IoT Device Management Market

Global IoT Device Management Market Size (2024 to 2029)

The global Internet of Things (IoT) device management market size is predicted to reach USD 2.36 billion in 2024 and USD 8.70 billion by 2029, growing at a CAGR of 29.8% during the forecast period.

IoT Device Management makes registering, monitoring, organizing, and managing large-scale IoT devices remotely and securely easy. IoT Device Management helps manage permissions to improve device security. IoT device management is independent of the design type and operating system so that devices can be managed from small microcontrollers to connected cars, all with the same service, allowing fleets to scale and scale, reduce costs and management efforts, and large and diverse IoT device deployments.

Due to the increasing adoption of smartphones and mobile devices and the increasing penetration of the Internet, the evolution of IoT device management has seen immense growth in recent years. The growth of IoT and connected devices is primarily driven by emerging applications and business models supported by falling device costs and standardization.

Market growth and trends:

Smart devices and IoT help retailers improve customer experience and drive more conversions, changing day-to-day store operations. Power management, in-store navigation, theft prevention, and customer engagement are some of the benefits of using IoT in the retail industry. IoT in retail and connected technologies are taking the retail industry by storm.  Energy consumption is an important cost factor for retail companies, whether in refrigeration, heating, air conditioning, lighting, etc. According to eInfochips, efficient use of these energy sources can result in cost savings of up to 20% per year. Smart IoT-enabled devices can help solve energy conservation and management problems.

With IoT, retailers will be ready to increase sales and empower the workforce to enhance the customer experience and effectively manage store inventory. Verizon's report states that 77% of retailers strongly believe IoT solutions can dramatically improve the customer experience. Many IoT-based platforms can record, monitor, and alarm or alert store personnel about temperature, gas leaks, power outages, power consumption, heating, and more using integrated sensors. With these smart power management devices, store owners can communicate with refrigerator controllers and retrieve priority information using sensors.

Market Drivers and Restraints:

The growing demand for IoT solutions across all industry verticals and the benefits of this network, such as connected computing, marketing automation, and supply chain analytics, are driving market growth in IoT device management. The increased penetration of network and communication technologies and the need for digitization around the world are driving the use of IoT and cloud-based technologies. These technologies benefit businesses, such as hyper-connected system operators, reduced operating costs through automation, and enabled configurations. The technology is increasingly used in smart and connected devices due to its scalability and ease of use. These include smart home automation devices and smart devices like smartwatches and water meters, driving the IoT device management market.

A major challenge for the IoT device management market is cybersecurity at the device and network levels. Events, such as hacking in systems, servers, and browsers, can make the network unsuitable for use, leading to the loss of important data, increased costs of installing new devices, and the theft of devices and vital organizational data, such as financial information and customer information.

Impact of COVID-19 on the global IoT device management market:

Due to the COVID-19 pandemic, several industries that rely on IoT applications, like retail, healthcare, fleet management, heavy transport services, transportation and logistics, fixed assets, vehicles/equipment, and digital signage, have been seriously affected. The Internet of Things (IoT) will be essential for long-term recovery plans for the post-COVID-19 economy worldwide. However, some facets of the IoT itself will be negatively affected in the short term. However, without fundamental changes in their convenience and utility, they will regain the expected growth in subsequent years.

GLOBAL IOT DEVICE MANAGEMENT MARKET REPORT COVERAGE:

This research report on the global IoT device management market has been segmented and sub-segmented based on the deployment model, end-user, and region.

Global IoT Device Management Market By-Deployment Model:

• Public Cloud            

• Private Cloud       

The IoT device management market segmented by deployment model indicates that the private cloud segment has the largest market share and is expected to support growth over the forecast period. The combination of the IoT network with the private cloud meets all IoT infrastructure requirements, while all government regulations and compliance are met with the implementation of private cloud management solutions that easily integrate with the infrastructure of the IoT network. Existing. The demand for public cloud is constantly increasing in the IoT device management market. The growth is attributed to lower implementation costs compared to private alternatives. These provide benefits to organizations, such as reduced maintenance, massive economies of scale, and easy installation. The public cloud segment includes less risk of failure and great flexibility without involving redundancy.

Global IoT Device Management Market - By End User:

• Retail         

• Automotive            

• Healthcare              

• Fleet Management             

• Transportation and Logistics            

 The IoT device management market is divided into retail, healthcare, fleet management, automotive, and transportation logistics. In the coming years, retail will hold a significant share of the worldwide market.

Global IoT Device Management Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

 The global IoT device management market is studied in North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. North America is the leading area in this market and is expected to rule the worldwide business in the coming years, followed by Europe and Asia Pacific. The APAC region is likely to register notable growth in this industry in the coming years with increasing investments from leading players in this locale.

Key market players:

The IoT device management ecosystem includes vendors that provide solutions to their business customers around the world. Companies such as Microsoft Corporation (US), PTC Incorporation (US), Telit Communications PLC (UK), IBM Corporation (US), Oracle Corporation (US), Smith Micro Software, Inc. (United States), Advantech Co. Ltd. (China), Aeris (United States) and Zentri (United States).

Recent Developments:

• In March 2020, Microsoft's Azure IoT introduced seamless integration with Cisco IoT. This partnership between Cisco and Azure IoT should simplify customer deployments. Cisco IoT gateways with this will now be pre-integrated to take advantage of the latest Azure cloud technology.

• In February 2020, Smith Micro Software, Inc. announced the acquisition of Circle Media Labs Inc.'s operator business. This newly acquired technology is expected to further enhance Smith Micro's SafePath Connected Life platform, providing a connected living system for family tracking and parental control, IoT, and home as part of a common experience.

• In October 2019, Advantech officially opened its new service center in Japan, located in Fukuoka Prefecture. Advantech Japan's service center has adopted OMRON Nohgata's premium quality, has a sufficiently scalable warehouse size, and sees its production capacity nearly tripling, helping Advantech drive regional growth and meet growing needs for Industry 4.0 customers through "Configured Service Order (CTOS)".