IoT Device Management Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Device Management IoT 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 & 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.

IoT Device Management Market Size

IoT Device Management Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 7.21 Billion
Market Size (2029) USD 19.40 Billion
CAGR (2024 - 2029) 21.92 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

IoT Device Management Market Major Players

*Disclaimer: Major Players sorted in no particular order


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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 Market Trends

Retail to Have a Major Share in the IoT Device Management Market

Retailers may enhance the customer experience and increase conversions with the help of smart devices and IoT, significantly impacting day-to-day operations. A few benefits of using IoT in the retail sector include energy management, in-store navigation, theft prevention, and consumer engagement.

IoT and smart devices in retail enable businesses to gather customer feedback and improve the customer experience. Energy management, in-store navigation, theft prevention, and consumer engagement are benefits of IoT devices that help the retail sector.

Store managers can interface with refrigerator controllers and obtain priority information using sensors with these sophisticated power management devices. IoT device management market developments are boosting the industry.

With embedded sensors, many IoT-based platforms may record, monitor, and beep alarms or notify the in-store staff about temperature, gas leakage, electricity breakdowns, energy usage, heating, etc. Store owners may interface with refrigerator controllers using these intelligent energy management tools, and they can also retrieve priority information with the aid of sensors.

The increased attacks and their nature of becoming malevolent have pushed for the market end-users to adopt these solutions to mitigate these risks. This has created an increasing demand owing to the evolving nature of attacks.

IoT Device Management Market - Wide-Area and Short-Range IoT Device Installed Base Worldwide 2014-2027, In USD Millions

North America to Hold a Dominant Position in the Market

One of the key regions in North America for IoT implementation. The growing use of cutting-edge technologies, an increase in cyberattacks, and an increase in the number of connected devices in the area are the main factors propelling the growth of the IoT Device Management market in the region. The rise of digitalization and spending on IoT security are other variables that are having an impact on the market in the area.

Also, the region's expanding IoT use in the manufacturing sector encourages the uptake of IoT security solutions, which favorably impacts the market's expansion.

Consumers and utility companies have been encouraged to take action to make their services smart and suitable for the new generation of home builders and owners to remain competitive in such a changing market by the popularity of IoT devices, combined with tax incentives and discounts on home insurance.

Also, the emerging 5G standards with New Radio (NR) target capabilities such as vehicle-to-everything and ultra-reliable low-latency communications as industrial use cases. And, with industrial communication buses standardized by IEC, such as PROFINET and Modbus, the market is headed towards reliable and securer industrial adoption.

IoT Device Management Market - Growth Rate by Region

IoT Device Management Industry Overview

The IoT Device Management Market is competitive. The widespread use of IoT across industry verticals has resulted in a boom in the number of opportunities that the industry offers. Though dominated by a few significant players in the market as of now, the market is expected to witness the entry of several players as the depth of IoT applications across industries increases. Most businesses use various marketing tactics to increase their market share. To ensure an ideal place in the global IoT Device management services, the vendors on the market are competing on price, quality, brand, and product and service differentiation.

In January 2023, Tech Mahindra and Microsoft announced a strategic collaboration to enable global cloud-powered 5G core network modernization for telecom operators. The 5G core network transformation will help telecom operators to develop 5G core use cases and meet their customers' growing technological (Augmented Reality (AR), Virtual Reality (VR), IoT (Internet of Things), and edge computing) requirements. It will enable them to modernize, optimize, and secure business operations and develop green networks with reduced costs and a faster time to market.

In June 2022, Advantech Co., Ltd., and Actility announced the collaboration for the Launch an Edge Solution-Ready Package to Deploy Enterprise IoT LoRaWAN Networks, on customer premises, by combining advanced and ruggedized Advantech IPC with embedded Actility software, bringing a highly reliable and secure career-grade service with extended compatibility with gateways, cloud platforms, and devices, this integrated solution aims at meeting the needs of the fast-growing industrial automation market, by allowing businesses to deploy their IoT use cases in a simplified, quicker et more efficient way, thus accelerating the realization of Industry 4.0

IoT Device Management Market Leaders

  1. Microsoft Corporation

  2. Smith Micro Software, Inc.

  3. Advantech Co., Ltd.

  4. Bosch Software Innovations GmbH

  5. IBM Corporation

*Disclaimer: Major Players sorted in no particular order

IoT Device Management Market Concentration
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IoT Device Management Market News

  • May 2023: Laird Connectivity, a global leader in wireless technology, brings device management capabilities to its portfolio of IoT devices with Canvas Device Manager. Canvas Device Manager simplifies configuring and managing IoT products in the field throughout the full product lifecycle.
  • February 2023: KORE, a global leader in Internet of Things (IoT) Solutions and worldwide IoT Connectivity-as-a-Service ("IoT CaaS"), launched and demonstrated its new technology software MODGo, which provides a unified, digital approach to IoT asset management at Mobile World Congress Barcelona. This cutting-edge solution provides a streamlined approach to managed services designed to help organizations overcome the challenges of IoT implementation and management.

IoT Device Management Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Assessment of Impact of COVID-19 on the Industry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 Market Drivers

      1. 5.1.1 Growing Adoption of Smart Connected Devices

      2. 5.1.2 Accelerating Need for Converged Device Management

    2. 5.2 Market Restraints

      1. 5.2.1 Unavailability of Uniform IoT Standards for Interoperability


    1. 6.1 By Component

      1. 6.1.1 Solutions

        1. Security Solution

        2. Data Management

        3. Remote Monitoring

        4. Other Solutions (Real-Time Streaming Analytics, Network Bandwidth Management)

      2. 6.1.2 Services

        1. Professional Services

        2. Managed Services

    2. 6.2 By Organization Size

      1. 6.2.1 Small and Medium-Sized Enterprises

      2. 6.2.2 Large Enterprises

    3. 6.3 By End-user Vertical

      1. 6.3.1 Retail

      2. 6.3.2 Healthcare

      3. 6.3.3 Transportation & Logistics

      4. 6.3.4 Manufacturing

      5. 6.3.5 Other End-user Vertical

    4. 6.4 By Geography

      1. 6.4.1 North America

      2. 6.4.2 Europe

      3. 6.4.3 Asia Pacific

      4. 6.4.4 Latin America

      5. 6.4.5 Middle East and Africa


    1. 7.1 Company Profiles*

      1. 7.1.1 Microsoft Corporation

      2. 7.1.2 International Business Management (IBM) Corporation

      3. 7.1.3 Smith Micro Software, Inc.

      4. 7.1.4 Advantech Co., Ltd.

      5. 7.1.5 Bosch Software Innovations GmbH

      6. 7.1.6 Amplia Soluciones S.L.

      7. 7.1.7 Aeris Communication, Inc.

      8. 7.1.8 PTC Incorporation

      9. 7.1.9 Oracle Corporation

      10. 7.1.10 Smith Micro Software, Inc.

      11. 7.1.11 Telit Communications PLC

      12. 7.1.12 Cumulocity GmbH

      13. 7.1.13 Enhanced Telecommunications Inc.

      14. 7.1.14 Zentri Inc.



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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.

By Component
Security Solution
Data Management
Remote Monitoring
Other Solutions (Real-Time Streaming Analytics, Network Bandwidth Management)
Professional Services
Managed Services
By Organization Size
Small and Medium-Sized Enterprises
Large Enterprises
By End-user Vertical
Transportation & Logistics
Other End-user Vertical
By Geography
North America
Asia Pacific
Latin America
Middle East and Africa
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IoT Device Management Market Research FAQs

The IoT Device Management Market size is expected to reach USD 7.21 billion in 2024 and grow at a CAGR of 21.92% to reach USD 19.40 billion by 2029.

In 2024, the IoT Device Management Market size is expected to reach USD 7.21 billion.

Microsoft Corporation, Smith Micro Software, Inc., Advantech Co., Ltd., Bosch Software Innovations GmbH and IBM Corporation are the major companies operating in the IoT Device Management Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in IoT Device Management Market.

In 2023, the IoT Device Management Market size was estimated at USD 5.91 billion. The report covers the IoT Device Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the IoT Device Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

IoT Device Management Industry Report

Statistics for the 2024 IoT Device Management market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. IoT Device Management analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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IoT Device Management Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)