GVR Report cover IoT Device Management Market Size, Share & Trends Report

IoT Device Management Market Size, Share & Trends Analysis Report By Component, By Solution, By Service, By Organization Size, By Vertical, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-2-68038-335-5
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Technology

Report Overview

The global IoT device management market size was valued at USD 1.48 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 34.2% from 2022 to 2030. Growing emphasis on increasing operational efficiencies and managing connected devices is anticipated to drive market growth. Major players in the IoT industry are undertaking various initiatives, such as the formation of the Open Mobile Alliance (OMA), for standardizing protocols. This has also helped boost the growth of the industry. The outbreak of the COVID-19 pandemic has impacted all walks of life, including businesses from all the end-use industries. Government agencies and public sector organizations, IT, telecommunication, and healthcare invested heavily in IoT technology to deal with the unusual COVID-19 pandemic situation and obtain the best possible results in saving a life, energy, and money. Thus, growth in IoT investment during the pandemic is a triggering factor contributing to the development of the market.

U.S. IoT device management market size, by solution, 2020 - 2030 (USD Million)

The penetration of communication and networking technologies and the need for real-time analytics, connected assets, and the security of machines have led to the adoption of IoT device management. It assists in provisioning and authentication, configuration and control, software updates and maintenance, and monitoring and diagnostics of connected devices.

The increasing adoption of Internet-of-Things (IoT) for various operations has created significant demand in this market. The rapid change in technology and the need for efficient management of connected devices leads to the development of real-time analytics, security solutions, and data management solutions.

These solutions are designed to cater to the needs of manufacturing, automobile, and other industries. They enable efficient management of devices and connected assets, providing users with network security, authentication, and API security. Security solutions are predicted to be the fastest-growing solution over the forecast period.

Component Insights

The solutions segment accounted for a significant revenue share of over 45% in 2021. The growth of this segment is primarily attributed to the growing demand for IoT device management solutions across the manufacturing, automobile, and healthcare industry. Additionally, the increasing need to make data-driven decisions to enhance the business profitability and productivity of the operations bolstered the adoption rate of IoT solutions.

The services segment is expected to register significant growth over the forecast period. Growing deployment of IoT solutions and increasing demand for support and maintenance services are anticipated to drive the 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 over the forecasted period.

Solution Insights

The data management solutions segment accounted for a considerable market share of over 20% in 2021. The segment's growth is 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 over the forecasted period. The increasing need for securing data, connected devices, and related assets will be driving the growth of the overall market for solutions. These solutions are designed to meet various customer requirements related to authentication, security, and maintenance. Moreover, rising awareness regarding security threats, data breaching incidents, and hacking of vulnerable connected devices is further driving the segment growth.

Service Insights

The professional services segment accounted for the largest revenue share of over 65% in 2021. The growing need for skilled and accomplished professionals holding expertise in managing, installing, and troubleshooting software is expected to drive the demand for professional services. Professional services allow enterprises to better resource utilization, reduce administrative expenses, 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 over the forecast period. This growth can be attributed to the additional capabilities of managed services, such as remote monitoring and cost-effective IT infrastructure management through subscription-based pricing structures. Furthermore, increasing adoption of IoT-based solutions, retailers are increasingly getting concerned over data security and privacy protection. They are hence opting for managed services to maintain their expanding databases. The growing demand for cloud-based managed services and the increasing dependence of enterprises on IT assets to enhance their business productivity are also emerging as significant factors contributing to the growth of the managed services segment.

Organization Size Insights

The large enterprises segment accounted for the largest market share of over 60% in 2021. Increasing adoption of IoT device management by large businesses to efficiently manage their massive customer datasets and equipment & business operation data is anticipated to drive the market demand in large enterprises. Furthermore, the segment growth can be attributed to the increasing investment by the large enterprises in deploying intelligent and connected solutions for managing and streamlining various industrial processes through a centralized platform.

The small and medium enterprises (SMEs) segment is anticipated to register significant growth over the forecast period. The promising growth prospects of the segment can be attributed to the rising number of small & medium enterprises in countries such as Singapore, India, and China. Furthermore, the increasing role of government authorities in providing capital to small & medium enterprises for embracing digitization is anticipated to propel the segment's growth. The lower service costs of cloud-based IoT device management are attracting small & medium enterprises, which bodes well for the IoT device management market growth.

Vertical Insights

The manufacturing segment accounted for the largest market share of over 35% in 2021. 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 allow them 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.

Global IoT device management market share, by vertical, 2021 (%)

The healthcare segment is expected to register the fastest growth rate over the forecasted period. The growing inclusion of connected devices to track and monitor patient health during the COVID-19 pandemic has enabled healthcare facilities 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 opportunities to the market over the forecasted period.

Regional Insights

North America dominated the market in 2021 with a revenue share of over 30%. The dominance can be attributed to the infrastructural developments, heavy adoption of the latest networking technologies, and increasing penetration of cloud technologies. U.S. is the primary contributor to the North America market. In addition, the presence of prominent industry leaders and their vast customer base play a vital role in enabling the North America market to grow consistently.

Asia Pacific is anticipated to register significant growth over the forecast period. The region is characterized by a high population density, proliferation of smartphones, and continued rollout of high-speed data networks. Moreover, many smartphone users in the area access social media through their mobile devices. Hence, the region offers immense opportunities for IoT deployment. In addition, the growing focus of governments in upbringing the small and medium-sized companies with extensive inclusion of intelligent devices is further anticipated to provide numerous opportunities to the market over the forecasted period.

Key Companies & Market Share Insights

Several market players are active in the market, including both established players with worldwide operations and regional and local market players catering to a limited number of clients. Hence, the market can be described as a highly fragmented market characterized by intense competitive rivalry. In response to the intensifying competition, some market players are upgrading their existing products and launching new products.

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. The initiation of the Open Mobile Alliance (OMA) and other collaborative steps undertaken for forming standardized protocols is also driving the market's growth. Some prominent players in the global IoT device management market include:

  • Bosch Software Innovation GmbH

  • Smith Micro Software, Inc.

  • Advantech Co. Ltd.

  • International Business Machines Corporation

  • Aeris Communication, Inc.

  • Microsoft Corporation

  • Oracle Corporation

  • PTC Incorporation.

  • Proximetry

  • Telit Communications PLC

IoT Device Management Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 1.88 billion

Revenue forecast in 2030

USD 19.77 billion

Growth rate

CAGR of 34.2% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, solution, service, organization size, vertical, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Mexico

Key companies profiled

Bosch Software Innovation GmbH; Smith Micro Software, Inc.; Advantech Co. Ltd.; International Business Machines Corporation; Aeris Communication, Inc.; Microsoft Corporation; Oracle Corporation; PTC Incorporation; Proximetry; Telit Communications PLC

Customization scope

Free report customization (equivalent to up to 8 analyst working days) with purchase. Addition or alteration to country, regional & segment scope.

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Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

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 2017 to 2030. For this study, Grand View Research has segmented the global IoT device management market report based on component, solution, organization size, vertical, and region:

  • Component Outlook (Revenue, USD Million, 2017 - 2030)

    • Solution

    • Service

  • Solution Outlook (Revenue, USD Million, 2017 - 2030)

    • Real-Time Streaming Analytics

    • Security Solutions

    • Data Management

    • Remote Monitoring

    • Network Bandwidth Management

  • Services Outlook (Revenue, USD Million, 2017 - 2030)

    • Professional Services

    • Managed Services

  • Organization Size Outlook (Revenue, USD Million, 2017 - 2030)

    • Large Enterprises

    • Small & Medium Enterprises (SMEs)

  • Vertical Outlook (Revenue, USD Million, 2017 - 2030)

    • Retail

    • Healthcare

    • Transportation & Logistics

    • Utilities

    • Manufacturing

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Mexico

    • MEA

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