IoT Device Management Market by Growth, Segments Analysis and Technology Insights to 2028

08-07-2022

By Ronak Bora

Latin America IoT device management market is set to grow at approximately 35% CAGR through the assessment timeframe on account of rising implementation of cloud-based IoT device management solutions.

Middle East and Africa IoT device management market is primed to develop at a sizable CAGR of above 30% over the forecast period owing to surging strategic partnerships among major industry players in order to augment the quality of connected devices as well as customer experience.

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The global IoT device management market is estimated to proliferate at a significant rate through 2028 owing to increasing penetration of internet technologies and smartphones.

The Internet of Things (IoT) is accentuating both the benefits of technological dominance and the perils of cross-border interconnection. China is currently a major player in designing IoT devices, which is facilitated by the expanding technical presence of Chinese companies.

For instance, in December 2021, Amazon Web Services, Inc. (AWS), a subsidiary of tech leader Amazon providing on-demand cloud computing, announced the extension of its strategic partnership with social media giant Meta. AWS and Meta intended to collaborate to improve the performance of PyTorch on AWS and to speed up the development, training, deployment, and operation of artificial intelligence (AI)/machine learning (ML) models.

For extensive analysis, the IoT device management market has been classified in terms of component, deployment model, application, and region. Based on component, the industry has been classified into solutions and services. Under solution, the market has been divided into security management, data management, real time streaming analytics, remote monitoring management, and others.

Under services, the IoT device management market has been further classified into professional service and managed service. The managed service segment is speculated to observe notable growth at a promising CAGR of above 35% over the review timeline due to increasing need to improve customer experience.

With respect to application, the IoT device management sector has been bifurcated into smart manufacturing, connected logistics, smart health, smart retail, smart utilities, and others. The connected logistics segment is foreseen to expand at a significant CAGR of around 30% over the review timeline on account of increasing digitalization across the logistics as well as the transportation industries.

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The security management segment gained a IoT device management market share of approximately 20% in 2021 and is projected to witness significant growth by 2028 driven by increase in cyberattack cases or instances. Meanwhile, in 2021, the data management segment garnered around 10% share in the market and is primed to attain a sizable revenue by the end of 2028 majorly because of mounting penetration of smartphones and internet services in the industry. The others segment gained around 5% market share in the year 2021 and is slated to achieve substantial growth through 2028 owing to prevalent integration of networking technologies in the sector.

In 2021, the smart utilities segment held over 10% share in the IoT device management market and is anticipated to expand at an exponential rate over the forecast years because of rising adoption of IoT technology in the utility industry. The others segment is expected to record a CAGR of approximately 20% between 2022 and 2028 as the demand for proficient management of connected devices is soaring across the market.

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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....