IoT Connectivity Management Platform Market Size, Share 2024-2033

The IoT Connectivity Management Platform Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s IoT Connectivity Management Platform Global Market Report 2024, The IoT connectivity management platform market size has grown rapidly in recent years. It will grow from $7.78 billion in 2023 to $9.07 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to proliferation of IoT devices, global expansion of IoT deployments, network standard evolution, rising complexity of IoT ecosystems, security concerns, demand for cost-efficiency.

The IoT connectivity management platform market size is expected to see rapid growth in the next few years. It will grow to $17.81 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to 5G adoption and integration, edge computing integration, diverse connectivity protocols, focus on low-power IoT devices. Major trends in the forecast period include cross-industry collaboration, evolving regulatory landscape, IoT device management and lifecycle support, monetization and billing solutions.

The increasing deployment of IoT devices is significantly contributing to the growth of the IoT connectivity management platform market. The number of IoT devices in an enterprise is connected through an IoT connectivity management platform for data management, data transmission, communication, and smooth interaction of numerous devices in a single frame for the network to complete various business activities. The IoT Connectivity Management Platform offers faster network monitoring, troubleshooting, application management, lowering security threats, and other services to connected IoT devices. For instance, according to Forbes, a US-based business magazine, the global number of cellular IoT devices is expected to reach 3.5 billion by 2023. Therefore, increasing the deployment of IoT devices is significantly contributing to the IoT connectivity management market growth.

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The IoT connectivity management platform market covered in this report is segmented –

1) By Product Type: Cellular, Non-Cellular
2) By Component: Solution, Services
3) By Deployment Type: Cloud, On-Premises
4) By Enterprise Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises
5) By Application: Automotive, Consumer Electronics, Retail, Energy and Utilities, Finance and Banking, Healthcare, Manufacturing, Other Applications

Major companies in the IoT connectivity management platform market is focused on developing a comprehensive solution that leverages capabilities, such as native eSIM, for seamless device management across borders and to gain a competitive edge in the market. Native eSIM is an embedded SIM card within a device, enabling seamless and remote management of mobile network subscriptions without physical SIM card replacement. For instance, in July 2023, Verizon Business, a US-based division of Verizon Communications, launched its Global IoT Orchestration platform, enabling businesses to deploy and manage devices globally. Integrated with the Verizon ThingSpace IoT management platform, it leverages native eSIM and roaming capabilities from MNO partners such as Telenor and Bell Canada for seamless global IoT connectivity. The platform, available for trials, aims to simplify complex operations, providing a comprehensive solution for managing IoT deployments worldwide.

The iot connectivity management platform market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

Major Players:

• Berkshire Hathaway Inc.
• Industrial and Commercial Bank of China (ICBC)
• JPMorgan Chase & Co.
• Bank of America Corporation
• Legal & General Group plc

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