The global IoT device management market size is projected to expand at a considerable CAGR, during the forecast period, 2021-2028. The growth of the market is attributed to the growing need to monitor the health of IoT devices.
Internet of Things (IoT) device management is the process, involving the diagnosing, configuring, monitoring, maintaining, authenticating, and provisioning connected devices, operating as part of an IoT environment. The platform is uncertain to operating system and device type, as devices are managed through controlled microcontrollers, which are connected with each other. IoT device management helps to find any other IoT device across enterprise. It helps to easily find devices based on a combination of characteristics such as device state, device identification, and type. The management system offers various benefits, such as rapid developmeant, inventory management, finding fault in devices, device security, and access management.
The COVID-19 pandemic outbreak had positive impact on the market. During the pandemic, emergency lockdown imposed by government bodies across the globe, resulted in implementation of work from home policy by many organizations this resulted in high adoption of IoT to manage employs who are working remotely. Additionally, key market players are adopting the IoT technology based devices as a long-term tool, which will help to recover the businesses post pandemic.
Market Drivers, Restraints and Opportunities
- Increasing adoption of IoT technology across industries for various operations is expected to be one of the major factors driving the market growth.
- Growing emphasis on managing connected devices and increasing operationl efficiency is another factor which is expected to drive the market growth during the forecast period.
- Lack of compatibility and connectivity in devices is a major challenge that can restrict the market growth in the coming years.
- Rising threat of cyber security and privacy concern associated with connected devices can also be expected to hamper the market growth during the projected timeline.
- Surging demand for real-time analysis and monitoring of IoT devices is expected to create lucrative opportunities during the forecast period.
Scope of the Report
The report on the global IoT device management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
IoT Device Management Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Services (Managed and Professional), Solutions (Security Solutions, Remote Monitoring, Real-time Streaming Analytics, Data Management, and Network Bandwidth Management), Organization Sizes (Large Enterprise and Small & Medium Enterprise), Components (Services and Solution), and End-users (Healthcare, Utilities, Retail, Transportation & Logistics, Manufacturing, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Microsoft Corp.; Aeris Communications, Inc.; Oracle Corp.; Bosch Software Innovations; PTC, Inc.; IBM Corp.; and Advantech Co. Ltd.
Market Segment Insights
Managed services to expand at a robust CAGR
Based on services, the market is bifurcated into managed services and professional services. The professional segment is expected to grow at a rapid pace during the forecast period due to escalating demand for operating and managing complex IoT environments. Furthermore, need for reducing operational and capital expenditure and the demand for customized IoT services is major driver of the segment. On the other hand, the managed segment is anticipated to expand at a substantial CAGR in the coming years attributed to growing adoption of these services to reduce operational cost and to focus on core work of organization.
Increasing need drives the security solution segment
On the basis of solutions, the global IoT device management market is fragmented into security solutions, remote monitoring, real-time streaming analytics, data management, and network bandwidth management. The security solutions segment is expected to grow at a rapid pace during the forecast period owing to the increasing need for securing information, connected devices, and connected assets. Moreover, the segment growth is further accelerated as these solutions are designed to fulfill numerous client necessities in terms of, authentication, security, and maintenance. However, the network bandwidth management segment is anticipated to expand at a substantial CAGR in the coming years due to the solution helps in controlling and measuring communication traffic on a network for efficient working of connected devices.
Small & medium enterprise to exhibit major market share
In terms of organisation sizes, the market is divided into large enterprise and small & medium enterprise. The small & medium enterprise segment is estimated to account for a major market share during the forecast period owing to boost in adoption of those solutions by enterprises for various operations. On the other hand, the large enterprise segment is expected to expand at a robust CAGR in the coming years attributed to large enterprises are adopting connected device management solutions for operational activities associated with assets management, transportation, manufacturing, and supplying.
Services segment to expand at high growth rate
On the basis of components, the global IoT device management market is bifurcated into services and solutions. The services segment is projected to expand at high growth rate in the projected timeline due to the increasing adoption of connected devices. Furthermore, the services helps enterprises to focus on their core functions, which is driving the segment growth further.
Growing adoption drives the retail segment
Based on end-users, the market is segmented into healthcare, utilities, retail, transportation & logistics, manufacturing, and others. The retail segment is anticipated to register at robust growth rate during the forecast period owing to the growing adoption of IoT devices for monitoring the electricity, temperature, gas leakeges, and electricity breakdowns. Additionally, it helps retailers in collecting consumer feedback and enhance custoumer experience, which is driving the segment growth further. On the other hand, the manefacturing segment is anticipated to expand at a substantial CAGR in the coming years attributed to increasing installation of industrial robots.
North America to constitute a key market share
In terms of regions, the global IoT device management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The North America is anticipated to constitute a key share of the market during the forecast period due to the increasing penetration of cloud technologies, infrastructural developments, and adoption of the newest networking technologies in the region. The Asia Pacific market is anticipated to exhibit robust CAGR during the projected timeline owing to infrastructural developments in the region coupled with supportive economic conditions.
Segments Covered in the Report
The global IoT device management market has been segmented on the basis of
- Security Solutions
- Remote Monitoring
- Real-time Streaming Analytics
- Data Management
- Network Bandwidth Management
- Large Enterprise
- Small & Medium Enterprise
- Transportation & Logistics
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Microsoft Corp.
- Aeris Communications, Inc.
- Oracle Corp.
- Bosch Software Innovations
- PTC, Inc.
- IBM Corp.
- Advantech Co. Ltd.
Key players competing in the global IoT device management market are Microsoft Corp.; Aeris Communications, Inc.; Oracle Corp.; Bosch Software Innovations; PTC, Inc.; IBM Corp.; and Advantech Co. Ltd. Companies are focusing on cloud-based enterprise application solutions deployment for remote working to maintain their competitive position in the market. Furthermore, companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in March 2020 Microsofts Azure IoT announced the partnership with Cisco IoT. This partnership is aimed to simplify customer deployments. Customers with this service integration can simply store and send IoT data to the cloud and safely connect their assets.