The global IoT device management market size is expected to reach USD 19.77 billion by 2030, registering a CAGR of 34.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has been evolving continuously in line with the advances in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises. Growing demand for IoT services need for digitalization, and the increasing penetration of communication and networking technologies are expected to drive the market over the forecasted years.
Increasing deployments of connected devices for managing, monitoring, planning, and maintaining various industrial machines and equipment are also attributed to driving the market growth. The rising focus of industry leaders in involving ‘industry 4.0’ technologies allows them to opt for a centralized platform that collaborates and streamlines operations associated with connected devices. Thus, demand for IoT device management increased significantly across the asset-intensive vertical. Moreover, the growing deployment of IoT to predict asset downtime and equipment failure to increase production efficiency and reduce excessive maintenance overheads has further bolstered the IoT device management adoption rate in the global market.
Growing advancements in technology, a rising number of connected devices, and the increasing diversity and complexity of IoT devices are expected to create traction for the market. An increased need for a centralized device to manage the connected devices and leverage devices’ full capabilities for optimum performance is expected to drive the market growth over the forecasted period. Moreover, an increase in awareness regarding the benefits of IoT technology created among the healthcare facilities amid the COVID-19 pandemic is poised to drive the adoption of IoT device management across the healthcare vertical over the forecasted period.
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The services segment is anticipated to gain traction over the forecast period owing to the growing demand for support and maintenance services and the rising deployment of IoT devices
The managed services segment is anticipated to register the highest CAGR from 2022 to 2030. The increasing need for cloud-based managed services and the growing dependence of organizations on IT assets to improve their business productivity are the major factors contributing to the growth of the managed services segment
The security solutions segment is expected to register the fastest growth rate in the forecast period. The increasing need for securing data, connected devices, and connected assets will drive the growth of the overall market for solutions
The SMEs segment is anticipated to register the highest CAGR from 2022 to 2030. The increasing role of government authorities in providing capital to small & medium enterprises for embracing digitization is expected to propel the segment's growth
Asia Pacific is anticipated to register the highest growth rate over the forecast period, owing to the growing focus of governments on upbringing small and medium-sized companies with extensive inclusion of intelligent devices
Grand View Research has segmented the global IoT device management market based on component, solutions, services, organization size, vertical, and region:
Component Outlook (Revenue, USD Million, 2017 - 2030)
Solution Outlook (Revenue, USD Million, 2017 - 2030)
Real-time Streaming Analytics
Network Bandwidth Management
Service Outlook (Revenue, USD Million, 2017 - 2030)
Organization Size Outlook (Revenue, USD Million, 2017 - 2030)
Small & Medium Enterprises (SMEs)
Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Transportation & Logistics
Regional Outlook (Revenue, USD Million, 2017- 2030)
Middle East & Africa
List of key players in the IoT Device Management market
Bosch Software Innovation GmbH
Smith Micro Software, Inc.
Advantech Co. Ltd.
International Business Machines Corporation
Aeris Communication, Inc.
Telit Communications PLC
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