Trends and Strategies in the IoT Device Management Market | Share to reach $29.5 billion by 2032

According to a new report published by Allied Market Research, The iot device management market was valued at $2.2 billion in 2022, and is estimated to reach $29.5 billion by 2032, growing at a CAGR of 30.2% from 2023 to 2032.

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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.

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Another element influencing the growth of market revenue is the demand for IoT devices, data, and privacy security. It is now more crucial than ever to implement strong security measures in IoT device management, due to the increase in cyberattacks and data breaches. 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.

Moreover, 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.

Market Opportunities:

• Vertical-specific Solutions: Tailoring device management platforms to specific industries, such as healthcare, agriculture, or retail, presents opportunities for vendors to address unique requirements and challenges.

• Integration Services: As organizations deploy IoT solutions alongside existing infrastructure, there is a growing demand for integration services to ensure interoperability and seamless connectivity.

• Managed Services: Offering managed IoT device management services can appeal to organizations seeking to offload the complexities of device management while focusing on core competencies.

• Partnerships and Collaborations: Strategic partnerships between device manufacturers, software vendors, and service providers can drive innovation and expand market reach.

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Based on component, solution segment dominated the IoT device management market size in 2022 and is expected to maintain its dominance in the upcoming years owing to enable remote configuration of settings such as network parameters, software updates, thresholds, and behavior customization propels the market growth significantly. However, the service segment is expected to witness the highest growth, owing to provide reliable, secure, and efficient service offerings that meet the needs of both customers and providers.

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.

Region-wise, the IoT device management market share was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to rise in adoption of industry 4.0 and other emerging technologies in varied industry applications has led to a considerable rise in demand for IoT device management solutions for improved digital systems. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to rise in the number of digital transformation initiatives with growth in adoption 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.

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Amidst the Covid-19 landscape, there has been a notable surge in the adoption of IoT devices across various sectors, driven by the widespread shift towards remote work and a growing reliance on digital technologies. Businesses are increasingly integrating IoT devices to facilitate tasks such as remote monitoring, asset tracking, and automation, necessitating robust management and security measures.

As organizations seek efficient methods to monitor, control, and update these devices from remote locations, there emerges a demand for advanced device management platforms and services. This heightened emphasis on comprehensive device management solutions is primarily motivated by the urgent need to fortify security protocols and protect the sensitive data gathered by IoT devices.

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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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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