Rising incidences of cybercrimes and cyber threats and growing security concerns are acting as key growth drivers for global IoT device management market.
According to TechSci Research report, “Global IoT Device Management Market By Component (Solution v/s Service), By Deployment Mode (On-Premise v/s Cloud), By Organization Size (Large Enterprises v/s SMEs), By Application (Smart Retail, Connected Health, Connected Logistics, Smart Utilities, Smart Manufacturing, Others), By Region, Forecast & Opportunities, 2025”, the market is forecast to grow at a CAGR of 22% by 2025. Key factors propelling the growth of global IoT device management market are increasing adoption of Internet of Things (IoT) and growing stress on increasing operational efficiencies & managing connected devices. The escalating penetration of communication and networking technologies and growing need for real time analytics are further driving the growth of global IoT device management market. Moreover, major initiatives by various economies for cybersecurity and increasing incidences of cybercrimes and cyber threats around the world are supporting the growth of global IoT device management market. Apart from that, increasing technological advancements and need for effective management of connected devices are expected to drive the market growth through 2025.
Furthermore, the benefits of IoT device management such as assistance in configuration and control, monitoring and diagnostics of connected devices and software updates and maintenance are leading to their increasing popularity around the world. In addition to this, the extensive adoption of sensors is expected to create profitable opportunities for service providers over the next five years. Moreover, increasing adoption of cloud technologies are anticipated to augment the global IoT device management market growth in coming years.
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The global IoT device management market is segmented based on component, deployment mode, organization size, application and region. Based on component, the market can be bifurcated into solution and service. The solution segment can further be categorized into real-time streaming analytics, security solution, data management, remote monitoring and network bandwidth management. Among them, the data management segment is expected to register high growth during the forecast period on account of increasing penetration of networking & communication technologies and rising incidences of data breaches and cybercrime.
Based on deployment mode, global IoT device management market can be split into on-premise and cloud. Out of them, the cloud segment is expected to dominate the market during the forecast period owing to its associated advantages such as scalability, flexibility, 24/7 availability, reduced operational costs, auto update feature, among others.
Major players operating in the global IoT device management market are Microsoft Corporation, PTC Incorporation, Telit Communications PLC, IBM Corporation, Oracle Corporation, Smith Micro Software, Inc., Advantech Co. Ltd., Aeris Communications, LLC, Zentri, Cumulocity GmbH, Enhanced Telecommunications Inc., Amplia Soluciones S.L., Proximetry, Bosch Software Innovation GmbH, Wind River, SiteWhere LLC, Xively, VMware Inc., Matrix42 AG, Amazon Web Services, Inc., among others. Leading companies are developing advanced technologies and launching new services to enhance their product portfolio. They are also undergoing inorganic growth strategies such as mergers & acquisitions, strategic collaborations, partnerships and joint ventures.
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“Regionally, North America is expected to dominate the overall IoT device management market, in terms of value during the forecast period as the region is witnessing increasing investments by major players. Also, the governments in countries like United States and Canada are extending support for the development of IoT solutions in the region,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global IoT Device Management Market By Component (Solution v/s Service), By Deployment Mode (On-Premise v/s Cloud), By Organization Size (Large Enterprises v/s SMEs), By Application (Smart Retail, Connected Health, Connected Logistics, Smart Utilities, Smart Manufacturing, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of IoT device management market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global IoT device management market.
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