconnected devices. As businesses across various industry verticals strive to optimize their processes and enhance productivity, the demand for effective device management solutions rises. This driver is fueled by the need for standardized protocols, such as the initiatives undertaken by major players like the Open Mobile Alliance (OMA), which contribute to the industry's growth and facilitate seamless control and maintenance of connected devices.

IoT Device Management Market Restraints

Concern over data security and privacy

  • One key restraint in the IoT device management market is the concern over data security and privacy. As the number of interconnected devices grows, so does the risk of cyber threats and unauthorized access to sensitive data. This raises concerns among businesses and consumers about the protection of their information. Addressing these security challenges requires robust security measures and effective encryption protocols. Additionally, compliance with data protection regulations and standards becomes crucial to ensure the safe and responsible management of IoT devices and the data they generate.

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IoT Device Management Market Competitive Landscape

Global IoT device management market is characterized by intense rivalry among key players striving to maintain their market position. Major companies are constantly launching new products and services to stay competitive. Companies focus on innovation, strategic partnerships, and acquisitions to enhance their offerings and expand their customer base. The market also witnesses collaborations between technology providers and industry verticals to develop tailored solutions. Additionally, the market is influenced by the presence of both established players with a strong market share and emerging players seeking to gain a foothold in the industry.

IoT Device Management Market Top Player’s Company Profiles

  • Cisco Systems, Inc. (US)
  • Oracle Corporation (US)
  • SAP SE (Germany)
  • Huawei Technologies Co., Ltd. (China)
  • PTC Inc. (US)
  • Google LLC (US)
  • Intel Corporation (US)
  • Bosch Software Innovations GmbH (Germany)
  • Siemens AG (Germany)
  • Nokia Corporation (Finland)
  • Dell Technologies Inc. (US)
  • Hewlett Packard Enterprise Development LP (US)
  • Hitachi, Ltd. (Japan)
  • Honeywell International Inc. (US)
  • Schneider Electric SE (France)
  • Fujitsu Limited (Japan)
  • ARM Holdings (UK)

IoT Device Management Market Recent Developments

  • In June 2023, Arm unveiled the Arm Total Compute Edge AI platform, offering integrated AI capabilities for IoT devices and enabling efficient device management and edge processing.
  • In April 2023, HCL Technologies partnered with Microsoft to launch the IoT Managed Services Offering (IoT MSO), providing end-to-end IoT device management solutions and services to enterprise customers.
  • In February 2023, Google announced a partnership with Siemens to integrate Google Cloud's IoT device management capabilities with Siemens' MindSphere, enabling customers to securely manage and analyze IoT data.
  • In January 2023, Tuya Inc., an IoT platform provider, secured $300 million in funding to enhance its IoT device management platform and expand its global reach.
  • In September 2022, Rockwell Automation, a leading industrial automation company, acquired Fiix, a cloud-based maintenance management software provider, expanding its capabilities in IoT device management for asset maintenance and reliability.

IoT Device Management Key Market Trends

  • One key market trend in the IoT device management industry is the increasing adoption of cloud-based solutions. Cloud-based IoT device management platforms offer scalability, flexibility, and cost-effectiveness, making them attractive to businesses. These platforms enable centralized management, monitoring, and control of connected devices from a single interface, regardless of their geographical location. Additionally, cloud-based solutions facilitate seamless integration with other enterprise systems and provide real-time analytics and insights. This trend is driven by the growing need for efficient device management, data processing, and remote access capabilities in IoT deployments.

IoT Device Management Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global IoT device management market analysis, the market is witnessing significant growth due to the increasing focus of enterprises on controlling and managing interconnected devices to improve operational efficiencies. Major players in the industry are launching new products and services to stay competitive and meet the growing demand. Standardization initiatives like the Open Mobile Alliance (OMA) are also contributing to industry growth. The market is driven by the rising adoption of IoT technology in various industrial processes, prompting the need for effective management solutions. However, data security and privacy concerns pose challenges, necessitating robust security measures and compliance with regulations. Cloud-based solutions are emerging as a prominent trend, offering scalability, flexibility, and centralized management capabilities. North America dominates the market, while the APAC region is experiencing the fastest growth, driven by rapid IoT adoption and government initiatives.

Report Metric Details
Market size value in 2023 USD 2.55 Billion
Market size value in 2031 USD 37.72 Billion
Growth Rate 34.90%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Deployment
    • On-premises and Cloud-based
  • Application
    • Manufacturing, Healthcare, and Transportation and Logistics
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Cisco Systems, Inc. (US)
  • Oracle Corporation (US)
  • SAP SE (Germany)
  • Huawei Technologies Co., Ltd. (China)
  • PTC Inc. (US)
  • Google LLC (US)
  • Intel Corporation (US)
  • Bosch Software Innovations GmbH (Germany)
  • Siemens AG (Germany)
  • Nokia Corporation (Finland)
  • Dell Technologies Inc. (US)
  • Hewlett Packard Enterprise Development LP (US)
  • Hitachi, Ltd. (Japan)
  • Honeywell International Inc. (US)
  • Schneider Electric SE (France)
  • Fujitsu Limited (Japan)
  • ARM Holdings (UK)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on IoT Device Management Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on IoT Device Management Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the IoT Device Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT Device Management Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IoT Device Management Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the IoT Device Management Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

IoT Device Management Market size was valued at USD 2.55 Billion in 2022 and is poised to grow from USD 3.44 Billion in 2023 to USD 37.72 Billion by 2031, at a CAGR of 34.90% during the forecast period (2024-2031).

IoT device management market is characterized by intense rivalry among key players striving to maintain their market position. Major companies are constantly launching new products and services to stay competitive. Companies focus on innovation, strategic partnerships, and acquisitions to enhance their offerings and expand their customer base. The market also witnesses collaborations between technology providers and industry verticals to develop tailored solutions. Additionally, the market is influenced by the presence of both established players with a strong market share and emerging players seeking to gain a foothold in the industry. 'Microsoft Corporation (US)', 'IBM Corporation (US)', 'Amazon Web Services, Inc. (US)', 'Cisco Systems, Inc. (US)', 'Oracle Corporation (US)', 'SAP SE (Germany)', 'Huawei Technologies Co., Ltd. (China)', 'PTC Inc. (US)', 'Google LLC (US)', 'Intel Corporation (US)', 'Bosch Software Innovations GmbH (Germany)', 'Siemens AG (Germany)', 'Nokia Corporation (Finland)', 'Dell Technologies Inc. (US)', 'Hewlett Packard Enterprise Development LP (US)', 'Hitachi, Ltd. (Japan)', 'Honeywell International Inc. (US)', 'Schneider Electric SE (France)', 'Fujitsu Limited (Japan)', 'ARM Holdings (UK)'

One significant driver propelling the growth of the IoT device management market is the increasing focus of enterprises on improving operational efficiencies through the control and management of interconnected devices. As businesses across various industry verticals strive to optimize their processes and enhance productivity, the demand for effective device management solutions rises. This driver is fueled by the need for standardized protocols, such as the initiatives undertaken by major players like the Open Mobile Alliance (OMA), which contribute to the industry's growth and facilitate seamless control and maintenance of connected devices.

One key market trend in the IoT device management industry is the increasing adoption of cloud-based solutions. Cloud-based IoT device management platforms offer scalability, flexibility, and cost-effectiveness, making them attractive to businesses. These platforms enable centralized management, monitoring, and control of connected devices from a single interface, regardless of their geographical location. Additionally, cloud-based solutions facilitate seamless integration with other enterprise systems and provide real-time analytics and insights. This trend is driven by the growing need for efficient device management, data processing, and remote access capabilities in IoT deployments.

North America dominated the market due to the strong presence of major players and technological advancements. The United States, in particular, has a well-established IoT ecosystem and is home to several leading companies in the field. These companies are continuously launching innovative products and services to meet the growing demand for IoT device management solutions. The region's focus on industrial automation, smart cities, and connected healthcare further contributes to its dominance. Additionally, North America has a mature cloud infrastructure and a high level of awareness and adoption of IoT technologies, driving the demand for device management solutions.

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