IoT Device Management Market size was valued at USD 2.41 billion in 2023 and is projected to exceed USD 115.82 billion by the end of 2036, expanding at over 34.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of IoT device management is evaluated at USD 3.08 billion.
The adoption of smart cities and increasing investments of government towards IoT initiatives attributes to the growth of the market. The rising trend of adopting digital twin also accelerates the market growth. Digital twin converts the physical assets of industry into virtual depiction, thus giving organizations a better view of information and situation. The shift from traditional sensors to smart sensors fuels the market growth as the adoption of smart sensors enables the platform to offer more accurate, reliable, and intelligent solutions for the users. Moreover, an increase in the adoption of Industrial IoT, in turn, is expected to increase the growth of the market size. Industrial IoT is being adopted due to its advantages, such as a decrease in industrial operational costs. It also helps in increasing efficiency process automation, and eliminating manual challenges. Increasing industrialization also fuels the market growth. As per the reports of the Ministry of Corporate Affairs (MCA), around 10,954 companies were registered in June 2020. Out of which 3,399 companies belonged to the business service segment, followed by 2,360 in manufacturing, 1,499 in trading, 1,411 in community, personal & social services, and 644 in construction.
During Covid-19, the market has seen a significant rise in the adoption of IoT based devices as cloud and AI technologies are being majorly deployed in various industry verticals.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
34.7% |
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Base Year Market Size (2023) |
USD 2.41 billion |
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Forecast Year Market Size (2036) |
USD 115.82 billion |
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Regional Scope |
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On the basis of platform, the IoT device management market is segmented into device management, cloud platform, and network management. Out of all, cloud platform holds the largest share in the market because it offers long-run cost-effective services, better security, higher collaboration, and also disaster recovery solutions.
On the basis of solution type, the market is segmented into real-time streaming analytics, data management, and remote monitoring, out of which real-time streaming holds the highest share in the market. Majority of business is focusing on the real-time streaming by processing and correlating data from multiple sources. For instance, in the healthcare department, real-time analysis offers capabilities to monitor patients remotely. Also, the quality of care can also rise by providing patients real-time data and rapid responses to the queries.
On the basis of end users, the market is segmented into BFSI, retail, government, healthcare, manufacturing, agriculture, and sustainable energy. BFSI holds the highest share in the market as it shows the fastest digitalization and mobilization. Healthcare and manufacturing sectors are also expanding their business in the market with technological advancement.
Our in-depth analysis of the global market includes the following segments:
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By Platform |
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By Solution |
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By End-User |
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Geographically, the IoT device management market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific industry is estimated to hold largest revenue share by 2036, owing to increasing industrialization, increasing investment of government and non-government organizations towards IoT initiatives.
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing invest in Research and Development (R&D) activities, thereby contributing to the development of new technologies in IoT security and analytics. Further, the government’s support and heavy investments by various well-established organizations are driving the growth of the market in the North American region. Europe holds second place in the market as the European countries are highly focusing and investing in the maximum utilization of technology to boost the advancement across the industries.
Author Credits: Abhishek Verma
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