IoT Device Management Market is Likely to Grow at 30.2% CAGR during the Period 2023 to 2032 ; AMR

According to the report, the global generated $2.2 billion in 2022, and is estimated to reach $29.5 billion by 2032, witnessing a CAGR of 30.2% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

The IoT device management market is the field of the technology sector that focuses on the management and control of IoT devices. IoT devices are actual physical items that have sensors, software, and connections built into them so they can communicate data with other systems and devices. These electronic devices encompass a wide array of products, including connected vehicles, smartwatches, industrial machinery, and smart household appliances. IoT device management involves tasks like deployment, supervision, configuration, and maintenance throughout the lifecycle of these devices. It comprises various functionalities such as firmware updates, data analysis, security oversight, and troubleshooting of these devices.

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In the IoT device management market, connected device administration, provisioning, tracking, and diagnostics are all necessary for fault replication and corrective actions. The implementation of 5G networks and their support for massive IoT, combined with Multi-access Edge Computing (MEC), along with the complete growth of IoT networks and systems, as well as rise in concerns over network security, increase in need to monitor the health of IoT devices, and other key factors, all of which have an impact on the total IoT device management market. Moreover, IoT device management platforms provide data gathering and analysis.

Moreover, due to the advancement of innovative technologies such as cloud computing, artificial intelligence, and machine learning, the IoT device management industry has experienced a revolution. These technologies have helped IoT device management solutions become more sophisticated, scalable, and secure. The need for effective IoT device management has risen due to the rapid growth of connected devices. Another element influencing the growth of market revenue is the demand for IoT devices, data, and privacy security.

More people are expected to choose cloud based IoT device management solutions, which provide greater scalability, flexibility, and cost-effectiveness, helping to further accelerate the market revenue growth. Factors such as the rise in adoption of IoT devices, and growth in need of data security and privacy primarily drive the growth of the IoT device management market. However, inconsistency in the IoT standards for compatibility hamper market growth to some extent. Moreover, rise in adoption of cloud base devices is expected to provide lucrative opportunities for market growth during the forecast period.

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In the context of the COVID-19 pandemic:

• There has been a significant increase in the adoption of IoT devices across various industries due to the global shift towards remote work and a growing reliance on digital solutions.

• Businesses are increasingly incorporating IoT devices into their operations to support functions like remote monitoring, asset tracking, and automation. Consequently, there is a heightened need for effective management and security of these devices.

• Organizations are actively seeking efficient methods to remotely monitor, operate, and update these devices, leading to emerging opportunities in device management platforms and services.

• The pressing demand for robust security measures to protect the sensitive data collected by IoT devices is driving the need for comprehensive device management solutions.

The pressing demand for robust security measures to protect the sensitive data collected by IoT devices is driving the need for comprehensive device management solutions.

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the IoT device management market revenue, owing increase in adoption and growth of advanced and latest technologies, such as cloud computing, AI, and ML. However, the Asia-Pacific region is expected to witness the fastest CAGR of 34.1% from 2023 to 2032, owing to rise in the number of digital transformation initiatives with growth in adoption and growth of advanced technology, such as cloud computing, and data analytics drives the need for IoT device management solutions, particularly in countries such as China, Japan, and India.

Based on enterprise size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the IoT device management market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to remotely check the functionality and health of IoT devices, diagnose problems, and carry out upgrades and maintenance without physical access. However, small and medium-sized enterprise segment is projected to manifest the highest CAGR of 32.3% from 2023 to 2032, owing to the need to implement cost-effective IoT device management solutions, such as risk & compliance, encryption, and incident management drives the adoption of market among SMEs.

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Based on end user, the manufacturing segment held the highest market share in 2022, accounting for more than one-third of the IoT device management market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to surge in the adoption of industrial IoT, a rise in the trend of adoption of automation in manufacturing, and an increase in penetration of smart devices in the manufacturing sector. However, the transportation segment is projected to manifest the highest CAGR of 34.9% from 2023 to 2032, owing to increase in demand for digital solutions in the smart transport industries, as it is projected to contribute to the development of intelligent transportation systems, which is expected to impact the services and customer satisfaction.

Leading Market Players: -

• Microsoft Corporation
• Oracle Corporation
• International Business Machines Corporation
• PTC, Inc.
• Telit
• Smith Micro Software, Inc.
• Aeris
• Advantech Co., Ltd.
• Enhanced Telecommunications
• Bosch.IO Gmbh

The report provides a detailed analysis of these key players of the IoT device management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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