IoT Device Management Market to Grow Nearly 6X to Over $10 Billion by 2031 Driven by Security and Data Management Needs
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The global IoT device management market stood at US$ 1.87 billion in 2021 and is projected to reach US$ 10.42 billion in 2031, growing at a CAGR of 18.7% between 2021 and 2031.
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Key growth drivers include rising security concerns, increasing adoption of IoT devices across industries, and the need for efficient data storage and management.
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North America is poised to lead the global market during the forecast period due to investments in IoT security and analytics R&D.
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Europe's robust industrial sector is integrating IoT devices to improve efficiency and productivity, driving innovation in IoT device management.
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Major players like GE and Telefonica are making strategic moves to enhance their IoT solutions offerings.