IoT Device Management Market - Global Industry Analysis

IoT Device Management Market By Component (Solution and Service), By Solution (Real-Time streaming analytics, Security solution, Data management, Remote monitoring and Network bandwidth management), By Service (Professional services and Managed services), By Organization (Size, Large Enterprises and Small and Medium-Sized Enterprises (SMEs)), By Deployment (Public cloud, Private cloud and Hybrid cloud), By Application area (Smart retail, Connected health, Connected logistics, Smart utilities, Smart manufacturing and Others) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028

Published Date: 28-Apr-2022 Category: Technology & Media Report Format : PDF Pages: 170 Report Code: ZMR-2631 Status : Published

The global IoT Device Management market was worth around USD 1,295.10 million in 2021 and is estimated to grow to about USD 5830.72 million by 2028, with a CAGR of approximately 28.50 percent over the forecast period. This Reports Gives Key Players Analysis, Latest Technology, Shares, and Growth

Description

Industry Prospective:

The global IoT Device Management market was worth around USD 1,295.10 million in 2021 and is estimated to grow to about USD 5830.72 million by 2028, with a compound annual growth rate (CAGR) of approximately 28.50 percent over the forecast period. The report analyzes the IoT Device Management market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT Device Management market.

IoT Device Management Market: Overview

IoT Device Management makes it simple to remotely register, monitor, organize, and manage large-scale IoT devices. IoT Device Management aids in the management of permissions in order to enhance device security. IoT device management is agnostic of design type and operating system, allowing fleets to scale and scale, cut costs and management efforts, vast and diversified IoT device deployments, all with the same service. The market for IoT device management has grown significantly as the Internet-of-Things (IoT) has become more widely adopted for various functions. Because of the rapid advancement of technology and the necessity for efficient management of connected devices, solutions such as real-time analysis, security, and data management have been developed.

Over the next few years, the market is likely to be driven by rising demand for IoT services, as well as increased penetration of communication and networking technologies. Increased investments in R&D activities for the development of technologically advanced IoT systems have been seen in the sector. The popularity of IoT device management products has risen as a result of this. Device provisioning, monitoring, administration, and diagnostics are all major application sectors in the industry. Because of the growing need for advanced infrastructure management solutions that eliminate manual complications in companies, the IoT Device Management Market is predicted to develop at a healthy rate.

COVID-19 Impact:

Due to its easy-to-use features, the COVID-19 pandemic has expanded the adoption of connected devices across numerous end-user industries. Connected gadgets aid in the enhancement of client experiences and services. Furthermore, the growing use of IoT technology is expected to drive up need for IoT device management. The global COVID-19 limits caused social alienation and boosted demand for IoT technology across a variety of industries, including manufacturing, utilities, retail, and others. As a result, market participants now have additional opportunity to offer innovative IoT device management solutions. Various commercial groups have heavily invested in IoT technology as a long-term recovery plan during the epidemic.

Global IoT Device Management Market

IoT Device Management Market: Growth Drivers

Drivers:

  • Intelligent Connected Devices (ICD) Proliferation.
  • The emergence of intelligent sensors and the adoption of Lwm2m have created a critical need for a converged device management platform.
  • Platforms that are device and vendor agnostic are becoming more popular.

Restraint:  

  • Interoperability is hindered by the lack of uniform IoT standards.

Opportunities:

  • Demand for cloud-based device management platforms is increasing.
  • Increasing Enterprise Adoption of Bring Your Own Device (BYOD) and Bring Your Own Device (CYOD).

Challenges:

  • Lack of compatibility and connectivity, as well as real-time complexity and a dynamic environment.
  • Concerns about data security and privacy.
  • Features and Functions of IoT Device Management.
  • Benchmarking on a Strategic Level.

Global IoT Device Management Market: Segmentation

The global IoT Device Management market is segregated based on Component, solution, service, organization size, deployment and application area.

Based on Component, the market is segmented into solution and service. As security concerns among clients who are installing IoT solutions develop, the security solution is the fastest growing in the IoT device management market. Because of the non-standardization and non-compatibility of devices, data security becomes more complicated when more devices are connected to each other in an IoT system. Furthermore, because there are so many different protocols, applications, and devices, it is easier for hackers/attackers to carry out nefarious operations.

By deployment, the market is segmented into Public cloud, Private cloud and Hybrid cloud. The hybrid cloud deployment model is expected to grow at the highest CAGR during the forecast periodIt helps in lowering overall costs while offering clients with extremely flexible and expandable access. Vendors offer a hybrid cloud-based deployment methodology to help clients save money on infrastructure. Security is still a major concern that prevents widespread implementation; however, this concern is rapidly being addressed by third-party security testing to the highest standards.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Recent Developments

  • In February 2020, Smith Micro Software, Inc. has announced the acquisition of Circle Media Labs Inc.'s operator business. Smith Micro's SafePath Connected Life Platform is expected to benefit from this recently acquired technology, which will provide a holistic connected life experience for Family Location and Parental Controls, IoT, and Home in one place.

Regional Landscape

The IoT device management market is predicted to be dominated by North America, which is expected to have the biggest market share. This region has a significant economic advantage because to its stable and well-established economy, allowing it to invest heavily in R&D and so contribute to the development of new IoT security and analytics technology. In addition, the government's support and significant expenditures by a number of well-known businesses are propelling the market in the North American region forward.

Due to the rapid adoption of smart cities and increased government investment in IoT programmes, the IoT device management market in APAC has grown at the fastest rate.

Competitive Landscape

Some of the main competitors dominating the global IoT Device Management market include- Advantech Co. Ltd., Aeris Communications LLC, Amazon Web Services Inc., Amplia Soluciones S.L, AVSystem, Bosch.io GmbH, Cumulocity GmbH, Huawei Technologies Co. Ltd., GE Digital, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Particle Industries Inc. PTC Inc.,Silicon Laboratories Inc., Smith Micro Software Inc., SiteWhere LLC, Telite Communications PLC, Vodafone Group PLC, VMware Inc. and Wind River Systems Inc.

Global IoT Device Management market is segmented as follows:

By Component

  • Solution
  • Service

By Solution

  • Real-Time streaming analytics
  • Security solution
  • Data management
  • Remote monitoring
  • Network bandwidth management

By Service

  • Professional services
  • Managed services

By Organization Size

  • Large Enterprises
  • Small and Medium-Sized Enterprises (SMEs)

By Deployment

  • Public cloud
  • Private cloud
  • Hybrid cloud

By Application Area

  • Smart retail
  • Connected health
  • Connected logistics
  • Smart utilities
  • Smart manufacturing
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global IoT Devices market. Zion Market Research has collected and analyzed key data belong to the global IoT Devices market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of IoT Devices across the world has been calculated through primary and secondary research.

Zion Market Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Market Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the IoT Devices industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases, and market reports

News articles, press releases, and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the IoT Devices market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split into segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage, and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

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FrequentlyAsked Questions

The market is likely to be driven by rising demand for IoT services, as well as increased penetration of communication and networking technologies. Increased investments in R&D activities for the development of technologically advanced IoT systems have been seen in the sector.

According to the Market Research report, the global IoT Device Management market was worth around USD 1,295.10 million in 2021 and is estimated to grow to about USD 5830.72 million by 2028, with a compound annual growth rate (CAGR) of approximately 28.50 percent over the forecast period.

The IoT device management market is predicted to be dominated by North America, which is expected to have the biggest market share. This region has a significant economic advantage because to its stable and well-established economy, allowing it to invest heavily in R&D and so contribute to the development of new IoT security and analytics technology.

Some of the main competitors dominating the global IoT Device Management market include- Advantech Co. Ltd., Aeris Communications LLC, Amazon Web Services Inc., Amplia Soluciones S.L, AVSystem, Bosch.io GmbH, Cumulocity GmbH, Huawei Technologies Co. Ltd., GE Digital, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Particle Industries Inc. PTC Inc.,Silicon Laboratories Inc., Smith Micro Software Inc., SiteWhere LLC, Telite Communications PLC, Vodafone Group PLC, VMware Inc. and Wind River Systems Inc.

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