The IoT device management market size is projected to be valued at USD 4,965.4 million in 2023 and is expected to rise to USD 28,118.5 million by 2033. The sales of IoT device management are predicted to expand at a significant CAGR of 16.8% during the forecast period.
Over the next few years, the market is likely to be driven by rising demand for IoT services, as well as increased penetration of communication and networking technologies.
Given the growing need for advanced infrastructure management solutions that eliminate manual complications in companies, the IoT device management market is predicted to develop at a healthy rate.
The market has grown significantly as the Internet of Things (IoT) has become widely adopted for various functions. Because of the significant advancement of technology and the necessity for efficient management of connected devices, solutions such as real-time analysis, security, and data management have been developed, which are influencing market trends.
| Attributes | Details |
|---|---|
| IoT Device Management Market Estimated Size (2023) | USD 4,965.4 million |
| IoT Device Management Market CAGR (2023 to 2033) | 16.8% |
| IoT Device Management Market Forecasted Size (2033) | USD 28,118.5 million |
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The IoT device management market is predicted to develop in response to the notably growing demand for IoT solutions across all industrial sectors, as well as the benefits of this network, such as connected computing, and supply chain analytics.
The increased saturation of networking and communication technologies, as well as the global need for digitalization, are driving the adoption of IoT device management and cloud-based technology services.
The market is predicted to develop in response to the significantly growing demand for IoT solutions across all industrial sectors, as well as the benefits of this network, such as connected computing, marketing automation, and supply chain analytics.
The increased saturation of networking and communication technologies, as well as the global need for digitalization, are boosting the adoption of IoT device management and cloud-based technology services. Furthermore, there are a few improvements in IoT device management that give the profit potential for the IoT device management market size's growth such as:
Improvements in IoT device management, such as high productivity, real-time device monitoring, and updating increased customer reliability, and data security, give the profit potential for the market size's growth.
The matter of cybercrime at the devices and communication layer is a big barrier for the IoT device management market. Intrusion in platforms, servers, and browsers can render the network unfit for use. In turn, resulting in the loss of key data, increased costs of installing new devices, and the theft of equipment and critical organizational data such as financial and customer information. This is negatively impacting the market adoption trends.
Smart gadgets and the Internet of Things (IoT) enable retailers to improve customer experience and increase conversions while also affecting day-to-day store operations. Some of the advantages of implementing IoT in the retail industry include power management, in-store navigation, theft prevention, and consumer interaction. The Internet of Things (IoT) and connected technologies are sweeping the retail business.
As per the IoT device management market study, energy usage, whether in refrigeration, heating, air conditioning, lighting, or other areas, is a significant cost element for retailers. Efficient usage of these energy sources can result in annual cost reductions of up to 20%. Energy conservation and management issues can be solved with the help of smart IoT-enabled devices.
Retailers are likely to increase sales and empower their employees to respond in ways that improve the customer experience and successfully manage shop inventories thanks to the Internet of Things. According to Verizon's survey, 77 percent of merchants feel that IoT solutions may significantly improve the consumer experience.
Using integrated sensors, many IoT-based solutions can record, monitor, warn, or alert store workers about temperature, gas leaks, power outages, power usage, heating, and many more. Store owners can interface with refrigerator controllers and retrieve priority information with the help of sensors using these smart power management devices.
Over the next few years, the security solutions segment of the IoT device management market is expected to acquire more than 60.6% of the market share. Security solutions for connected devices are becoming popular on the market. Furthermore, high efficiency in device monitoring, diagnostics, and analytics are among the benefits provided by the technology.
Given the expanding digitalization of the healthcare sector, the smart health area is expected to rise by 25% by 2028. IoT is revolutionizing the healthcare industry by redefining the area of medical devices and healthcare solutions. Additionally, in the healthcare industry, IoT device management solutions provide benefits such as remote patient monitoring, end-to-end connectivity, data analysis, automatic alerts, and medical support.
Real-time streaming analytics account for the 29.8% share of the IoT device management market. The majority of companies are concentrating on real-time streaming by processing and combining data from various sources. Real-time analysis, for example, can be used to remotely monitor patients in the healthcare industry. Furthermore, by providing patients with real-time data and prompt responses to their queries, the quality of care can be improved. This is positively influencing the market outlook.
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North America is a prominent hub in the global market capturing a significant share of 28.6% of the global market. Growing investments in IoT technology and favorable government efforts are expected to propel the North America market to USD 2 billion in sales by 2028.
The presence of key IoT device management businesses such as Google LLC, PTC Inc, and others is boosting the regional IoT device management market growth.
The United Kingdom is growing at a transforming rate of 17.2% during the analysis period. The increase can be ascribed to the growing adoption of the Bring Your Own Device (BYOD) trend and the deployment of a mobile workforce across the country. The need for private cloud solutions has surged during COVID-19, owing to an increase in the number of cyberattacks.
Private clouds offer sophisticated privacy and security measures to secure sensitive and personal information. The IoT device management industry statistics are backed up by significant cost reductions, flexibility, and ease of control.
India is set to become a notable market in the world, recording a CAGR of 19.2% between 2023 and 2033. India has emerged as a significant player in the IoT (Internet of Things) device management market. IoT device management involves the monitoring, provisioning, and maintenance of IoT devices deployed in various industries.
With the growing adoption of IoT devices across sectors such as manufacturing, healthcare, agriculture, transportation, and smart cities, India has recognized the potential of IoT and has been actively participating in its development.
The market for IoT device management is competitive. The growing adoption of IoT across industries has resulted in a surge in several opportunities available. Though the market is now dominated by a few key players, it is projected to see numerous new players enter as the breadth of IoT applications across industries grows.
The majority of vendors engage in various marketing methods to increase their share. Vendors in the industry are competing on price, quality, brand, and product & service differentiation, while minor companies are acquired to ensure a global leadership position in IoT device management services. Furthermore, participants in the sector are forging strategic alliances to develop a sophisticated and integrated IoT device management platform. For example,
The market may create a revenue of around USD 4,965.4 million in 2023.
In North America the net worth of the total IoT device management adopted in 2022 was 28.6% of the global market.
India is the leading market and is expected to grow at 19.2% CAGR until 2033.
The security solutions segment dominates and could hold 60.6% of the global market share.
The real-time streaming analytics segment accounted for 29.8% of the market share.
| Industry Value (2023) | USD 11.1 billion |
|---|---|
| Industry Value (2033) | USD 38.5 billion |
| Industry Growth Rate (2023 to 2033) | 13.2% |
| Market Estimated Value (2022) | USD 4.4 Billion |
|---|---|
| Projected Market Size (2032) | USD 39.7 Billion |
| Value-based CAGR (2022 to 2032) | 24.4% |
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IoT Device Management Market
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