According to a report by Grand View Research, Inc., global IoT device management market is anticipated to value USD 5.1 billion by 2025. Growing requirement for high operational efficiency and proper management of connected devices in organizations is anticipated to propel demand for IoT device management. It is likely to offer assistance in authentication & provisioning, control & configuration, maintenance & software updates, and diagnostic & monitoring of connected devices.
Growing penetration of communication & networking technologies coupled with demand for real-time analytics, connected devices, and security of machines can augment market growth. Rising adoption of internet of things (IoT) for several operations coupled with need for digitalization can fuel growth of market over next few years. High demand for efficient management of connected devices can lead to development of solutions such as security solutions, real-time analytics, and data management solutions. This, in turn can surge growth of market over the forecast period (2014 to 2025).
Full Research Report On IoT Device Management Market Analysis:https://www.grandviewresearch.com/industry-analysis/iot-device-management-market
IoT device management market can be segregated on the basis of component, solution, service, organization size, vertical, and region. Based on component, the market can be bifurcated into solution and services. Services segment is expected to grow fast over the forecast period. The segment can include managed and professional services.
Based on solution, the market can be categorized into security solutions, data management, remote monitoring, network bandwidth management, and real-time streaming analytics. Security solutions segment is expected to witness significant growth over next few years. Increasing use of connected devices, securing data, and connected assets can fuel growth. Such solutions are likely to match consumer demand related to security, authentication, and maintenance.
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On the contrary, network bandwidth management is estimated to be second largest contributor in this market. It can be used to measure and control communication traffic on networks for efficient working of connected devices and assets.
Based on service, the market can be divided into professional and managed. Managed services are likely to expand at highest CAGR as compared to professional services. Growing adoption of connected devices can fuel demand for managed services as they can enable enterprises to focus on core business operations.
Similarly, professional segment is anticipated to witness largest market share over the forecast period. Such services are likely to reduce complexity of IoT systems.
Based on organization size, the market can be split into small medium enterprises (SMEs) and large enterprises. SMEs segment is estimated to exhibit highest CAGR during the forecast period attributed to rising adoption of IoT device management solutions for various operations.
On the contrary, large enterprises segment is projected to grow slow as compared to SMEs segment owing to adoption of connected device management solutions for several activities.
Based on vertical, the market can be classified into utilities, retail, healthcare, transportation & logistics, manufacturing, and others. Healthcare sector is expected to witness highest growth rate over the forecast period. In addition, transportation & logistics segment can also grow well attributed to growing adoption of IoT device management solutions.
On the contrary, manufacturing segment is predicted to dominate the market over the forecast period. Development of communication and networking technologies coupled with continual technological advancements can fuel growth of market.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to account for largest market share attributed to continual infrastructural developments. In addition, growing adoption of latest networking technologies coupled with rising penetration of cloud technologies can fuel market growth over the forecast period.
Similarly in Asia Pacific, the market is expected to grow well and account for highest CAGR during the forecast period. Supportive economic conditions coupled with continual infrastructural developments can influence growth of market in the region. In addition, favorable initiatives from local governments regarding development of digitalization can fuel market growth in the region.
Some of the leading companies offering IoT device management are Microsoft Corporation; IBM Corporation; Aeris Communications, Inc.; Oracle Corporation; and Bosch Software Innovations. System integrators and physical component providers in connected devices management sector are likely to establish standardized protocols for efficient functioning of market for IoT device management. In additions, they can invest in R&D activities to gain strategic advantage over competitors.
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