IoT Device Management Market to Grow at Robust CAGR Through 2025
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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