Market Size of IoT Device Management Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 7.21 Billion |
Market Size (2029) | USD 19.40 Billion |
CAGR (2024 - 2029) | 21.92 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
IoT Device Management Market Analysis
The IoT Device Management Market size is estimated at USD 7.21 billion in 2024, and is expected to reach USD 19.40 billion by 2029, growing at a CAGR of 21.92% during the forecast period (2024-2029).
The IoT device management market encompasses connected device provisioning, administration, monitoring, and diagnostics necessary for trouble replication and corrective measures.
The market is primarily driven by certain factors, such as growing concerns over network security, the overall growth of IoT networks and systems, the growing need to monitor the health (on/off condition, power, connectivity, etc.) of IoT devices, and the deployment of 5G networks and its support for massive IoT, coupled with Multi-access Edge Computing (MEC). Besides, IoT device management systems also enable the collection and analysis of data, which is another factor anticipated to fuel market growth.
The global IoT demand trend is expected to shift towards industrial space from consumer demand over the coming years, with sheer volumes of demand driven by various Industry 4.0 applications. A significant share of the demand is expected by manufacturing industries, energy, business mobility, healthcare, and supply chain.
Owing to the expanding adoption of smartphones and mobile devices, coupled with the increasing penetration of the internet, the evolution of IoT device management has witnessed immense growth in recent years.
However, exposure of confidential information concerning privacy concerns, real-time complexity, dynamic environment, and lack of compatibility and connectivity, along with the absence of uniform IoT standards for interoperability, is a crucial challenge for the market. The global supply chain is undergoing a level of disruption.
Due to the recent outbreak of COVID-19, the global supply chain and demand for electronics were disrupted, owing to which the IoT device management market hardware adoption was expected to be severely influenced; due to the production shutdown in countries such as China, the electronics industry was observing a shortage of supply of electronics.
IoT Device Management Industry Segmentation
IoT Device Management makes it effortless to securely register, monitor, organize, and remotely manage IoT devices at scale. IoT Device Management registers connected devices individually or in bulk and easily manages permissions to keep devices secure. IoT Device Management is agnostic to devise type and OS so that devices can be managed from constrained microcontrollers to connected cars, all with the same service, enabling scale fleets and decreasing the cost and effort of managing large and various IoT device deployments.
The IoT device management market is segmented by component (solutions (security solutions, data management, remote monitoring), services (professional services, managed services), organization size (small and medium-sized enterprises (SMEs), large enterprises), end-user vertical (retail, healthcare, utilities, transportation and logistics, manufacturing), and geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
By Component | ||||||
| ||||||
|
By Organization Size | |
Small and Medium-Sized Enterprises | |
Large Enterprises |
By End-user Vertical | |
Retail | |
Healthcare | |
Transportation & Logistics | |
Manufacturing | |
Other End-user Vertical |
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East and Africa |
IoT Device Management Market Size Summary
The IoT Device Management Market is poised for significant growth, driven by the increasing need for connected device provisioning, administration, monitoring, and diagnostics. This market is experiencing a surge due to the rising concerns over network security, the expansion of IoT networks, and the deployment of 5G networks, which support massive IoT applications. The shift in global IoT demand towards industrial applications, particularly in sectors like manufacturing, energy, healthcare, and supply chain, is expected to further propel market expansion. The evolution of IoT device management has been accelerated by the widespread adoption of smartphones, mobile devices, and the growing penetration of the internet. However, challenges such as privacy concerns, real-time complexity, and the lack of uniform IoT standards for interoperability pose significant hurdles to market growth.
The competitive landscape of the IoT Device Management Market is characterized by the presence of major players, with opportunities for new entrants as IoT applications expand across various industries. Companies are leveraging strategic collaborations and technological advancements to enhance their market offerings. For instance, partnerships like that of Tech Mahindra and Microsoft aim to modernize telecom operations with cloud-powered 5G core networks, while Advantech Co., Ltd. and Actility focus on simplifying IoT deployments for industrial automation. The market is also witnessing innovations such as Laird Connectivity's Canvas Device Manager and KORE's MODGo, which streamline IoT asset management. These developments, coupled with the increasing adoption of IoT in sectors like retail, are expected to drive the market forward, despite challenges related to cybersecurity and supply chain disruptions.
IoT Device Management Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Assessment of Impact of COVID-19 on the Industry
-
1.3 Industry Value Chain Analysis
-
1.4 Industry Attractiveness - Porter's Five Forces Analysis
-
1.4.1 Bargaining Power of Suppliers
-
1.4.2 Bargaining Power of Consumers
-
1.4.3 Threat of New Entrants
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Component
-
2.1.1 Solutions
-
2.1.1.1 Security Solution
-
2.1.1.2 Data Management
-
2.1.1.3 Remote Monitoring
-
2.1.1.4 Other Solutions (Real-Time Streaming Analytics, Network Bandwidth Management)
-
-
2.1.2 Services
-
2.1.2.1 Professional Services
-
2.1.2.2 Managed Services
-
-
-
2.2 By Organization Size
-
2.2.1 Small and Medium-Sized Enterprises
-
2.2.2 Large Enterprises
-
-
2.3 By End-user Vertical
-
2.3.1 Retail
-
2.3.2 Healthcare
-
2.3.3 Transportation & Logistics
-
2.3.4 Manufacturing
-
2.3.5 Other End-user Vertical
-
-
2.4 By Geography
-
2.4.1 North America
-
2.4.2 Europe
-
2.4.3 Asia Pacific
-
2.4.4 Latin America
-
2.4.5 Middle East and Africa
-
-
IoT Device Management Market Size FAQs
How big is the IoT Device Management Market?
The IoT Device Management Market size is expected to reach USD 7.21 billion in 2024 and grow at a CAGR of 21.92% to reach USD 19.40 billion by 2029.
What is the current IoT Device Management Market size?
In 2024, the IoT Device Management Market size is expected to reach USD 7.21 billion.