IoT Device Management Market Landscape: Trends and Strategic Outlook at a CAGR of 30.2%
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, PORTLAND, OR, UNITED STATES, January 19, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “IoT Device Management Market By Component (Solution, Service), By Enterprise Size (Large Enterprise, Small And Medium-Sized Enterprise (SMEs)), By End User (Retail, Healthcare, Transportation, Manufacturing, Utilities, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032.” The iot device management market was valued at $2.2 billion in 2022, and is estimated to reach $29.5 billion by 2032, growing at a CAGR of 30.2% from 2023 to 2032.
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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In the IoT device management market, connected device administration, provisioning, tracking, and diagnostics are all necessary for fault replication and corrective actions. The implementation of 5G networks and their support for massive IoT, combined with Multi-access Edge Computing (MEC), along with the complete growth of IoT networks and systems, as well as rise in concerns over network security, increase in need to monitor the health of IoT devices, and other key factors, all of which have an impact on the total IoT device management market. Moreover, IoT device management platforms provide data gathering and analysis.
Moreover, due to the advancement of innovative technologies such as cloud computing, artificial intelligence, and machine learning, the IoT device management industry has experienced a revolution. These technologies have helped IoT device management solutions become more sophisticated, scalable, and secure. The need for effective IoT device management has risen due to the rapid growth of connected devices. Another element influencing the growth of market revenue is the demand for IoT devices, data, and privacy security. It is now more crucial than ever to implement strong security measures in IoT device management, due to the increase in cyberattacks and data breaches. More people are expected to choose cloud based IoT device management solutions, which provide greater scalability, flexibility, and cost-effectiveness, helping to further accelerate the market revenue growth.
Based on component, solution segment dominated the IoT device management market size in 2022 and is expected to maintain its dominance in the upcoming years owing to enable remote configuration of settings such as network parameters, software updates, thresholds, and behavior customization propels the market growth significantly. However, the service segment is expected to witness the highest growth, owing to provide reliable, secure, and efficient service offerings that meet the needs of both customers and providers.
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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.
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.
Region-wise, the IoT device management market share was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to rise in adoption of industry 4.0 and other emerging technologies in varied industry applications has led to a considerable rise in demand for IoT device management solutions for improved digital systems. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to rise in the number of digital transformation initiatives with growth in adoption 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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The industry for IoT device management has been significantly impacted by the COVID-19 outbreak. The demand for IoT devices has 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. Moreover, the pandemic has driven the adoption of IoT devices and solutions, fueling growth in the IoT device management industry. 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.
Furthermore, 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. The IoT device management market has faced difficulties as a result of the pandemic. IoT device availability and delivery have been hindered by the disruption in global supply chains and manufacturing procedures, which has slowed down deployments. In addition, many organizations have experienced budgetary restrictions as a result of the pandemic, which is anticipated to slow down investments in IoT device management systems. However, the long-term picture for the IoT device management industry is expected to be promising as the world progressively recovers from the pandemic and businesses continue to embrace digital transformation.
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
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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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