The global IoT device management market is expected to reach $7.3bn by 2028, rising at 32% CAGR, according to ReportLinker.

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.

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 standardisation, 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 €1tn in 2020, indicating that the sector will thrive.

To handle the Covid-19 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.

The 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. There is a growing awareness of security issues between clients that are using IoT. Because diverse devices are linked to each other, data security gets complicated owing to device non-standardisation and incompatibility.

There is a surge in the quantity of IoT devices and the difficulty of controlling such devices. IoT devices management software is used in various industries, including automotive, manufacturing and industrial. The products let consumers manage linked devices and assets more efficiently by offering authentication, API security and network security. Consumers should benefit from these in terms of network bandwidth control and remote monitoring.

Though it may appear that IoT devices perform simple functions such as 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 organisations use them.

There is a growing requirement to make data-driven decisions to improve business profitability and operational productivity, which is contributing to growth.

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 handle the vast consumer equipment and datasets and company operation data is creating more demand for such advancements. In addition, the increased investment by large organisations in installing intelligent and connected products for handling and simplifying numerous industrial processes by a centralised platform is expected to fuel market demand.

The healthcare segment procured a large 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 personalised healthcare and the increasing requirement for digital transformation throughout the healthcare vertical.

North America emerged as the leading region in the IoT device market with the largest revenue share in 2021. Infrastructure advances, widespread use of networking technologies and expanding cloud penetration are all contributing to the regional growth. Additionally, the presence of major industry leaders and their large client base is critical to the regional market’s growth.

The report found that Microsoft was the forerunner in the IoT device management market. Companies such as IBM, Oracle and Telit are among the key innovators. The report also looked at Bosch, Smith Micro Software, Aeris Communications, Silicon Laboratories, Advantech and PTC.