Global IoT Device Management Market Is Likely To Grow At A CAGR Value Of Around 28.50% By 2028
IoT Device Management Market- Latest Industry Trends, Size, Share, Key Drivers, Growth Rate and Risk Report 2022 – 2028
SUITE N202, NEW YORK, UNITED STATES, January 9, 2023 /EINPresswire.com/ — The global IoT Device Management market was worth around USD 1,295.10 million in 2021 and is estimated to grow to about USD 5830.72 million by 2028, with a compound annual growth rate (CAGR) of approximately 28.50 percent over the forecast period. The report analyzes the IoT Device Management market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT Device Management market.
The IoT device management market includes the provisioning, administration, monitoring, and diagnostics of Connected Devices required for trouble replication and corrective measures. The overall IoT device management market is driven by a few key factors, including the overall growth of IoT networks and systems, growing concerns about network security, the growing need to monitor the health (on/off condition, power, connectivity, etc.) of IoT devices, and the deployment of 5G networks and their support for massive IoT, in conjunction with Multi-access Edge Computing (MEC). Furthermore, IoT device management systems enable data collection and analysis, which is another factor expected to drive the target market’s growth. Owing to the rise in demand of IoT Device Management, the global IoT Device Management market is estimated to grow at a CAGR of 28.50% during the forecast period.
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The evolution of IoT device management has seen tremendous growth in recent years, owing to the increasing adoption of smartphones and mobile devices, as well as the increasing penetration of the internet. Emerging applications and business models, which are supported by lowering device costs and standardisation, are driving the expansion of IoT and linked devices. Emerging IoT applications and business models have greatly contributed to the growth of IoT device management solutions and services, as the number of connected devices in the IoT ecosystem grows. Smart devices and the Internet of Things in retail assist merchants improve the customer experience and increase conversions by altering the store’s day-to-day operations.
Global IoT Device Management Market
The global IoT Device Management market is segregated based on Component, Solution, Service, Organization size, Deployment and Application area. Based on component, the global market is distinguished into solution and service. The service segment dominates the market. Based on solution, the market is segmented into Real-Time streaming analytics, Security solution, Data management, Remote monitoring and Network bandwidth management. The security solution segment is expected to lead over the forecast period. Based on service, the market is segmented into Professional services and Managed services. The market is projected to be dominated by professional services. Based on organisation size, the market is segmented into Large Enterprises and Small and Medium-Sized Enterprises (SMEs). The small and medium-sized enterprises (SMEs) segment is expected to dominate the market. Based on Deployment, the market is segmented into Public cloud, Private cloud and Hybrid cloud. The hybrid cloud segment is expected to dominate the market. Based on application area, the market is segmented into Smart retail, connected health, Connected logistics, Smart utilities, Smart manufacturing and Others. The smart manufacturing segment dominates the market.
One of the most important places for IoT deployment is North America. The high adoption of modern technologies, increased cyberattacks, and a growing number of connected devices in the region are all important reasons for the growth of the IoT Device Management market in the region. In the industrial sphere, smart technologies are continuing to take root. The most of the factories in this area are already operational “tted with contemporary machines and technology, it will be easier for businesses to transition to smart manufacturing than it will be to stick with old production methods. Due to increasing demand for smart city infrastructure and healthcare in emerging nations such as India and China, Asia Pacific is predicted to be the fastest-growing area.
Key players functioning in the global IoT Device Management market include- Advantech Co. Ltd., Aeris Communications LLC, Amazon Web Services Inc., Amplia Soluciones S.L, AVSystem, Bosch.io GmbH, Cumulocity GmbH, Huawei Technologies Co. Ltd., GE Digital, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Particle Industries Inc. PTC Inc.,Silicon Laboratories Inc., Smith Micro Software Inc., SiteWhere LLC, Telite Communications PLC, Vodafone Group PLC, VMware Inc. and Wind River Systems Inc.
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Recent Developments
In March 2020, Microsoft’s Azure IoT platform now has seamless interaction with Cisco IoT. Cisco and Azure IoT’s alliance is expected to make customer deployments easier. Customers who use this service integration can easily link their assets to the cloud and ingest and deliver IoT data. Cisco IoT Gateways will be pre-integrated with this to take use of Azure’s latest cloud technology.
Global IoT Device Management market is segmented as follows:
By Component
Solution
Service
By Solution
Real-Time streaming analytics
Security solution
Data management
Remote monitoring
Network bandwidth management
By Service
Professional services
Managed services
By Organization Size
Large Enterprises
Small and Medium-Sized Enterprises (SMEs)
By Deployment
Public cloud
Private cloud
Hybrid cloud
By Application Area
Smart retail
Connected health
Connected logistics
Smart utilities
Smart manufacturing
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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