IoT Device Management Market Size (2024 - 2029)

IoT Device Management Market Analysis

The IoT Device Management Market size is estimated at USD 7.21 billion in 2024, and is expected to reach USD 19.40 billion by 2029, growing at a CAGR of 21.92% during the forecast period (2024-2029).

The IoT device management market encompasses connected device provisioning, administration, monitoring, and diagnostics necessary for trouble replication and corrective measures.

The market is primarily driven by certain factors, such as growing concerns over network security, the overall growth of IoT networks and systems, the growing need to monitor the health (on/off condition, power, connectivity, etc.) of IoT devices, and the deployment of 5G networks and its support for massive IoT, coupled with Multi-access Edge Computing (MEC). Besides, IoT device management systems also enable the collection and analysis of data, which is another factor anticipated to fuel market growth.

The global IoT demand trend is expected to shift towards industrial space from consumer demand over the coming years, with sheer volumes of demand driven by various Industry 4.0 applications. A significant share of the demand is expected by manufacturing industries, energy, business mobility, healthcare, and supply chain.

Owing to the expanding adoption of smartphones and mobile devices, coupled with the increasing penetration of the internet, the evolution of IoT device management has witnessed immense growth in recent years.

However, exposure of confidential information concerning privacy concerns, real-time complexity, dynamic environment, and lack of compatibility and connectivity, along with the absence of uniform IoT standards for interoperability, is a crucial challenge for the market. The global supply chain is undergoing a level of disruption.

Due to the recent outbreak of COVID-19, the global supply chain and demand for electronics were disrupted, owing to which the IoT device management market hardware adoption was expected to be severely influenced; due to the production shutdown in countries such as China, the electronics industry was observing a shortage of supply of electronics.

IoT Device Management Industry Segmentation

IoT Device Management makes it effortless to securely register, monitor, organize, and remotely manage IoT devices at scale. IoT Device Management registers connected devices individually or in bulk and easily manages permissions to keep devices secure. IoT Device Management is agnostic to devise type and OS so that devices can be managed from constrained microcontrollers to connected cars, all with the same service, enabling scale fleets and decreasing the cost and effort of managing large and various IoT device deployments.

The IoT device management market is segmented by component (solutions (security solutions, data management, remote monitoring), services (professional services, managed services), organization size (small and medium-sized enterprises (SMEs), large enterprises), end-user vertical (retail, healthcare, utilities, transportation and logistics, manufacturing), and geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.