Global IoT Device Management Market Size, Share & Trends Analysis Report By Organization Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Component, By Deployment Mode, By Vertical, By Regional Outlook and Forecast, 2024 - 2031

Global IoT Device Management Market Size, Share & Trends Analysis Report By Organization Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Component, By Deployment Mode, By Vertical, By Regional Outlook and Forecast, 2024 - 2031

The Global IoT Device Management Market size is expected to reach $25.38 billion by 2031, rising at a market growth of 30.8% CAGR during the forecast period.

The manufacturing segment is driven by adopting Industry 4.0 technologies, which integrate IoT with automation, robotics, and data analytics to optimize production processes. IoT solutions enable real-time monitoring of equipment, predictive maintenance, and improved quality control, significantly reducing operational costs and downtime. Hence, the manufacturing segment procured nearly 2/5th revenue share in the market in 2023. The growing need for enhanced supply chain visibility and smart factory implementations further accelerates the demand for IoT device management in manufacturing, making it a leading vertical in the market.

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2024, Silicon Laboratories, Inc. collaborated with Kudelski IoT, a division of the Kudelski Group, to accelerate the time to market for Matter-certified IoT devices by integrating Kudelski IoT's Matter Device Attestation Certificates (DAC) into Silicon Labs' Custom Part Manufacturing Service (CPMS). Additionally, In August, 2024, Oracle Corporation teamed up with AT&T, a leading telecommunications company, to integrate AT&T’s IoT connectivity and network APIs into Oracle's Enterprise Communications Platform. This collaboration allows users to manage IoT devices on AT&T’s network through a unified interface, leveraging Oracle’s industry cloud solutions.

Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation is the forerunner in the IoT Device Management Market. In April, 2024, Microsoft Corporation announced a partnership with The Coca-Cola Company, a multinational corporation to enhance Coca-Cola’s technology strategy globally. They will explore innovative technologies such as Azure OpenAI Service and Copilot for Microsoft 365 to boost productivity and develop cutting-edge generative AI use cases across business functions. Companies such as Amazon Web Services, Inc., Oracle Corporation and IBM Corporation are some of the key innovators in IoT Device Management Market.

Market Growth Factors

Transportation has benefited significantly from IoT technology, with applications like fleet management, smart traffic systems, and autonomous vehicles. Tesla’s autonomous vehicles, for example, depend on a network of IoT sensors and cameras for real-time data collection and processing. Effective IoT device management is critical to monitoring, updating, and securing devices in these scenarios. Hence, robust management solutions are essential to maintaining these complex ecosystems' reliability, scalability, and security as IoT adoption expands.

Cities like Dubai showcase the role of IoT device management in energy conservation. Dubai's smart grid and building automation systems rely on smart meters and sensors to monitor electricity usage and integrate with other urban systems. IoT device management ensures these devices operate seamlessly, contributing to the success of the city's sustainability goals. Thus, as smart city initiatives expand globally, effective IoT device management will remain essential to address urban challenges and drive innovation in modern cities.

Market Restraining Factors

The absence of unified security standards across the IoT ecosystem compounds these issues. With devices from various manufacturers operating on different platforms, ensuring comprehensive protection across the board becomes a complex challenge. This fragmented environment allows vulnerabilities to persist, making it difficult for organizations to implement cohesive security measures. Hence, these factors may hamper the market's growth.

Organization Size Outlook

Based on organization size, the market is bifurcated into large enterprises and small & medium enterprises (SMEs). The small & medium enterprises (SMEs) segment procured 28% revenue share in the market in 2023. The growing availability of cost-effective and scalable IoT solutions has made adoption more accessible. SMEs increasingly recognize the potential of IoT to improve operational efficiencies, reduce costs, and gain competitive advantages. Cloud-based IoT management platforms, in particular, have been instrumental in enabling SMEs to implement IoT solutions without requiring significant upfront investments in infrastructure. As a result, the SMEs segment is emerging as a vital contributor to market growth, driven by their gradual but steady adoption of IoT technologies.

Component Outlook

On the basis of component, the market is classified into solution and services. The solution segment acquired 63% revenue share in the market in 2023. IoT solutions encompass the software platforms and tools required to manage connected devices, ensure seamless communication, and optimize operations. These solutions provide critical functionalities such as device provisioning, monitoring, configuration, and updates, making them indispensable for businesses adopting IoT. The high demand for robust, scalable, and secure IoT management platforms contributed significantly to the dominance of the solution segment.

Deployment Mode Outlook

By deployment mode, the market is divided into public cloud, private cloud, and hybrid cloud. The private cloud segment garnered 26% revenue share in the market in 2023. Private cloud deployments are particularly favored by large enterprises and sectors such as healthcare, finance, and government, where stringent regulations and data privacy concerns are critical. These deployments offer the same scalability and efficiency benefits as the public cloud while providing enhanced control over data and infrastructure. The ability to customize solutions and maintain greater oversight of sensitive information makes the private cloud attractive for businesses with specialized requirements.

Service Type Outlook

Based on services type, the market is segmented into professional services and managed services. The professional services segment procured 61% revenue share in the market in 2023. Professional services encompass consulting, system integration, deployment, and training services, which are critical during the initial stages of IoT implementation. These services provide businesses with the expertise to design, deploy, and optimize IoT solutions tailored to their specific requirements. Enterprises rely on professional services to ensure seamless integration of IoT devices with existing infrastructure, address compatibility issues, and establish robust security measures. The growing complexity of IoT ecosystems and the increasing demand for customized solutions have significantly driven the market's growth.

Solution Type Outlook

On the basis of solution type, the market is classified into device management, real-time streaming analytics, remote monitoring, security solutions, and network bandwidth management. The real-time streaming analytics segment witnessed 33% revenue share in the market in 2023. Real-time streaming analytics solutions are driven by the increasing demand for immediate insights from the vast data generated by IoT devices. Retail, logistics, and utilities rely on these solutions to optimize operations, predict maintenance needs, and enhance customer experiences. The growing focus on predictive analytics and anomaly detection further fuels adoption. As IoT networks become more complex, the ability to process data in real-time has become a critical enabler for business agility and decision-making.

Vertical Outlook

By vertical, the market is divided into manufacturing, transportation & logistics, retail, healthcare, utilities, and others. The utilities segment recorded 10% revenue share in the market in 2023. The rising deployment of smart grids, smart meters, and renewable energy systems propels this segment. IoT solutions help utility providers monitor energy consumption, optimize resource distribution, and detect faults in real-time, enhancing operational efficiency and sustainability. Increasing global emphasis on energy conservation and the transition to clean energy sources further drive the adoption of IoT device management in this sector.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed 37% revenue share in the market in 2023. The region’s advanced technological infrastructure and early adoption of IoT solutions drive the market's growth. The presence of major IoT solution providers and tech giants, along with significant investments in research and development, has fostered rapid innovation in this market. Industries such as manufacturing, healthcare, and smart cities in North America extensively leverage IoT for automation, operational efficiency, and real-time monitoring.

Recent Strategies Deployed in the Market

• Dec-2024: Advantech launched the UNO-247 V2, an industrial IoT gateway powered by the Intel® N97 processor. This device enables remote control, decision-making, and connectivity at the edge of industrial networks, enhancing system reliability, bandwidth optimization, and industrial protocol integration. Its advanced capabilities, including predictive maintenance and enhanced cybersecurity, support digital transformation in smart manufacturing and automation.
• Oct-2024: IBM Corporation acquired Prescinto, an asset performance management (APM) software provider based in Bangalore, India, to enhance its Maximo Application Suite (MAS). This acquisition aims to streamline renewable energy operations by leveraging AI for advanced monitoring, analytics, and automation, focusing on wind, solar, and energy storage assets. IBM’s MAS, already a leader in asset lifecycle management, will benefit from Prescinto's capabilities to track, optimize, and manage energy assets, supporting sustainability goals.
• Oct-2024: Silicon Laboratories, Inc. launched the SiWx917Y ultra-low power Wi-Fi 6 and Bluetooth LE 5.4 modules to streamline the development and certification process for IoT devices. These modules, pre-certified for global standards, offer robust wireless connectivity, advanced security, and intelligent power management, making them ideal for applications like smart homes and industrial sensors. The SiWx917Y modules reduce design challenges and time-to-revenue for manufacturers while supporting the Matter protocol for seamless IoT integration.
• Oct-2024: Silicon Laboratories, Inc. collaborated with Kudelski IoT, a division of the Kudelski Group, to accelerate the time to market for Matter-certified IoT devices by integrating Kudelski IoT's Matter Device Attestation Certificates (DAC) into Silicon Labs' Custom Part Manufacturing Service (CPMS). This collaboration simplifies secure key management, reduces manufacturing complexity, and enhances protection, enabling manufacturers to efficiently bring secure, Matter-certified devices to market.
• Aug-2024: Oracle Corporation teamed up with AT&T, a leading telecommunications company, to integrate AT&T’s IoT connectivity and network APIs into Oracle's Enterprise Communications Platform. This collaboration allows users to manage IoT devices on AT&T’s network through a unified interface, leveraging Oracle’s industry cloud solutions. The integration aims to streamline IoT provisioning in sectors like utilities and telehealth, offering enhanced performance, reliability, and simplified contract management for large enterprises and global organizations.

List of Key Companies Profiled

• Adobe, Inc.
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• Open Text Corporation
• Xerox Corporation
• Hyland Software, Inc.
• Upland Software, Inc.
• Laserfiche
• Fabasoft AG

Global IoT Device Management Market Report Segmentation

By Organization Size

• Large Enterprises
• Small and Medium Enterprises (SMEs)

By Component

• Solution
• Real-Time Streaming Analytics
• Security Solutions
• Remote Monitoring
• Device Management
• Network Bandwidth Management
• Services
• Professional Services
• Managed Services

By Deployment Mode

• Public Cloud
• Private Cloud
• Hybrid Cloud

By Vertical

• Manufacturing
• Transportation & Logistics
• Retail
• Healthcare
• Utilities
• Other Vertical

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA