IoT Device Management Market - Forecast(2024 - 2030)

IoT Device Management Market Report Overview

IoT Device Management Market size is analysed to grow at a CAGR of 29.2% during the forecast 2022-2027 to reach $11.22 billion by 2027. IoT Device Management automates the secure registration, monitoring, organisation, and remote management of IoT devices at scale. IoT Device Management registers connected devices individually or in bulk, and allows to easily manage permissions to keep devices secure. IoT Device Management is OS agnostic, allowing devices ranging from limited microcontrollers to connected cars to be managed with the same service, allowing fleets to scale and lowering the cost and effort of managing large and diverse IoT device deployments. The introduction of applications in the industrial sector by digitizing the supply chain and manufacturing processes is a significant development in the market for IoT device management. The rise of industrial IoT is being driven by a reduction in the operating costs of industrial operations. It also aids in process automation, increasing efficiency and removing manual obstacles. PLC, RTU etc are being used in Industrial IoT. A PLC, or Programmable Logic Controller, is a ruggedized computer that is used for industrial automation. These controllers have the ability to automate a specific process, machine function, or even an entire production line. A Remote Terminal Unit (RTU) is a device, such as a Programmable Logic Controller (PLC), that connects one or more devices (monitors or actuators) to a control unit. It is usually placed near the process being managed or monitored. Local area network is mostly used in IoT device Management. Hyper text Transfer Protocol (HTTP), it is a protocol used for transmitting data over the internet. It is capable of handling a significant amount of information compared to MQTT and it is not suited for areas with low bandwidth. It has become common for clients for sending and receiving data. Industry 4.0 is transforming industries by transitioning them from legacy systems to smart components and smart machines, allowing for digital factories and the development of an ecosystem of connected enterprises and plants. OEMs are implementing IoT devices across their operations as a result of Industry 4.0. 

Report Coverage

The report: “IoT Device Management Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the IoT Device Management industry.

By Component: Solution (Real-Time Streaming Analytics, Security Solution, Data Management, Remote Monitoring, Network Bandwidth Management), Service (Professional Services, Managed Services).
By Organization Size: Small and Medium-Sized Enterprises, Large Enterprises.
By Deployment: Public Cloud, Private Cloud, Hybrid Cloud.
By End-User: Retail, Healthcare, Transportation & Logistics, Utilities, Manufacturing, Others.
By Geography: North America, South America, Europe, APAC, and RoW.

Key Takeaways

• In the year 2021, the solution segment is expected to have the largest market share 51.6%. Due to the obvious advancements in advanced data analytics and data processing, this market is expanding. The growing need to secure data, connected devices, and connected assets will propel the overall market for solutions to new heights.
• North America is expected to have the largest market share of 35% in 2021. The market is growing in this region as a result of widespread awareness of these solutions and rapid digitalization across industry verticals.
• Growing demand for technologically advanced IoT, as well as increased growth in the educational sector, are driving growth in the internet of things market and, eventually, the IoT device management market.
• The evolution of IoT device management has seen tremendous growth in recent years, owing to the increasing adoption of smartphones and mobile devices, as well as the increasing penetration of the internet. The growth of IoT and connected devices is being driven primarily by emerging applications and business models, which are being aided by falling device costs and standardisation.
  
  

IoT Device Management Market, By Region, 2021

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IoT Device Management Market Segment Analysis – By Components

By Components, IoT Device Management Market has been segmented into Solution (Real-Time Streaming Analytics, Security Solution, Data Management, Remote Monitoring, Network Bandwidth Management), Service (Professional Services, Managed Services). In the year 2021, the solution segment in the IoT Device Market segmented by Component is expected to have the largest market share of 51.6%. This market is expanding as a result of the advancement of advanced data analytics and data processing. The growing need to secure data, connected devices, and connected assets will drive the overall market for solutions to grow. These solutions are designed to meet a wide range of customer requirements for security, authentication, and maintenance. The service segment is expected to grow at a faster pace during the forecast period because services enable organisations to easily deploy software on the cloud. The services segment is further subdivided into professional services and managed services.

IoT Device Management Market Segment Analysis – By End-User

By End-User, IoT Device Management Market has been segmented into Retail, Healthcare, Transportation & Logistics, Utilities, Manufacturing, Others. The Retail segment is expected to grow significantly during the forecast period. Smart devices and IoT in retail help retailers improve the customer experience and drive more conversions, changing the day-to-day operations of the store. Some of the benefits of using IoT in the retail industry include energy management, in-store navigation, theft prevention, and customer engagement. IoT in retail and connected technologies are sweeping the industry. According to eInfochips (an Arrow company), 96% of retailers are prepared to make the necessary changes to implement the Internet of Things in their stores. Consumer and retail sectors are being targeted more frequently than other industries, according to Wipro's State of Cybersecurity Report 2019. According to the report, at least 73% of organisations are expected to lose revenue in the event of an attack due to the inability to provide services at critical times. Because of the evolving nature of attacks, increased attacks and their malevolent nature have pushed market end-users to adopt these solutions to mitigate these risks, creating an increasing demand.

IoT Device Management Market Segment Analysis – By Geography

By geography, IoT Device Management Market has been segmented under North America, Europe, APAC, South America and RoW. North America is expected to have the largest market share of 35% in 2021. The market is growing in this region as a result of widespread awareness of these solutions and rapid digitalization across industry verticals. The high adoption of advanced technologies, increasing cyberattacks, and a growing number of connected devices in the region are significant factors driving the growth of the IoT Device Management market in the region. North America is a dominant region for IoT deployment. Other factors include the region's growing digitalization and IoT security spending. With more consumers in the United States embracing the smart home environment, the possibility of security and privacy threats from malicious hackers is also increasing. According to a 2019 study by the American Consumer Institute, more than 8 and 10 home and office routers in the United States were vulnerable to hacking. All of these factors are significantly contributing to the growth of the region's IoT managed devices market.

IoT Device Management Market Drivers

Growing demand for technologically advanced IoT, as well as increased growth in the educational sector, are driving growth in the internet of things market and, eventually, the IoT device management market:

The deployment of 5G networks and their support for extensive IoT, in conjunction with Multi-access Edge Computing (MEC), will increase the demand for IoT device management at the edge of cellular networks in particular. The Internet of Things device management market must grow to meet the ever-increasing scale and scope of consumer, industrial, enterprise, and government solutions and systems. Growing demand for technologically advanced IoT, as well as increased growth in the educational sector, IoT in the classroom means a more connected and collaborative future for education. IoT devices provide students with improved access to everything from learning materials to communication channels, and they enable teachers to track student learning progress in real time. This is driving growth in the internet of things market. The adoption of networking and communication technologies, as well as the need for connected assets, real-time analytics, and machine security, have led to the adoption of IoT device management.

The introduction of applications in the industrial sector by digitising the supply chain and manufacturing processes is a significant development in the market for IoT device management:

The introduction of applications in the industrial sector by digitising the supply chain and manufacturing processes has been a significant development in the market for IoT device management. The rise of industrial IoT is being fueled by a reduction in the operating costs of industrial operations. It also aids in process automation, increasing efficiency and removing manual challenges. The definition of Industrial IoT enables OEMs to integrate the benefits of IoT in industrial operations, increasing the need to manage complex IoT networks in the industry. The introduction of device management solutions at this stage is critical for the industry, increasing demand for the IoT device management market. The growing adoption of Industrial IoT is expected to fuel the growth of the IoT device management market. On March 5, 2020, Oracle acquired Zenedge, adding leading network security and cloud-based application capabilities to protect enterprises from sophisticated digital threats. The Zenedge Cybersecurity Suite is now Oracle Dyn Web Application Security, and the Dyn GBU has acquired the intelligent edge services portfolio.

IoT Device Management Market Challenges

Ongoing exposure to security issues and a lack of standardisation are some of the challenges for the market's growth:

For some time, IoT device security has been a source of concern, with the unavoidable result of allowing both small- and large-scale attacks. The majority of these attacks are the result of simple security flaws, such as the use of default passwords on telnet services. With the increasing adoption of IoT, a significant threat that IoT poses is data security and privacy, which increases the vulnerability to cyberattacks. Despite the rapid adoption of IoT device management in a variety of application areas, continuous exposure to security issues and a lack of standardisation is hindering the market growth. Concerns about the security of proprietary data and applications pose a significant barrier to the growth of the IoT Device Management market. Slow digitalization, a lack of common standards, and privacy concerns are all having a negative impact on the market.

IoT Device Management Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the IoT Device Management market. In 2021, the market of IoT Device Management Market share has been fragmented by several companies. IoT Device Management top 10 companies include

• Advantech
• Aeris
• Amplia Soluciones
• Cumulocity
• Enhanced Telecommunications
• International Business Machines
• Microsoft
• Oracle
• Ptc Incorporation
• Smith Micro Software

Acquisitions/Technology Launches/Partnerships

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