IMARC Group’s latest report, titled “IoT Device Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global IoT device management market is expected to exhibit a CAGR of 26.70% during the forecast period (2023-2028). Internet of things (IoT) device management is the collection of processes, tools, and technologies that help monitor, and maintain the growing sprawl of connected objects in the enterprise network. It includes critical monitoring and management tools to maintain the devices online, up-to-date, and optimized for specific application needs. It assists in finding devices with a combination of characteristics, including device ID, device state, and type. It enables fleet tracking and reduces the cost and effort of managing various IoT device operations. At present, the emerging trend of automation is driving the demand for IoT device management in manufacturing activities to optimize production performance, efficiency, and flexibility and allow the digital transformation of operational processes across the globe.
IoT Device Management Market Trends:
There is an increase in the adoption of IoT device management in small and medium-scale enterprises (SMEs) to enhance their productivity and create new business models and revenue streams. Along with this, the rising penetration of high-speed internet connectivity on account of rapid digitization and a considerable reliance on connected devices and smartphones represents one of the major factors strengthening the market growth around the world. Moreover, the rising number of e-commerce websites and growing preferences for online shopping are influencing the market positively. In addition, IoT device management finds applications in the transportation sector to transmit data about road conditions, traffic, vehicle diagnostics, driving behavior, fuel usage, and alerts for speeding. It also improves safety, enhances operational performance and customer experience, optimizes maintenance by reducing recurring complexities, and offers remote diagnosis and real-time monitoring. Apart from this, IoT device management is employed in the healthcare sector to record and maintain patient data. The increasing demand for remote patient monitoring (RPM) on account of the rising prevalence of medical disorders among the masses, is contributing to the growth of the market. Furthermore, initiatives undertaken by governments of numerous countries for developing smart cities to reduce energy consumption, improve building performance, and enhance urban space management are creating a positive outlook for the market. Besides this, the launch of fifth-generation (5G) technology and Multi-access Edge Computing (MEC) in IoT device management to enhance device connectivity is facilitating the market growth. Additionally, the increasing adoption of IoT device management in the retail sector to minimize labor costs, avoid data breaches, monitor product status and customer traffic, and in-store Wi-Fi to detect return customers and encourage digital interaction is bolstering the growth of the market.
- On the basis of the component, the market has been bifurcated into solution and service. Solutions hold the largest market share.
- Based on the solution, the market has been categorized into real-time streaming analytics, security solutions, data management, and remote monitoring network bandwidth. Amongst these, real-time streaming analytics dominates the market.
- Based on the service, the market has been categorized into professional and managed. Professional services account for the majority of the total market share.
- Based on the deployment mode, the market has been categorized into public, private, and hybrid.
- On the basis of the organization size, the market has been segregated into small and medium-sized and large scale enterprises. Large scale enterprises presently accounts for the majority of the total market share.
- Based on the end user, the market has been classified into retail, healthcare, transportation and logistics, manufacturing, and others. Manufacturing industry accounts for the majority of the total market share.
- Region-wise, the market has been divided into North America (United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Amongst these, North America dominates the market.
- The competitive landscape of the market has also been analyzed, with some of the key players being Advantech Co. Ltd., Aeris Communication Inc, Amazon Web Services Inc. (Amazon.com Inc.), Amplía Soluciones S.L., AVSystem, Bosch.IO GmbH (Robert Bosch GmbH), Huawei Technologies Co. Ltd., International Business Machines Corporation, PTC Inc., Silicon Laboratories Inc., Smith Micro Software Inc., Software AG, Telit Communications, and Vodafone Group Plc.
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