The Global IoT Device Management Market size is expected to reach $7.3 billion by 2028, rising at a market growth of 32.0% CAGR during the forecast period. Connected Device administration, provisioning, tracking, and diagnostics are all required for fault replication and remedial steps in the IoT device management industry. The complete IoT device management market is moved by a few key factors, including the complete growth of IoT networks and systems, raising issues over network security, increasing need to observe the health of IoT devices, and the implementation of 5G networks and their assistance for massive IoT, combined with Multi-access Edge Computing (MEC). Additionally, IoT device management systems offer data collecting and analysis. The evolution of IoT device management has seen tremendous growth in recent years, due to the increasing implementation of mobile devices and smartphones, as well as the growing penetration of the internet. Emerging applications and economic models, as well as dropping device costs and standardization, are driving the expansion of IoT and linked devices. Additionally, Industry 4.0 is altering industries by enabling digital factories and the establishment of an ecosystem of linked firms and plants by replacing legacy systems with smart machines and smart components. OEMs are adopting IoT devices throughout the operations as part of Industry 4.0. In anticipation of the greater implementation of IoT devices and digital revolution across industrial verticals, the European Commission estimated that the value of IoT in Europe will surpass EUR 1 trillion in 2020, indicating that the sector will thrive. COVID-19 Impact Analysis The COVID-19 pandemic has impacted every aspect of business domain as well as personal lives, comprising corporations from all industries. To handle the exceptional COVID-19 pandemic crisis and get the best possible outcomes in saving a life, money, energy, public sector enterprises and government agencies, IT, telecommunications, and healthcare invested extensively in IoT technology. As a result, increased IoT investment during the pandemic is a major factor in the market's expansion. Market Growth Factors Growing Data Security Issues To Boost The Market The IoT devices management market is being driven by rising concerns about network security, the use of health monitoring and linked medical devices, and the development of 5G networks. The IoT device management market is being driven by a growing awareness of security issues between clients that are using IoT solutions. Because diverse devices are linked to each other in the Internet of Things (IoT), data security gets complicated owing to device non-standardization and incompatibility. Complexity In Managing Connected Devices Would Drive The Market Growth The IoT device management market is being driven by a surge in the quantity of IoT devices and the difficulty of controlling such devices. IoT devices management software is utilized in a variety of industries, including automotive, manufacturing, and industrial. The solutions let consumers manage linked devices and assets more efficiently by offering authentication, API security, and network security. Consumers will benefit from these solutions in terms of network bandwidth control and remote monitoring. Market Restraining Factors Technical Glitches And Complete Reliance On Connectivity And Power Though it may appear that IoT devices perform simple functions like counting entry swipes at a secure door, they are built with a lot of advanced technology. Furthermore, if they're giving critical data to another workflow or system, everything related to it could suffer. It is not a big concern if the user counts the number of swipes at the entrance wrong, but if another piece of equipment mixes temperature data with entry swipe data, it can be disastrous and correcting the error isn't always simple. Deploying IoT devices can have a steep learning curve. Before obtaining them, it's a good idea to plan out how and why organizations use them. Components Outlook Based on components, the IoT device management market is bifurcated into Solutions and Services. The solution segment acquired the highest revenue share in the IoT devices management market in 2021. The increased demand for IoT device management solutions throughout the manufacturing, healthcare, and automobile industries is driving this segment's growth. There is a growing requirement to make data-driven decisions to improve business profitability and operational productivity, which is contributing to segment growth. Organization Size Outlook Based on organization size, the IoT device management market is classified into Large Enterprises and Small & Medium Enterprises (SMEs). The large enterprises segment acquired the highest revenue share in the IoT devices management market in 2021. Large firms' growing implementation of IoT device management to efficiently handle the vast consumer equipment and datasets & company operation data is creating more demand for such advanced solutions. In addition, the increased investment by large organizations in installing intelligent and connected solutions for handling and simplifying numerous industrial processes by a centralized platform is expected to fuel market demand. Verticals Outlook Based on verticals, the IoT device management market is bifurcated into Healthcare, Retail, Utilities, Transportation & Logistics, Manufacturing, and Others. The healthcare segment procured a substantial revenue share in the IoT device management market in 2021. During the COVID-19 pandemic, the increasing use of connected devices to monitor and control patient health has allowed healthcare facilities to invest heavily in IoT technology that delivers real-time analytics. Additionally, over the forecast period, the market is expected to benefit from the rising need for personalized healthcare and the increasing requirement for digital transformation throughout the healthcare vertical. Regional Outlook Based on Region, the IoT device management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America emerged as the leading region in the IoT device market with the largest revenue share in 2021. Infrastructure advances, widespread use of cutting-edge networking technologies, and expanding cloud penetration are all contributing to the regional growth. The United States is the largest provider to the North American market. Additionally, the presence of major industry leaders and their large client base is critical to the regional market's growth. The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the IoT Device Management Market. Companies such as IBM Corporation, Oracle Corporation, Telit Corporate Group are some of the key innovators in IoT Device Management Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, Bosch.IO GmbH (Robert Bosch GmbH), Telit corporate group (DBAY Advisors Limited), Smith Micro Software, Inc., Aeris Communications, Inc., Silicon Laboratories, Inc., Advantech Co., Ltd., and PTC, Inc. Recent Strategies deployed in IoT Device Management Market Partnerships, Collaborations and Agreements Aug-2021: Microsoft joined hands with CloudRail, a fully handled solution to acquire data from industrial environments, pre-process it locally and deliver it to any cloud. This collaboration aimed to reduce the entry obstacles for Industrial Internet of Things (IIoT) solutions and integrate establishes vendors such as Turck, Ifm, Sick, Pepperl+Fuchs, and several others smoothly with Microsoft IoT services like IoT Central. Jul-2021: Telit Corporate Group came into a partnership with Thirdware Solution, a leading provider of digital transformation solutions. This partnership aimed to help companies large and small in fastening the IoT initiatives and speed to value. In addition, the companies would allow users to emphasize quickly bringing new digital services to the market, propelling grown engagement and revenue, and lower time to market and related costs. May-2021: Aeris Communication joined hands with LoRa Alliance, a nonprofit association committed to advancing the adoption and execution of the low-power long-range wide-area networking LoRaWAN standard. This collaboration aimed to enable Aeris to provide its deep connectivity and IoT expertise to the LoRaWAN ecosystem as IoT solution providers adopt the advantages of LoRaWAN connectivity. Oct-2020: IBM came into a partnership with ClearBlade, an award-winning edge computing software company. This partnership aimed to enable enterprises to quickly position, process, store, and analyze data at the edge, enabling the full potential to digitally transform and focus on offering autonomous edge computing and IoT solutions. Sep-2020: Silicon Laboratories joined hands with Amazon, an American multinational technology company. This collaboration aimed to aid the devices to work better at home and over the front door. Silicon Labs' wireless solutions for Amazon Sidewalk would allow developers to build IoT products with encrypted cloud communication, no matter which protocol is used. Aug-2020: Advantech came into a partnership with Allxon, a leading device management SaaS provider. This partnership aimed at providing open device management platforms that enhance business solutions and simplify the wide-scale deployment of AIoT platforms. Jul-2020: Microsoft joined hands with Samsung Electronics, one of the leading producers of electronic devices. This collaboration aimed to boost enhanced building operations, and maintenance and expanded customer base under real estate development, construction, facilities, and property management. Jul-2020: IBM joined hands with Verizon Business, a division of Verizon Communications located in Basking Ridge, New Jersey. This collaboration aimed to perform as a team on 5G and edge computing innovation to aid allow the future of Industry 4.0. The companies would work on solutions integrating the high speed and low latency of Verizon's 5G and Multi-access Edge Compute (MEC) capabilities, IoT devices and sensors at the edge, and IBM's expertise in AI, edge computing, hybrid multi-cloud, connected operations, and asset management. Feb-2020: Telit Corporate Group formed a partnership with Sternum, a universal Internet of Things (IoT) cybersecurity and analytics platform provider. This partnership aimed to provide Telit's customers in-depth visibility and security for the overall device fleet with the help of Telit's xE910 module family. Feb-2020: Aeris Communication came into a partnership with AEON Credit Service India, a financial service company. This partnership would enable Aeris to position IoT device capabilities to aid AEON Credit Service India create a sustainable business portfolio in the auto finance segment and grow the portfolio by expanding its product line by venturing into commercial car financing. Product Launches and Product Expansions Feb-2022: Telit Corporate Group introduced NExTPlus, including multi-profile to its multi-IMSI capabilities with eUICC. This product launch aimed to enable customers to interchange between global roaming and local MNO profile from a single SIM, solving permanent roaming restrictions remotely and securely. The embedded Universal Integrated Circuit Card (eUICC) standard makes Telit?s NExTPlus versatile, as it enables remote provisioning of the SIM with different network profiles. Jul-2021: Advantech introduced a dual-band industrial WiFi I/O module with the Microsoft Azure Sphere platform for IoT devices and equipment security. This product launch aimed to match various usage cases and securely link current equipment and new IoT devices to aid keep the platform secured across the time. The WISE-4250AS is a WiFi module with 2.4GHz/5GHz dual-band connectivity, compatible with wireless interchangeable I/O and sensor modules, and WISE-4250AS is built with Azure Sphere, a chip-to-cloud solution. May-2021: Advantech released iBMC, an intelligent board management controller. This product launch aimed to ease the management of edge devices and remote systems. iBMCs are embedded hardware-based technology that enables administrators to conduct power management tasks remotely even in abnormal or out-of-range conditions, like during a software failure or operating system (OS) crash. May-2021: Bosch Software Innovation introduced the new Phantom Edge-an AIoT platform, which unifies the power of Artificial Intelligence and the Internet of Things. This product launch aimed to deliver a real-time view of electrical energy consumption, electrical parameters, operating usage, and appliance-level information. Jun-2020: PTC unveiled the latest version of ThingWorx Industrial IoT platform. This product launch aimed to fasten Industrial IoT deployments over the enterprise value chain, ThingWorx 9.0 would provide new and expanded features to aid industrial companies create, executing, personalizing, and scaling the solutions. Mar-2020: Silicon Laboratories introduced Secure Vault technology, a new suite of state-of-the-art security features. This product launch aimed to aid linked device manufacturers to resolve growing Internet of Things (IoT) security threats and regulatory pressures. Silicon Labs Wireless Gecko Series 2 platform takes benefits of Secure Vault by unifying best-in-class security software features with physically unclonable function (PUF) hardware technology to drastically reduce the risk of IoT security breaches and compromised intellectual property. Acquisitions and Mergers Jun-2021: Microsoft took over ReFirm Labs, a firmware security startup that develops security solutions for organizations using network edge devices and the Internet of Things. This acquisition aimed to accelerate its security capabilities for protecting intelligent edge devices and the internet of things. Under this acquisition, Microsoft would resolve security concerns at the firmware level. Jun-2020: Microsoft took over CyberX, a security startup. This acquisition aimed to enable CyberX to match the current Azure IoT security capabilities, and extend to present devices comprising the used in Operational Technology, industrial IoT, and infrastructure scenarios. Apr-2020: Silicon Laboratories took over Redpine Signals' Wi-Fi and Bluetooth business, development center in Hyderabad, India, and extensive patent portfolio. This acquisition aimed to bring important connectivity technology and talent to aid fasten the low-power Wi-Fi connectivity roadmap for the Internet of Things while growing scale and breadth. Expansions Sep-2021: Silicon Laboratories expanded its business line with a triple launch of hardware, software, and services. This business expansion aimed to lead a home run for the IoT industry that requires overcoming challenges across power consumption, range, security, and long-term support. The new FG23 and ZG23 wireless SoC solutions would provide a unification of ultra-low transmit and receive radio power and best-in-class RF and make IoT end nodes attain a 1+ mile wireless range while operating on a coin cell battery for 10+ years. The SoCs also enhance Secure Vault, certified to PSA Level 3, to safeguard IoT products against hardware and software attacks. Scope of the Study Market Segments covered in the Report: By Component ? Solution o Device Management o Real-Time Streaming Analytics o Remote Monitoring o Security Solutions o Network Bandwidth Management ? Services o Professional o Managed By Vertical ? Manufacturing ? Transportation & Logistics ? Healthcare ? Retail ? Utilities ? Others By Organization Size ? Large Enterprises ? Small & Medium Enterprises By Geography ? North America o US o Canada o Mexico o Rest of North America ? Europe o Germany o UK o France o Russia o Spain o Italy o Rest of Europe ? Asia Pacific o China o Japan o India o South Korea o Singapore o Malaysia o Rest of Asia Pacific ? LAMEA o Brazil o Argentina o UAE o Saudi Arabia o South Africa o Nigeria o Rest of LAMEA Companies Profiled ? IBM Corporation ? Microsoft Corporation ? Oracle Corporation ? Bosch.IO GmbH (Robert Bosch GmbH) ? Telit corporate group (DBAY Advisors Limited) ? Smith Micro Software, Inc. ? Aeris Communications, Inc. ? Silicon Laboratories, Inc. ? Advantech Co., Ltd. ? PTC, Inc. 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