Market Size of IoT Device Management Industry
| 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
*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.
