The IoT device management market is projected to reach a value of USD 4,965.4 million in 2023 and is expected to grow to USD 28,118.5 million by 2033. The sales of IoT device management are anticipated to expand at a significant compound annual growth rate (CAGR) of 16.8% during the forecast period.

The market is driven by the increasing demand for IoT solutions across industries and the benefits they offer, such as connected computing, marketing automation, and supply chain analytics. Factors such as the saturation of networking and communication technologies and the global need for digitalization are also contributing to the adoption of IoT device management and cloud-based technology services.

Improvements in IoT device management, such as high productivity, real-time device monitoring and updating, increased customer reliability, and data security, are fueling the growth of the market. However, the IoT device management market faces limitations, particularly in terms of cybercrime risks at the devices and communication layer.

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Cyber intrusions can lead to data loss, increased costs, and theft, which negatively impact market adoption. In the retail industry, IoT device management is enabling retailers to enhance customer experience, optimize operations, and increase conversions.

Smart IoT-enabled devices help in areas such as power management, in-store navigation, theft prevention, and customer interaction. Energy usage optimization using IoT devices can result in significant cost reductions for retailers. Integrated sensors in IoT solutions provide real-time monitoring and alerts for temperature, gas leaks, and power outages empowering store owners to manage inventories and improve the customer experience.

The security solutions segment is expected to dominate the IoT device management market, capturing over 60.6% of the market share. This is driven by the increasing demand for security solutions for connected devices and the benefits they provide in device monitoring, diagnostics, and analytics.

In the healthcare sector, the smart health area is projected to expand by 25% till 2028, fueled by the digitalization of the industry. IoT device management solutions in healthcare offer advantages such as remote patient monitoring, end-to-end connectivity, data analysis, automatic alerts, and medical support.

Real-time streaming analytics hold a significant share of 29.8% in the IoT device management market. Companies are focusing on real-time data processing and analysis from multiple sources, enabling applications like remote patient monitoring in healthcare and improving the quality of care by providing real-time data to patients.

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Key Takeaways from the IoT Device Management Market Report:

  • North America leads the global IoT device management market, capturing 28.6% market share. Factors contributing to this growth include investments in IoT technology, favorable government initiatives, and the presence of key IoT device management companies in the region.
  • The United Kingdom is experiencing a transformational growth rate of 17.2% due to the adoption of the Bring Your Own Device (BYOD) trend and the deployment of a mobile workforce. The need for private cloud solutions has increased during the COVID-19 pandemic, driving the demand for secure and flexible IoT device management.
  • India is emerging as a significant player in the IoT device management market, driven by the growing adoption of IoT devices across various industries such as manufacturing, healthcare, agriculture, transportation, and smart cities.
  • India offers immense opportunities for businesses, with a large consumer base and a robust online marketplace. The country is expected to record a CAGR of 19.2% between 2023 and 2033, making it a significant market in the world.

Key Players

  • Smith Micro Software
  • SAP SE
  • Oracle Corporation
  • Microsoft Corporation
  • Intel Corporation
  • IBM Corporation
  • Google Inc
  • ARM Holdings
  • Amazon Web Services Inc.

Recent Developments

  • Aeris Communications, a supplier of Internet of Things (IoT) solutions based in California, struck an agreement with Ericsson in December 2022 to acquire Ericsson’s Connected Vehicle Cloud companies and IoT Accelerator.
  • Aeris and Ericsson might collaborate to develop IoT connectivity software for thousands of organizations in 190 countries and over 100 million IoT devices worldwide. Aeris could provide a comprehensive IoT technology stack through Communications Service Providers (CSPs), direct sales organizations, and channel partners.

A Full Report Overview:

Key Segments Covered in the IoT Device Management Market Report

By Component:

  • Solution
  • Service

By Solution:

  • Real-Time streaming analytics
  • Security solution
  • Data management
  • Remote monitoring
  • Network bandwidth management

By Service:

  • Professional services
  • Managed services

By Organization Size:

  • Large Enterprises
  • Small and Medium-Sized Enterprises

By Deployment:

  • Public cloud
  • Private Cloud
  • Hybrid cloud

By Application:

  • Smart retail
  • Connected health
  • Connected logistics
  • Smart utilities
  • Smart Manufacturing
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Japan
  • The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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