The IoT device management market size is projected to reach US$ 31.28 billion by 2031 from US$ 3.4 billion in 2023. The market is expected to register a CAGR of 31.8% during 2023–2031. The increasing number of connected devices is likely to remain a key trend in the market.
IoT Device Management Market Analysis
Enterprises in various industry sectors are increasingly recognizing the importance of managing and controlling their connected devices to enhance operational efficiency. The proliferation of IoT devices in various areas, such as retail, healthcare, transportation, utilities, and manufacturing, is causing the demand for effective device management solutions. The IoT device management market analysis presents opportunities for innovative applications across different industries. In healthcare, IoT device management can enable remote patient monitoring and improve healthcare delivery, further contributing to IoT device management's growth. Technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) in device management solutions, offer opportunities for enhanced predictive maintenance, automation, and improved decision-making.
IoT Device Management Market Overview
IoT device management refers to the processes, tools, and technologies that enable the provisioning, monitoring, and maintenance of connected devices in an IoT (Internet of Things) environment. It involves managing the firmware, software, configuration, security, and overall functionality of IoT devices to ensure their optimal performance and security. IoT device management also involves overseeing the entire lifecycle of Internet of Things (IoT) devices and sensors, from initial planning and onboarding to ongoing monitoring, maintenance, and eventual retirement. It encompasses a comprehensive set of tools, capabilities, and processes that are essential for efficiently supporting IoT solutions on a large scale. With IoT device management, users gain the capability to seamlessly connect and configure numerous IoT devices, exercise control over device operations and data, monitor device status, ensure security measures, and align their IoT solutions with their overarching IoT strategy.
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IoT Device Management Market: Strategic Insights
Market Size Value in US$ 3.4 Billion in 2023 Market Size Value by US$ 31.28 Billion by 2031 Growth rate CAGR of 31.8% from 2023 to 2031 Forecast Period 2024-2031 Historic Period 2021-2022
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IoT Device Management Market: Strategic Insights
| Market Size Value in | US$ 3.4 Billion in 2023 |
| Market Size Value by | US$ 31.28 Billion by 2031 |
| Growth rate | CAGR of 31.8% from 2023 to 2031 |
| Forecast Period | 2024-2031 |
| Historic Period | 2021-2022 |
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IoT Device Management Market Drivers and Opportunities
Increasing Adoption of IoT Devices to Favor Market
The growing adoption of IoT devices across various industries is a major source of the IoT device management market. As more organizations incorporate IoT devices into their operations, the need for effective device management strategies becomes crucial. IoT is essential to businesses as it provides insight into system performance, supply chain operations, and logistics. It enables automation of processes, reduces labor costs, reduces waste, and enhances service delivery. The potential of connected devices to maintain competitiveness is being realized, leading to increased adoption.
Furthermore, the maturing underlying technologies of the Internet of Things (IoT) are making it easier to implement, creating new opportunities for companies and investors. The adoption of IoT devices is not restricted to a specific industry. A variety of sectors can benefit from IoT development. Healthcare, transportation, manufacturing, energy, and logistics are integrating IoT technology into their business processes and products, which is increasing the IoT device management market size. The benefits of IoT adoption are based on industry-specific and applicable practices across multiple sectors. IoT device management solutions are a crucial factor in managing the increasing number of IoT devices. These solutions help organizations streamline device provisioning, monitoring, and maintenance procedures, resulting in cost and operational efficiency.
BYOD and Remote Working
BYOD is a personal device that is incorporated into corporate networks. While these areas of networking are gaining traction, the rate of implementation is significant. Manufacturers manufacture IoT devices for remote control or access from anywhere. Securely onboard and organize devices into modular hierarchies to streamline fleet maintenance and workflow updates. IoT device management also helps secure and remotely monitor your device fleet health status, analyze trends, troubleshoot, and push updates at a rapid pace in remote working. The growth of BYOD and remote working creates a lucrative opportunity for the growth of the IoT device management market.
IoT Device Management Market Report Segmentation Analysis
Key segments that contributed to the derivation of the IoT device management market analysis are product component, organization size, and industry verticals.
- Based on the components, the IoT device management market is divided into solution and services.
- By organization size, the market is segmented into large enterprises and SMEs.
- In terms of industry verticals, the market is segmented into retail, healthcare, transportation, utilities, manufacturing, and others.
IoT Device Management Market Share Analysis by Geography
The geographic scope of the IoT device management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds the largest IoT device management market share. North America is a dominant region for IoT deployment, driven by factors such as the high adoption of advanced technologies, increasing cyberattacks, and a increasing number of connected devices. The market is characterized by the growing adoption of IoT devices across various industries, including retail, healthcare, transportation, utilities, manufacturing, and others. This adoption is driven by the need for organizations to enhance their operations and improve efficiency. As organizations recognize the potential benefits of IoT devices, there is a growing demand for effective device management solutions.
IoT Device Management Market Report Scope
IoT Device Management Market News and Recent Developments
The IoT device management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT device management market are listed below:
- Elvaco, a prominent player in the global metering solutions industry, has recently made a significant advancement by successfully implementing the Coiote IoT Device Management Platform. This strategic move has not only transformed Elvaco's product offerings but has also strengthened its position in the IoT device management market. The Coiote IoT Device Management Platform has enabled Elvaco to enhance its metering solutions by incorporating advanced IoT capabilities. With this implementation, Elvaco can now provide comprehensive end-to-end management of IoT devices, offering customers a seamless and efficient experience. (Source: Elvaco, November 2023)
- KORE, an esteemed global player in the realm of Internet of Things (IoT) Solutions and IoT Connectivity-as-a-Service (IoT CaaS) on a global scale, is set to introduce and showcase its latest software innovation, MODGo at the prestigious Mobile World Congress Barcelona. This groundbreaking technology offers a unified and digitalized approach to IoT asset management, providing organizations with an efficient and streamlined solution to tackle the complexities of IoT implementation and management. (Source: Johnson Controls, February 2023)
IoT Device Management Market Report Coverage and Deliverables
The “IoT Device Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- IoT device management market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- IoT device management market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- IoT device management market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IoT device management market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The market is expected to register a CAGR of 31.8% during 2023–2031.
The global IoT device management market is expected to reach US$ 31.28 billion by 2031.
Increasing number of connected devices to play a significant role in the global cryocoolers market in the coming years.
The leading players operating in the global IoT device management market are Advantech Co., Ltd., Axiros GmbH, Amazon Web Services, Inc., Cumulocity GmbH, IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., Telit, VMware, Inc., Balena, Bosch, Google, Hologram, IoTErop, Software AG, The ThingsBoard, Friendly Technologies, SECO Inc., and Altair SmartWorks.
Increasing adoption of IoT devices is the major factors that propel the global IoT device management market.
North America dominated the IoT device management market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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