There's no built-in Craft functionality to restrict concurrent logins at present.
When I've needed to implement this functionality, I've built a module to prevent concurrent logins which listens to the EVENT_BEFORE_LOGIN event and checks in a custom table for an active login record for the user. If there's fewer records than the desired limit for concurrent logins, a new session record is added to the custom table and the user can log in successfully.
If there's more than the desired limit for concurrent logins for that user in the table, it sends an email alert to the user to let them know they've reached the limit for concurrent logins, removes all of their login records from the custom table and logs them out of all of their previous sessions by deleting their records from the Craft sessions table using the following command:
Craft::$app->getDb()->createCommand()
->delete(Table::SESSIONS, [
'userId' => $userId,
])
->execute();
This was developed to mitigate login sharing amongst users, so it always allows the current login session to continue but removes all others if the current login session breaches the desired concurrent logins limit. This means that the user logging in is never blocked from accessing the site/CP but anyone else who might be piggy-backing onto their user account at the same time is logged out automatically.
If it helps, I can post some more code here to get you started if you want to follow a similar route.