IoT Device Management Market Dynamics, Recent Developments, and Strategic Insights by 2031

The IoT device management market size is projected to reach US$ 31.28 billion by 2031 from US$ 3.4 billion in 2023. The market is expected to register a CAGR of 31.8% during 2023–2031. The increasing number of connected devices is likely to remain a key trend in the market.

IoT Device Management Market Analysis

Enterprises in various industry sectors are increasingly recognizing the importance of managing and controlling their connected devices to enhance operational efficiency. The proliferation of IoT devices in various areas, such as retail, healthcare, transportation, utilities, and manufacturing, is causing the demand for effective device management solutions. The IoT device management market analysis presents opportunities for innovative applications across different industries. In healthcare, IoT device management can enable remote patient monitoring and improve healthcare delivery, further contributing to IoT device management's growth. Technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) in device management solutions, offer opportunities for enhanced predictive maintenance, automation, and improved decision-making.

IoT Device Management Market Overview

IoT device management refers to the processes, tools, and technologies that enable the provisioning, monitoring, and maintenance of connected devices in an IoT (Internet of Things) environment. It involves managing the firmware, software, configuration, security, and overall functionality of IoT devices to ensure their optimal performance and security. IoT device management also involves overseeing the entire lifecycle of Internet of Things (IoT) devices and sensors, from initial planning and onboarding to ongoing monitoring, maintenance, and eventual retirement. It encompasses a comprehensive set of tools, capabilities, and processes that are essential for efficiently supporting IoT solutions on a large scale. With IoT device management, users gain the capability to seamlessly connect and configure numerous IoT devices, exercise control over device operations and data, monitor device status, ensure security measures, and align their IoT solutions with their overarching IoT strategy.

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IoT Device Management Market: Strategic Insights

IoT Device Management Market

• Market Size 2023
  US$ 3.4 Billion
• Market Size 2031
  US$ 31.28 Billion

Market Dynamics

GROWTH DRIVERS

• Increasing Adoption of IoT Devices

FUTURE TRENDS

• Increasing number of connected device

OPPORTUNITIES

• BYOD and Remote Working

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Solution
• Services

Organization Size

• Large Enterprises and SMEs

Industry Vertical

• Retail
• Healthcare
• Transportation
• Utilities
• Manufacturing

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IoT Device Management Market Drivers and Opportunities

Increasing Adoption of IoT Devices to Favor Market

The growing adoption of IoT devices across various industries is a major source of the IoT device management market. As more organizations incorporate IoT devices into their operations, the need for effective device management strategies becomes crucial. IoT is essential to businesses as it provides insight into system performance, supply chain operations, and logistics. It enables automation of processes, reduces labor costs, reduces waste, and enhances service delivery. The potential of connected devices to maintain competitiveness is being realized, leading to increased adoption.

Furthermore, the maturing underlying technologies of the Internet of Things (IoT) are making it easier to implement, creating new opportunities for companies and investors. The adoption of IoT devices is not restricted to a specific industry. A variety of sectors can benefit from IoT development. Healthcare, transportation, manufacturing, energy, and logistics are integrating IoT technology into their business processes and products, which is increasing the IoT device management market size. The benefits of IoT adoption are based on industry-specific and applicable practices across multiple sectors. IoT device management solutions are a crucial factor in managing the increasing number of IoT devices. These solutions help organizations streamline device provisioning, monitoring, and maintenance procedures, resulting in cost and operational efficiency.

BYOD and Remote Working

BYOD is a personal device that is incorporated into corporate networks. While these areas of networking are gaining traction, the rate of implementation is significant. Manufacturers manufacture IoT devices for remote control or access from anywhere. Securely onboard and organize devices into modular hierarchies to streamline fleet maintenance and workflow updates. IoT device management also helps secure and remotely monitor your device fleet health status, analyze trends, troubleshoot, and push updates at a rapid pace in remote working. The growth of BYOD and remote working creates a lucrative opportunity for the growth of the IoT device management market.

IoT Device Management Market Report Segmentation Analysis

Key segments that contributed to the derivation of the IoT device management market analysis are product component, organization size, and industry verticals.

• Based on the components, the IoT device management market is divided into solution and services.
• By organization size, the market is segmented into large enterprises and SMEs.
• In terms of industry verticals, the market is segmented into retail, healthcare, transportation, utilities, manufacturing, and others.

IoT Device Management Market Share Analysis by Geography

The geographic scope of the IoT device management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

 North America holds the largest IoT device management market share. North America is a dominant region for IoT deployment, driven by factors such as the high adoption of advanced technologies, increasing cyberattacks, and a increasing number of connected devices. The market is characterized by the growing adoption of IoT devices across various industries, including retail, healthcare, transportation, utilities, manufacturing, and others. This adoption is driven by the need for organizations to enhance their operations and improve efficiency. As organizations recognize the potential benefits of IoT devices, there is a growing demand for effective device management solutions.

IoT Device Management Market Market Report Scope

IoT Device Management Market News and Recent Developments

The IoT device management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT device management market are listed below:

• Elvaco, a prominent player in the global metering solutions industry, has recently made a significant advancement by successfully implementing the Coiote IoT Device Management Platform. This strategic move has not only transformed Elvaco's product offerings but has also strengthened its position in the IoT device management market. The Coiote IoT Device Management Platform has enabled Elvaco to enhance its metering solutions by incorporating advanced IoT capabilities. With this implementation, Elvaco can now provide comprehensive end-to-end management of IoT devices, offering customers a seamless and efficient experience. (Source: Elvaco, November 2023)
• KORE, an esteemed global player in the realm of Internet of Things (IoT) Solutions and IoT Connectivity-as-a-Service (IoT CaaS) on a global scale, is set to introduce and showcase its latest software innovation, MODGo at the prestigious Mobile World Congress Barcelona. This groundbreaking technology offers a unified and digitalized approach to IoT asset management, providing organizations with an efficient and streamlined solution to tackle the complexities of IoT implementation and management. (Source: Johnson Controls, February 2023)

IoT Device Management Market Report Coverage and Deliverables

The “IoT Device Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• IoT device management market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• IoT device management market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• IoT device management market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IoT device management market
• Detailed company profiles