IoT Device Management Industry Overview
The global IoT device management market size was valued at USD 1.48 billion in 2021 and is expected to reach USD 19.77 billion by 2030, registering a CAGR of 34.2% over the forecast period.
Growing emphasis on increasing operational efficiencies and managing connected devices is anticipated to drive market growth. Major players in the IoT industry are undertaking various initiatives, such as the formation of the Open Mobile Alliance (OMA), for standardizing protocols. This has also helped boost the growth of the industry. The outbreak of the COVID-19 pandemic has impacted all walks of life, including businesses from all the end-use industries. Government agencies and public sector organizations, IT, telecommunication, and healthcare invested heavily in IoT technology to deal with the unusual COVID-19 pandemic situation and obtain the best possible results in saving a life, energy, and money. Thus, growth in IoT investment during the pandemic is a triggering factor contributing to the development of the market.
Gather more insights about the market drivers, restrains and growth of the Global IoT Device Management Market
The penetration of communication and networking technologies and the need for real-time analytics, connected assets, and the security of machines have led to the adoption of IoT device management. It assists in provisioning and authentication, configuration and control, software updates and maintenance, and monitoring and diagnostics of connected devices.
The increasing adoption of Internet-of-Things (IoT) for various operations has created significant demand in this market. The rapid change in technology and the need for efficient management of connected devices leads to the development of real-time analytics, security solutions, and data management solutions.
These solutions are designed to cater to the needs of manufacturing, automobile, and other industries. They enable efficient management of devices and connected assets, providing users with network security, authentication, and API security. Security solutions are predicted to be the fastest-growing solution over the forecast period.
IoT Device Management Market Segmentation
Based on the Component Insights, the market is segmented into Solution, and Services .
Based on the Solution Insights, the market is segmented into Real-time Streaming Analytics, Security Solutions, Data Management, Remote Monitoring and Network Bandwidth Management.
Based on the Service Insights, the market is segmented into Professional Services, and Managed Services.
Based on the Organization Size Insights, the market is segmented into Large Enterprises, and Small & Medium Enterprises (SMEs).
Based on the Vertical Insights, the market is segmented into Retail, Healthcare, Transportation & Logistics, Utilities, Manufacturing and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
Several market players are active in the market, including both established players with worldwide operations and regional and local market players catering to a limited number of clients. Some prominent players in the global IoT device management market include,
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