IoT Device Management Market Demand and Future Forecast 2023-2028

IMARC Group’s latest report, titled “IoT Device Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global IoT device management market is expected to exhibit a CAGR of 26.7% during 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. 

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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. 

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

• Advantech Co. Ltd
• Aeris Communication
• 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 
• Vodafone Group Plc 

Key Market Segmentation: 

Breakup by Component:

• Solution
• Services 

Breakup by Solution:

• Real-time Streaming Analytics
• Security Solutions
• Data Management
• Remote Monitoring
• Network Bandwidth 

Breakup by Service:

• Professional Services
• Managed Services 

Breakup by Deployment Mode:

• Public Cloud
• Private Cloud
• Hybrid Cloud 

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises 

Breakup by End User:

• Retail
• Healthcare
• Transportation and Logistics
• Manufacturing
• Others 

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other) 

 Key Highlights of the Report: 

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape