Global IoT Device Management Market Report and Forecast 2024-2032

Global IoT Device Management Market Size

The global IoT device management market reached approximately USD 2.95 billion in 2023. The market is projected to grow at a CAGR of 5.0% between 2024 and 2032, reaching a value of around USD 4.58 billion by 2032.

IoT Device Management Market Growth

IoT device management encompasses all the activities involved with the management and maintenance of Internet of things (IoT) devices. It allows the user or service provider to efficiently register and organise a large number of devices, while also providing the ability to remotely diagnose and update the firmware of the device.

The primary factor responsible for the growth of the IoT device management market is the expansion of the IoT infrastructure through the addition of new devices, owing to the ongoing fourth industrial revolution. Companies around the world are increasingly digitising their operations to take advantage of various functions, including automation and real-time data access, to improve their overall efficiency.

IoT Device Management Market Trends

One crucial trend in IoT device management market is the increasing implementation of edge computing in IoT systems. Edge computing is increasingly becoming a groundbreaking practice in IoT as it enables the devices to perform various tasks such as data collection, processing, and analysis at the same location instead of sending the data to a cloud or data centre. This brings a strong solution to latency-related issues with the cloud and enables rapid analysis of data.

The rising global availability of 5G network is also a key component responsible for the increasing global IoT device management market demand as the low latency and high network speed can allow faster communication and data sharing between IoT devices. In addition, IoT applications could gain greater access to the network's specific characteristics and customise them to suit the requirements of the particular use case.

Recent Developments

As per the IoT device management market dynamics and trends, GlobalPlatform announced the launch of Secure Channel Protocol in May 2024 which boosts security and remote management capabilities for IoT devices.

Industry Outlook

Rising Adoption of IoT Devices, Globally Aids the Market Growth

As per the United Nations Department of Economic and Social Affairs, global urbanization rate is expected to steadily increase from 2015 to 2050. The rate was 53.9% in 2015 and is projected to increase to 60.4% by 2030 and 68.4% by 2050. According to the IoT device management industry analysis, this significant urban growth indicates a continuous shift towards urban living. As more people move into urban areas, the demand for smart city solutions, including connected infrastructure, transportation systems, and public services, increases. IoT devices play a critical role in these smart city ecosystems, necessitating scalable and robust IoT device management solutions to handle the growing number of connected devices.

The number of active IoT devices is projected to grow substantially globally by 2030. Greater China is expected to see an increase from 5.04 billion devices in 2023 to 8.57 billion in 2030, a 70.04% rise which can boost the growth of the IoT device management industry. Europe will experience an 88.51% growth, reaching 6.56 billion devices in 2030. North America’s devices will nearly double, growing from 3.22 billion to 6.24 billion, a 93.79% increase between 2023 and 2030. Japan will see a 90.32% increase, while Latin America’s growth will be more pronounced at 140.63%, expanding to 1.54 billion devices by 2030.  South Korea will grow by 63.16%, reaching 0.62 billion devices by 2030.

Southeast Asia will see a robust percentage growth at 197.14%, with devices increasing from 0.35 billion in 2023 to 1.04 billion in 2030. Russia and Central Asia will grow by 127.58%, and the Middle East and North Africa by 160.71%, with their devices reaching 0.66 billion and 0.73 billion respectively by 2030. India and South Asia will experience the most significant growth at 267.86%, with devices increasing from 0.28 billion to 1.03 billion. Further, Sub-Saharan Africa is expected to witness a growth of 160% from 2023-2030 reaching 0.26 billion active IoT devices from 0.1 billion which boosts the IoT device management industry revenue. These trends indicate a rapidly expanding market for IoT device management solutions, to handle the increasing number of connected devices globally.

IoT Device Management Platforms offer Scalability and Operational Efficiency to Customers

• IoT device management platforms are designed to handle large volumes of devices, making them essential for growing IoT ecosystems.

• Advanced security features protect IoT devices from cyber threats, ensuring data integrity and privacy.

• These platforms streamline device onboarding, monitoring, and maintenance, reducing operational costs and complexities and aiding IoT device management demand growth.

The Market faces Several Challenges, Including, the Complex Integration of IoT systems, High Upfront Cost, and Interoperability Issues.

• Integrating IoT device management solutions with existing IT infrastructure can be complex and costly.

• The cost of implementing a comprehensive IoT device management system can be a barrier for smaller enterprises.

• Devices from different manufacturers may not always be compatible, leading to integration challenges.

• As IoT devices become more prevalent, the risk of cyber-attacks increases, which can undermine trust in IoT solutions and negatively impact IoT device management demand forecast.

• Rapid advancements in technology can quickly render existing IoT device management solutions obsolete.

Expansion of IoT Applications and Technological Advancements Provide Opportunities to the Market

• The growing adoption of IoT in various sectors such as healthcare, manufacturing, and smart cities increases demand for device management solutions.

• Innovations in AI and machine learning can enhance the capabilities of IoT device management platforms.

• Increasing regulations around data privacy and security create opportunities for IoT management solutions that ensure compliance, boosting the IoT device management demand.

Competitive Factors in the Global IoT Device Management Market

• Companies that invest heavily in research and development can offer cutting-edge IoT device management solutions. 

• Innovations such as the integration of AI and ML for predictive maintenance, anomaly detection, and enhanced security measures offer players a competitive edge.

• Solutions must be able to efficiently manage and scale to accommodate a large and growing number of IoT devices. 

• Robust security features are essential to protect IoT devices and data from cyber threats. 

• IoT device management platforms must support multiple communication protocols and be compatible with a wide range of devices and systems. 

• Comprehensive customer support and training programs enhance the user experience and increase brand loyalty, which can boost the IoT device management market value.

• Competitive pricing models, such as subscription-based or pay-per-use options, make IoT device management solutions accessible to a broader range of businesses. 

• Solutions that offer a high return on investment (ROI) by improving operational efficiency and reducing downtime are particularly attractive.

• Building strong partnerships with hardware manufacturers, network providers, and software vendors is key.

Key Price Indicators of the Global Market

Technology Costs:

• The cost of underlying technologies such as sensors, connectivity modules, and cloud services directly affects the pricing of IoT device management solutions, hindering IoT device management market opportunities.

Development and Maintenance Costs:

• Ongoing costs associated with developing, maintaining, and updating the software influence the pricing structure.

Integration Costs:

• Costs related to integrating IoT device management solutions with existing IT systems and infrastructure impact overall pricing.

Security Features:

• The inclusion of advanced security features and compliance with industry standards can increase the cost of IoT device management platforms, affecting the IoT device management market revenue.

Market Competition:

• Competitive pricing strategies within the market can drive prices down as providers strive to attract more customers.

Subscription Models:

• The shift towards subscription-based pricing models for SaaS (Software as a Service) solutions affects how prices are structured and perceived by customers.

Scalability Requirements:

• Pricing can vary based on the scalability requirements of the customer, with larger deployments potentially receiving discounts.

Key Indicators for Demand in the IoT Device Management Market

IoT Device Proliferation:

• The exponential growth in the number of IoT devices being deployed across various industries drives demand for robust device management solutions and aids IoT device management market expansion.

Adoption of Smart Technologies:

• Increasing adoption of smart technologies in homes, cities, and industries boosts the need for effective IoT device management.

Regulatory Requirements:

• Stringent regulations regarding data security and privacy necessitate advanced IoT device management solutions to ensure compliance.

Industrial Automation:

• The rise of Industry 4.0 and industrial automation significantly increases the demand for managing large-scale IoT deployments.

Remote Monitoring Needs:

• The need for remote monitoring and management of devices, especially in sectors like healthcare and energy, drives demand for IoT device management platforms.  

IoT Device Management Industry Segmentations

Based on components, the market can be segmented into solution and services. The global IoT device management market segmentation, based on enterprise size, includes large enterprises and small and medium enterprises (SMEs). The market divisions, based on end-use, include manufacturing, retail, healthcare, transportation, and utilities, among others. The major regional markets for IoT device management are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT device management industry, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Robert Bosch GmbH 

• Microsoft Corporation 

• IBM Corporation 

• Amazon Web Services, Inc. 

• PTC Incorporation 

• Oracle Corporation 

• Amplía Soluciones S.L. 

• Advantech Co., Ltd. 

• Telit IoT Platforms, LLC 

• Smith Micro Software, Inc.

• Others

IoT Device Management Market Share

Based on Component

In the forecast period, IoT device management solutions are likely to account for a major portion of the IoT device management market share owing to the growing need for efficiency in the increasingly competitive environment. IoT can aid companies in different areas, including management, real-time analysis, and accessibility. Moreover, numerous sectors nowadays rely on data to make intelligent decisions, which creates a need for proper IoT device networks for easy and accelerated data sharing.

Based on Enterprise Size

According to the IoT device management market analysis, large enterprises are expected to increase their investment in IoT infrastructure in the forecast period. The surge in adoption of IoT device management among large-scale enterprises aimed at effectively handling extensive customer databases as well as equipment and operational data is expected to significantly enhance the demand for services in different sectors. Additionally, the growth in this segment can be attributed to the increasing adoption of interconnected solutions, all managed and streamlined through a unified platform, to enhance various industrial processes.

Competitive Landscape

Robert Bosch GmbH is one of the most renowned IoT solution providers in the world. The company operates from Germany and deals with products such as auto spare parts, mobility, home appliances, and industrial products, as well as business process outsourcing, drive and control technology, energy, and building solutions. The company employs its expertise in providing innovative IoT solutions, software, sensor technology, and services to its customers from various sectors.

Microsoft Corporation is among the leading technology and software development companies in the world. The company has been active in the field since 1975 and has built its reputation as one of the most popular operating systems in the world, Windows. The company is also a leading figure in the gaming sector, providing video games and the XBOX gaming console.

IBM Corporation is a pioneer in the technological field of the IoT device management industry, known for its expertise in various fields, including hardware, software, cloud computing services, and consulting services. The company was founded in 1911 and has been responsible for several technological innovations over the years. Notably, it played a significant role in the development of early computers.

Other global market players include Amazon Web Services, Inc., PTC Incorporation, Oracle Corporation, Amplía Soluciones S.L., Advantech Co., Ltd., Telit IoT Platforms, LLC, and Smith Micro Software, Inc., among others.

IoT Device Management Market Regional Analysis

North America accounts for a major market share owing to an increased adoption of IoT devices such as autonomous vehicles and smart home devices. The burgeoning presence of leading market players making efforts for research and development is also fuelling the demand of IoT device management market.

Key Highlights of the Report

IoT Device Management Market Report Snapshots

IoT Device Management Market Size

IoT Device Management Market Growth

IoT Device Management Market Trends

IoT Device Management Market Share

IoT Device Management Companies

IoT Device Management Market Regional Analysis