IoT Device Management Market Size, Share, Growth Analysis, By Solution (Real-Time Streaming Analytics, Security Solution), By Service (Professional Services, Managed Services), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMES)), By Deployment Model (On-premises, Cloud-based), By Application (Smart Manufacturing, Connected Health), By Region - Industry Forecast 2024-2031

The Global IoT Device Management Market size was valued at USD 2.55 Billion in 2022 and is poised to grow from USD 3.44 Billion in 2023 to USD 37.73 Billion by 2031, at a CAGR of 34.90% during the forecast period (2024-2031).

The demand for IoT device management is expected to rise due to the increasing emphasis of businesses on controlling interconnected devices and enhancing operational efficiencies across various industry sectors. Leading market players are introducing new products and services to maintain competitiveness. Standardizing protocols in the IoT industry has been facilitated through initiatives like the formation of the Open Mobile Alliance (OMA), contributing to the industry's growth. OMA supports functions such as control, maintenance, software upgrades, monitoring, diagnostics, authentication, and provisioning of connected devices. The adoption of IoT technology in industrial processes is on the rise, prompting the need for effective management of connected devices. This has led to the development of security solutions, real-time data analytics, and data management solutions. For instance, Amazon Web Services (AWS) launched IoT Device Management, which enables the registration, organization, monitoring, and remote management of IoT devices on a large scale. The software integrates with AWS IoT Core and utilizes AWS IoT Device Defender to audit and monitor security aspects. AWS IoT Device Management software offers features like metadata monitoring, policy changes with service alerts, bulk updates, control of over-the-air updates, and continuous jobs for automatic updates. These solutions cater to the requirements of manufacturing, automotive, and other verticals, providing authentication, network security, API, and device administration capabilities. Security solutions are expected to witness significant growth in the projected period. Oracle Corporation, for example, introduced Cloud IoT Intelligent Applications in January 2022, offering users insights, efficiency, and visibility in areas like smart manufacturing, connected logistics, connected assets, connected customer experiences, and workplace safety.