IoT Device Management Market Estimated To Experience A Hike In Growth By 2030

IoT Device Management Industry Overview

The global IoT device management market size is expected to reach USD 19.77 billion by 2030, registering a CAGR of 34.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has been evolving continuously in line with the advances in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises. Growing demand for IoT services need for digitalization, and the increasing penetration of communication and networking technologies are expected to drive the market over the forecasted years.

 

IoT Device Management Market Segmentation

Grand View Research has segmented the global IoT device management market based on component, solutions, services, organization size, vertical, and region:

 

Based on the Component Insights, the market is segmented into Solution and Services.

• The solutions segment accounted for a significant revenue share of over 45% in 2021. The growth of this segment is primarily attributed to the growing demand for IoT device management solutions across the manufacturing, automobile, and healthcare industry. Additionally, the increasing need to make data-driven decisions to enhance the business profitability and productivity of the operations bolstered the adoption rate of IoT solutions.
• The services segment is expected to register significant growth over the forecast period. Growing deployment of IoT solutions and increasing demand for support and maintenance services are anticipated to drive the segment growth. Moreover, the rising adoption of cloud-based solutions is poised to increase the demand for implementation and deployment services, which is expected to offer numerous opportunities to the market over the forecasted period.

 

Based on the Solution Insights, the market is segmented into Real-time Streaming Analytics, Security Solutions, Data Management, Remote Monitoring, and Network Bandwidth Management.

• The data management solutions segment accounted for a considerable market share of over 20% in 2021. The segment’s growth is primarily attributed to the growing usage of IoT devices to manage industrial processes & equipment and predict faults & disasters that could hamper production.
• The security solutions segment is expected to register the fastest growth rate over the forecasted period. The increasing need for securing data, connected devices, and related assets will be driving the growth of the overall market for solutions.

 

Based on the Service Insights, the market is segmented into Professional Services and Managed Services.

• The professional services segment accounted for the largest revenue share of over 65% in 2021. The growing need for skilled and accomplished professionals holding expertise in managing, installing, and troubleshooting software is expected to drive the demand for professional services.
• The managed services segment is anticipated to register significant growth over the forecast period. This growth can be attributed to the additional capabilities of managed services, such as remote monitoring and cost-effective IT infrastructure management through subscription-based pricing structures.

 

Based on the Organization Size Insights, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs).

• The large enterprises segment accounted for the largest market share of over 60% in 2021. Increasing adoption of IoT device management by large businesses to efficiently manage their massive customer datasets and equipment & business operation data is anticipated to drive the market demand in large enterprises.
• The small and medium enterprises (SMEs) segment is anticipated to register significant growth over the forecast period. The promising growth prospects of the segment can be attributed to the rising number of small & medium enterprises in countries such as Singapore, India, and China.

 

Based on the Vertical Size Insights, the market is segmented into Retail, Healthcare, Transportation & Logistics, Utilities, Manufacturing, and Others.

• The manufacturing segment accounted for the largest market share of over 35% in 2021. The large share of this segment is primarily attributed to the growing need to enhance digital transformation across the manufacturing vertical.
• The healthcare segment is expected to register the fastest growth rate over the forecasted period. The growing inclusion of connected devices to track and monitor patient health during the COVID-19 pandemic has enabled healthcare facilities to invest significantly in IoT technology that provides real-time insights.

 

IoT Device Management Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

Several market players are active in the market, including both established players with worldwide operations and regional and local market players catering to a limited number of clients.

Some prominent players in the global IoT device management market include

• Bosch Software Innovation GmbH
• Smith Micro Software, Inc.
• Advantech Co. Ltd.
• International Business Machines Corporation
• Aeris Communication, Inc.
• Microsoft Corporation
• Oracle Corporation
• PTC Incorporation.
• Proximetry
• Telit Communications PLC

 

Order a free sample PDF of the IoT Device Management Market Intelligence Study, published by Grand View Research.