IoT Device Management Market Trends

Growth Drivers

• Integration of AI and ML for predictive maintenance: A major driver of the IoT device management market is the convergence of AI and ML technologies, bolstering the use of predictive maintenance. This convergence has ensured that businesses shift from reactive maintenance models to predictive models. In terms of measurable outcomes, the U.S. Department of Energy released a report in 2023 that predictive maintenance can reduce downtime by over 40% and reduce the maintenance costs by over 20% in industrial IoT environments, creating lucrative opportunities for adoption. Additionally, the constant improvements in AI and ML have ensured that IoT vendors will find opportunities galore in the market by the end of 2037.
• Growth of the industrial IoT and smart manufacturing: The IIoT is driving a unique growth trajectory in the global IoT device management market through the smart manufacturing ecosystems. For instance, IIoT has emerged as a major part of IoT deployments, with the U.S. Department of Commerce estimating it to cross the 50% mark in IoT deployments by the end of 2027. In multiple sectors such as manufacturing, energy, logistics, etc., the demand for IoT management platforms is expanding, creating ample opportunities for the IoT vendors. For instance, in a surging number of smart factories, manufacturers have embraced the use of IoT systems to track and manage machine health.

Supply Chain Resilience in the Global IoT Device Management Market

The global conflicts that have arisen in the current decade have had a negative impact on the supply chains associated with the market, as well as on that of the broader information and communications domain. To curb the impact, leading players have leveraged blockchain and AI to foresee potential disruptions. The table below highlights the key metrics of supply chain strategies in the market:

Key Metrics of Supply Chain Resilience Strategies

Price History and Trends in the Global Market

In the past five years (2020 to 2024), the IoT device management prices have experienced fluctuations. The changes have differed across the major regions of the market. For instance, IoT device management solutions’ average price decreased in North America due to a steady shift towards greater AI integration and cloud-based solutions deployment. In Asia Pacific, prices increased due to the extensive 5G deployment. The table below maps the price changes in the regions during the analysis period from 2020 to 2024:

Challenges

• Device lifecycle management and scalability constraints: A major constraint in the IoT device management sector is the heightened complexity associated with device lifecycle management. For instance, companies may struggle to manage devices from deployment to retirement and decommissioning. Additionally, the growing number of connected devices may not align with the ability to scale efficiently. Moreover, to manage the various stages of a device’s lifecycle, multiple software updates are required, which in turn can be overwhelming. An example of this constraint was highlighted in the global IoT Survey by Cisco, that more than 40% of organizations had faced challenges in keeping track of vulnerability patches and software updates.