Global IoT Device Management Market Size, Share, Growth Analysis, By Deployment(On-premises and Cloud-based), By Application(Manufacturing, Healthcare) - Industry Forecast 2023-2030

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 forecasted to increase as businesses prioritize the control and optimization of interconnected devices across various industries. Key market players are launching new products and services to stay competitive. Efforts to standardize protocols within the IoT industry, such as the establishment of the Open Mobile Alliance (OMA), have contributed to industry expansion. OMA facilitates functions like device control, maintenance, software updates, monitoring, diagnostics, authentication, and provisioning for connected devices. The integration of IoT technology into industrial processes is growing, driving the need for efficient device management. Consequently, security solutions, real-time data analytics, and data management solutions have emerged. In June 2022, Amazon Web Services (AWS) unveiled IoT Device Management, enabling the large-scale registration, organization, monitoring, and remote management of IoT devices. This software integrates with AWS IoT Core and utilizes AWS IoT Device Defender for security auditing and monitoring. Features of AWS IoT Device Management include metadata monitoring, policy changes with service alerts, bulk updates, over-the-air update control, and continuous job management for automatic updates. These solutions cater to various industries such as manufacturing and automotive, providing authentication, network security, API, and device administration functionalities. Security solutions are expected to experience notable growth in the foreseeable future. In January 2022, Oracle Corporation launched Cloud IoT Intelligent Applications, offering insights, efficiency, and visibility in areas like smart manufacturing, connected logistics, connected assets, connected customer experiences, and workplace safety.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global IoT Device Management Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global 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.

Drivers of the Global IoT Device Management Market

A key factor driving the expansion of the IoT device management market is the growing emphasis of enterprises on enhancing operational efficiencies by overseeing interconnected devices. With businesses in diverse industry sectors aiming to streamline their operations and boost productivity, there is an increasing demand for efficient device management solutions. This trend is further supported by the push for standardized protocols, exemplified by initiatives like those led by major entities such as the Open Mobile Alliance (OMA). These efforts not only foster industry growth but also enable smooth control and upkeep of connected devices.

Restraints in the Global IoT Device Management Market

A primary obstacle in the IoT device management sector revolves around apprehensions regarding data security and privacy. With the proliferation of interconnected devices, there is an accompanying increase in the potential for cyber threats and unauthorized access to sensitive data. This heightened risk prompts concerns among both businesses and consumers regarding the safeguarding of their information. Mitigating these security challenges necessitates the implementation of strong security measures and reliable encryption protocols. Furthermore, adherence to data protection regulations and standards becomes essential to guarantee the secure and ethical management of IoT devices and the data they produce.

Market Trends of the Global IoT Device Management Market

A notable trend in the IoT device management sector is the rising acceptance of cloud-based solutions. Cloud-based platforms for managing IoT devices present scalability, adaptability, and cost efficiency, which are appealing to businesses. These platforms allow for centralized oversight, monitoring, and control of interconnected devices through a unified interface, irrespective of their geographic distribution. Furthermore, cloud-based solutions streamline integration with other corporate systems and offer real-time analytics and intelligence. This shift is propelled by the increasing demand for effective device management, data processing, and remote access capabilities in IoT implementations.