IoT Device Management Market is predicted to reach USD 21.47 billion by 2030 with a CAGR of 29.5%

The Global IoT Device Management Market size is estimated to be USD 1.25 billion in 2019 and is predicted to reach USD 21.47 billion by 2030 with a CAGR of 29.5% from 2020-2030.

IoT Device Management is the process of configuring, authenticating, monitoring and maintaining the device software with firmware which provide functional capabilities to the device. Effective device management plays an important role in maintaining the connectivity and security of IoT devices. Moreover, the tool also simplifies the work and also increases the work efficiency as well.

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Top Companies: IBM Corporation, Microsoft Corporation, PTC Inc., Oracle Corporation, Aeris, ARM Ltd., Tibbo Systems, Smith Micro Software, Xively, DevicePilot, Cumulocity GmBH, Zentri, Einfochips, Proximetry, Capricode and others.

Market Dynamics and Trends

There have been various technological advancements taking place with the development in infrastructure and increased adoption of IoT on a global level. Furthermore, wide application and it also reduces the manual complexities in the organization with regular maintenance of these devices helps in maintenance of device security.

The other factors include increase in smart cities coupled with increase in automation and increased demand of operational efficiency with high accuracy is also expected to further promote the market growth. Furthermore, increased use of connected devices and increased use of sensors are also expected to support the growth of IoT device management market. However, lack of proper IoT standards and lack of skilled labor are expected to inhibit the growth of IoT device management market. Moreover, increased of cloud based services coupled with bring your own device and choose your own device are expected to create ample opportunities in the market over the forecast period.

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Market Segmentations and Scope of the Study:

The global IoT device management market share is analyzed on the basis of organization size, deployment, component, application, and geography. On the basis of organization size, the market is segmented into large enterprises and small & medium enterprises. On the basis of deployment, the market is divided into private cloud, public cloud and hybrid cloud. On the basis of component, the market is classified into services and solutions. On the basis of application, the market is fragmented into Smart retail, connected health, connected logistics, Smart utilities, Smart manufacturing, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to dominate the IoT device management market in terms of market share owing to the increased adoption of IoT coupled with technological advancement and presence of developed IT infrastructure. Moreover, increased automation and increase in smart cities are also expected to fuel the market growth.

Asia Pacific is expected to show tremendous growth with constant increase in market size owing to the wide application and increased demand of operation efficiency with high accuracy and increase in cloud based services are further expected to augment the growth of IoT device management market in the near future.

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