IoT Device Management Market Outlook 2031
- The global IoT device management market was valued at US$ 1.58 Bn in 2020
- It is estimated to expand at a CAGR of 18.7% from 2021 to 2031
- The global IoT device management market is expected to cross the value of US$ 10.42 Bn by the end of 2031
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 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 of 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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Increasing Demand for Data Collection and Real Time Analysis
There is a rapid increase in utilization of IoT devices across the globe. This factor is expected to generate demand for storing huge amounts of data. It is necessary to store and manage this data & information to maintain the state of the device. Some of the most popular technologies are being used to store this data efficiently such as enterprise server, public cloud, and private cloud. IoT device management offers services such as provisioning authenticating, configuring, maintaining, monitoring, and diagnosing connected devices operating as part of an IoT environment. IoT device management services offers secure access to IoT devices in order to monitor health, detect and remotely troubleshoot problems, and manage software and firmware updates. The IoT device management market is significantly driven by rising adoption of these services in order to collect, store, and maintain a huge amounts of data. IoT device management services have been popularly used in the past few years, automating the whole system securely and efficiently.
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Complexity in Managing Connected Devices Driving Global Market
Rise in number of IoT devices and increase in complexity in managing those devices are driving the IoT device management market. Rising awareness and adoption of IoT devices is driving the global IoT device management market. IoT device management solutions are used across various industries such as automobile, manufacturing, industrial, etc. These solutions help to efficiently manage the connected devices and assets by providing API security, authentication, and network security to consumers. These solutions are also helpful to the consumers in network bandwidth management as well as remote monitoring. Increasing efforts on standardization, along with affordable pricing of connected devices is expected to create significant opportunities for the market players operating in the global IoT devices management market in the upcoming years.
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North America Market Players Gaining Lucrative Revenue Benefits
North America is expected to account for a largest market share in the global IoT device management market during the forecast period. Market players of the North America IoT device management market are focusing on the development of enhanced solutions that enable real-time data monitoring and analytics as well as advanced data management tools. Technological advancements, well-established economies, increase in investment in research and development in IoT security and analytics are factors contributing to the global market growth. There is an increasing presence of market players operating in the North America IoT device management market, focusing on innovative strategies to stay ahead of the market competition.
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May 27, 2019: The global IoT device management market size is anticipated to reach USD 5.1 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 28.3% CAGR during the forecast period.
Growing demand for IoT services, need for digitalization, and increasing penetration of communication and networking technologies are expected to drive the market over the coming years.In the past few years, the industry has witnessed increasing investments in R activities for development of technologically advanced IoT systems.
This has increased the popularity of IoT devices management products.
Major application sectors in the market include device provisioning, monitoring, administration, and diagnostics.Download sample Copy of This Report at: https://www.radiantinsights.com/research/iot-device-management-market/request-sample The security solutions segment is projected to exhibit the highest growth rate over the forecast years.
The market is witnessing increasing use of security solutions for connected devices.
Advantages bestowed by the technology include higher efficiency in device monitoring, diagnostics, and analytics.Key market participants in the market include IBM Corporation; Aeris Communications, Inc.; Microsoft Corporation; Bosch Software Innovations; Oracle Corporation; PTC; and Advantech Co. Ltd.
Global IoT Device Management Market size is expected to reach USD 5.1 billion by 2025.
The IoT Device Management market is expected to register a CAGR of 28.3% in the upcoming period as the scope, product types, and its applications are increasing across the globe.By component, the market is bifurcated into services and solutions.
This segment includes managed and professional services.
The “solutions” segment accounted for the highest market share in 2016 and is expected to witness high growth rate in the forthcoming years.
This segment is further segmented into data management, security solutions, real-time analytics, network bandwidth management and remote monitoring.Download Free Sample Report @ https://www.millioninsights.com/industry-reports/iot-device-management-market/request-sampleIoT device management technologies are used in various industries such as healthcare, retail, utilities, transportation & logistics, manufacturing, and others.
However, the “transportation” sector is expected to hold the largest market share during the forecast period due to increasing adoption of IoT device management solutions.The factors that play an important role in the growth of IoT device management industry include increasing demand, increasing urbanization & industrialization, need for digitalization, growing demand for IoT services, increasing penetration of communication & networking technologies, growing penetration of smart devices & IoT sensors, technological advancements and increasing government support for public cloud.
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