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Premium Report Details
Base Year: 2021
Companies covered: 22
Tables & Figures: 381
Countries covered: 20
Pages: 270
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IoT Device Management Market
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IoT Device Management Market Size
IoT Device Management Market size exceeded USD 1.5 billion in 2021 and is estimated to grow at over 25% CAGR between 2022 and 2028.
Growing proliferation of connected devices is likely to drive the industry growth. COVID-19 pandemic has increased the adoption of connected devices across various end-user industries due to its easy-to-use features. Connected devices helps in improving customer experiences and provide enhanced services. Moreover, the increasing usage of IoT technology is anticipated to spur market demand of IoT device management. For instance, as per the Ericsson Mobility Report, 40% cellular IoT connections are expected to overtake broadband IoT with 4G connectivity by 2027.
The global COVID-19 restrictions resulted in social distancing and increased the demand for IoT technology across various industry verticals such as manufacturing, utilities, retail, and others. This has created more opportunities for market players to develop advanced IoT device management solutions. During pandemic various business organizations has extensively invested in IoT technology as a long-term recovery plan.