A Microsoft technology based on an open modeling language that enables developers to connect internet of things (IoT) devices to the cloud without having to write any code.
Each device has it's specifics to make a factory reset, if the manufacturer of your device is using IoT Plug and Play then there is a chance that you have a built-in capability command to perform factory reset.
Please take a look at the following documentation to better understand how to build your IoT hardware product that supports IoT Plug and Play:
If you want to use a device with IoT Plug and Play you can search for it in the Certified for Azure IoT device catalog.
For example this device has a IoT Plug and Play command to reboot:
Thanks for the question @Iotiot.in . If I was able to answer it, please mark it as answer :)!