Transparency Market Research delivers key insights on the global IoT device management market. In terms of revenue, the global IoT device management market is estimated to expand at a CAGR of 18.7 % during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global IoT device management market.
The global IoT device management market is broadly affected by several factors, including the end-use market for IoT device management such as industrial, consumer, agricultural, and healthcare.
IoT device management consists of multiple operating systems and several communication methods and protocols targeted at conducting smooth functioning of smart devices. These services are becoming an important part of the business sector over the past few years, owing to the rise in the use of remote operations in numerous industries and the subsequent need to manage the operation of the devices. Key providers of IoT device management are focusing on customer acquisition and the development of new platforms with more security. Market players are facing challenges such as privacy concerns as well as the risk of exposure to confidential information and data. Moreover, lack of connectivity, real-time data assessment complexities, and lack of infrastructure availability are some of the factors hampering the expansion of the global IoT device management market.
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Rising Data Security Concerns to Drive Global Market
Increasing concerns pertaining to network security, usage of health monitors and connected medical devices, and deployment of 5G networks are some of the key factors driving the global IoT devices management market. The growing awareness about security concerns among clients who are deploying IoT solutions is driving the global IoT device management market. In the Internet of Things (IoT), different devices are connected to each other, and that is why data security becomes complex due to the non-standardization and non-compatibility of devices.
The rising need for data security as hackers can easily get access to confidential information is contributing to the market growth. Players operating in the IoT management market are focusing on increasing investments in research and development (R&D) of security solutions, as security is one of the major challenges faced by organizations while deploying IoT solutions. In order to reduce the infrastructure cost of clients, the hybrid cloud deployment model is being used. It helps reduce the overall cost while providing highly flexible and scalable access to the clients. Increased adoption in enterprises has also been fueling the global IoT devices management market in the past few years.
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IoT Device Management Market: Dynamics
IoT adoption continues to rise globally, as technology evolves, and the IoT ecosystem keeps on becoming complex. The number of connected devices keeps on increasing in order to deliver more data that can increase and improve the proficiency of a business. Increasing adoption of connected devices is driving the demand for managed services, as they enable enterprises to focus on core business operations.
Globally distributed IoT devices are mostly managed by a public-facing cloud solution, while industrial devices tend to connect to local platforms, often with stringent security requirements. IoT device management ranges from a simple exchange of messages to complex operations such as software updates and the deployment of machine learning models.
Rapid development and advancements in IoT devices are driving IoT device management to develop solutions such as real-time analytics, security solutions, and data management solutions.
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IoT Device Management Market: Prominent Regions
In terms of region, the global IoT device management market was dominated by the Asia Pacific, and the region is expected to maintain its dominance in the next few years, owing to the rising demand for IoT devices in nations such as China, which is also major manufacturer and supplier of electronics products. An increase in demand and the fact that IoT device management systems are becoming more diverse, have further propelled its demand in developing nations across the Asia Pacific such as India.
IoT Device Management Market: Key Players
Key players operating in the global IoT device management market are Amazon Web Services Inc., ARM Holdings, Robert Bosch GmbH, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Altair SmartWorks, GE Digital, Upswift, and PTC.
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