IoT Device Management Market Size

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.