IoT Device Management Market Size, Share & Trends Analysis Report By Vertical (Retail, Utilities), By Category (Solution, Services), By Organization Size (Large, SMEs), By Solution, By Service, And Segment Forecasts, 2023 - 2030

Report Overview

The global IoT device management market size was valued at USD 1.88 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 34.9% from 2023 to 2030. The growing focus of enterprises on controlling linked devices and improving operational efficiencies across industry verticals is expected to boost the demand for IoT device management. Major players are launching new products and services to stay competitive in the market. For standardizing protocol, the IoT industry’s major players are undertaking various initiatives, such as the formation of the Open Mobile Alliance (OMA), which has also contributed to the growth of the industry.

The outbreak of COVID-19 has impacted all walks of life, including businesses from all end-use industries. Government agencies and public sector organizations, IT, telecommunication, and healthcare invested heavily in IoT technology to deal with the COVID-19 pandemic and obtain the best possible results in saving money and energy. Thus, growth in IoT investment during the pandemic is a prominent factor contributing to the development of the IoT device management market. IoT device management software demand has been continuously rising due to the widespread adoption of communication and networking technologies, as well as the demand for real-time analytics, connected assets, and machine security.

It supports control and maintenance, software upgrades, monitoring and diagnostics of linked devices, as well as authentication and provisioning. Moreover, there is a growing use of the Internet of Things (IoT) for various industrial processes. In addition, the upgradation of industrial technologies, such as Blockchain, IoT, and Machine Learning, and the necessity for effective management of connected devices led to the development of security solutions, real-time data analytics, and data management solutions. In June 2022, Amazon Web Services (AWS) introduced IoT Device Management, which helps register, organize, monitor, and remotely manage IoT devices at scale.

Using AWS IoT Core to manage devices in the cloud and AWS IoT Device Defender to audit and monitor the security posture of users’ fleets, the device management software integrates with AWS IoT Core. In addition, the device management software helps monitor equipment’s metadata and set policy changes with service alerts to stay informed about device configuration or unusual behaviors. Moreover, it performs bulk updates, controls the deployment velocity of over-the-air updates (such as firmware and bug fixes), and defines continuous jobs for automatic updates. IoT device management solutions are created to meet the demands of manufacturing, automotive, and other verticals.

They offer consumers authentication, network security, API, and security while enabling the effective administration of devices and connected assets. Security solutions are expected to grow during the projected period. For instance, in January 2022, Oracle Corporation introduced Cloud Internet of Things (IoT) Intelligent Applications, which provide users with better insights, efficiency, and visibility through smart manufacturing, connected logistics, connected assets, connected customer experiences, and safety at work.

Category Insights

The solutions segment accounted for a significant share of more than 45.00% of the overall revenue in the year 2022. The growth of this segment is primarily attributed to the growing demand for IoT device management solutions across the automobile, manufacturing, and healthcare industries. In addition, the increasing need to make data-driven decisions for enhancing the profitability and productivity of business operations is further attributed to bolstering the adoption rate of IoT solutions.

The services segment is expected to register a significant growth rate during the forecasted period. The growing deployment of IoT solutions and increasing demand for support and maintenance services are anticipated to drive segment growth. Moreover, the rising adoption of cloud-based solutions is poised to increase the demand for implementation and deployment services, which is expected to offer numerous opportunities to the market during the forecasted period.

Solution Insights

The data management solutions segment accounted for a considerable share of more than 20.00% of the overall revenue in the year 2022. The segment's growth can be primarily attributed to the growing usage of IoT devices to manage industrial processes & equipment and predict faults & disasters that could hamper production. As a large amount of data is generated for these heavy applications, demand for data management solutions increased significantly, thereby dominating the market.

The security solutions segment is expected to register the fastest growth rate during the forecast period. The increasing need for data security, connected devices, and related assets will be driving the growth of the overall industry for solutions. These solutions are designed to meet various customer requirements related to security, authentication, and maintenance. Moreover, rising awareness regarding security threats, data breaching incidents, and hacking of vulnerable connected devices is further driving the segment’s growth.

Service Insights

The professional services segment accounted for the largest revenue share of over 65% of the overall market in the year 2022. The growing need for skilled professionals holding expertise in installing, managing, and troubleshooting software is expected to drive the demand for professional services. Professional services allow enterprises to reduce administrative expenses, better resource utilization, and augment profitability. Professional services also help enterprises improve resource management by enhancing efficiency through increased collaboration, integrated knowledge management, and better planning, thereby driving the growth of the professional services segment.

The managed services segment is anticipated to register significant growth during the forecast period. The growth of managed services is attributed to their expanded capabilities, which include remote monitoring of IT infrastructure management and cost-effectiveness through subscription models. In addition, retailers are more concerned about protecting their data and privacy as IoT-based solutions become more popular. They are hence using managed services to expand databases. Enterprises’ increasing reliance on IT assets to enhance productivity and the growing demand for cloud-based managed services are also contributing to the growth of the managed services segment.

Organization Size Insights

The large enterprises segment accounted for the largest share of over 60% of the overall revenue in the year 2022. Increasing adoption of IoT device management by large-scale businesses to efficiently manage their massive customer datasets and equipment & business operation data is anticipated to drive the demand in large enterprises. Furthermore, the segment growth can be attributed to the increasing investment by large enterprises in deploying intelligent and connected solutions for managing and streamlining various industrial processes through a centralized platform.

The Small & Medium Enterprises (SMEs) segment is anticipated to register a significant growth rate during the forecast period. The growth of the segment can be attributed to the rising number of SMEs in countries, such as Singapore, India, and China. Furthermore, the increasing role of government authorities in providing capital to SMEs for embracing digitization is anticipated to propel the segment's growth. The lower service costs of cloud-based IoT device management are attracting SMEs, which bodes well for the overall industry growth.

Vertical Insights

The manufacturing segment accounted for the largest share of over 35% of the overall revenue in 2022. The large share of this segment is primarily attributed to the growing need to enhance digital transformation across the manufacturing vertical. Moreover, the increasing dependency of manufacturers on connected devices to streamline industrial operations, improve productivity and reduce time-to-market allows users to make strategic decisions involving the latest technology that manages their growing needs. Also, the rising need to establish a significant mark in the increasing competition worldwide enabled manufacturers to implement intelligent solutions to enhance their business productivity and profitability.

The healthcare vertical segment is expected to register the fastest growth rate during the forecast period. The increased inclusion of connected devices to track and monitor patient health during the COVID-19 pandemic enabled the healthcare sector to invest significantly in IoT technology that provides real-time insights. Moreover, the growing demand for personalized healthcare and the increasing need for digital transformation across the healthcare vertical is further anticipated to provide numerous growth opportunities to the overall market during the forecasted period.

Regional Insights

North America dominated the global industry in 2022 and accounted for the maximum share of more than 30.00% of the overall revenue. The region is estimated to expand further at a steady CAGR retaining its leading position throughout the forecast period due to the presence of Information and Communications Technology (ICT) infrastructure and a high adoption rate of connected devices. Moreover, the region’s strong economy and the presence of several well-established companies contribute to the region’s expansion.

To increase their market position, regional players are adopting numerous strategic initiatives partnerships, collaborations, mergers and acquisitions, and product launches. The Asia Pacific region is anticipated to register a significant growth rate during the forecast period. The region’s growth can be attributed to the proliferation of connected devices, a high population density, and the continued rollout of high-speed data networks. In addition, the growing focus of governments in upbringing small- and medium-sized companies with extensive inclusion of intelligent devices is further anticipated to provide numerous growth opportunities to the market during the forecast period.

Key Companies & Market Share Insights

There are a number of entrants in the market, including globally established firms as well as businesses that serve smaller clients in regional and local markets. Thus, the industry is highly fragmented and highly competitive. Increasing competition has led some industry participants to update their products or introduce new ones. Physical component providers and system integrators in the connected devices management industry are establishing standardized protocols for the efficient functioning of the market for IoT device management.

They are making significant investments in R&D to gain a strategic advantage over their competitors. Various companies are undertaking measures, such as collaborations with and acquisitions of emerging players in device management and communication technologies to develop effective IoT device management solutions. For instance, in December 2022, Aeris Communications, an Internet of Things (IoT) solutions provider based in California, U.S., signed an agreement with Ericsson to obtain the Connected Vehicle Cloud businesses and IoT Accelerator of Ericsson.

Aeris and Ericsson collaboratively would provide software for IoT connection, for thousands of enterprises in 190 countries and over 100 million IoT devices worldwide. Using Communications Service Providers (CSPs), direct sales organizations, and channel partners Aeris would offer a comprehensive IoT technology stack. Moreover, the initiation of the Open Mobile Alliance (OMA) and other collaborative steps undertaken for forming standardized protocols is also driving the industry growth. Some of the prominent players in the global IoT device management market include:

• Bosch Software Innovation GmbH

• Smith Micro Software, Inc.

• Advantech Co. Ltd.

• International Business Machines Corp.

• Aeris Communication, Inc.

• Microsoft Corp.

• Oracle Corp.

• PTC Inc.

• Proximetry

• Telit Communications PLC

IoT Device Management Market Report Scope

Global IoT Device Management Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global IoT device management market report based on category, service, solution, organization size, vertical, and region:

• Category Outlook (Revenue, USD Million, 2018 - 2030)

  • Solution

  • Services

• Solution Outlook (Revenue, USD Million, 2018 - 2030)

  • Real-time Streaming Analytics

  • Security Solutions

  • Data Management

  • Remote Monitoring

  • Network Bandwidth Management

• Service Outlook (Revenue, USD Million, 2018 - 2030)

  • Professional Services

  • Managed Services

• Organization Size Outlook (Revenue, USD Million, 2018 - 2030)

  • Large Enterprises

  • Small & Medium Enterprises (SMEs)

• Vertical Outlook (Revenue, USD Million, 2018 - 2030)

  • Retail

  • Healthcare

  • Transportation

  • Utilities

  • Manufacturing

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Mexico

  • MEA