ALBANY, N.Y., March 09, 2022 (GLOBE NEWSWIRE) -- The value of global IoT device management market stood at US$ 1.58 Bn in 2020. The global market is anticipated to develop at a CAGR of 18.7% during the forecast period from 2021 to 2031.The market is predicted to surpass the valuation of US$ 10.42 Bn by 2031.While technology advances and the ecosystem have become more sophisticated, IoT usage continues to grow globally. The number of devices connected to the Internet continues to rise in order to offer more insights assisting a company to grow and enhance its efficiency. The growing use of connected devices is boosting the demand for managed services, which allow businesses to focus on their core activities.
The global IoT device management market is growing, owing to the rising requirement of data security, as hackers can quickly gain access to critical information. Security is one of the key problems that companies encounter when installing IoT solutions, thus players in the global IoT management market are focused on increasing expenditures in security research and development activities. The hybrid cloud deployment approach is being utilized to save clients’ money on infrastructure. It assists in lowering the overall cost whilst offering clients with extremely scalable and flexible accessibility. In the recent years, the global IoT device management market has been fueled by increasing utilization in various industries.
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IoT devices that are deployed globally are usually controlled by a public-facing cloud solution, whereas industrial devices are more likely to be connected to local platforms that have tight security standards. IoT device administration can vary from simple message transmission to more complicated processes such as machine learning model implementation and software updates.
IoT device management is being driven by rapid growth and developments in IoT devices to build solutions such as data management solutions, security solutions, and real-time analytics.
Key Findings of Market Report
- Growing network security worries, adoption of connected medical and health monitoring devices, and implementation of 5G networks are likely to drive the global IoT devices management market. The global market is being driven by the rising understanding about security issues among clients who are using IoT solutions. As diverse devices are interconnected to one another in the IoT, data security becomes complicated, owing to device non-standardization and incompatibility.
- IoT device management includes troubleshooting, monitoring, managing, configuring, authenticating, and provisioning connected devices in the IoT ecosystem. IoT device management services provide safe access to IoT devices so that they can be monitored for health, detected &remotely handled, and enable software as well as firmware updates. Growing usage of these services to gather, retain, and maintain massive volumes of data is estimated to drive sales opportunities in the global IoT device management market. In the recent years, IoT device management services have gained popularity, automating the entire system in a safe as well as efficient manner.
- The global market is being driven by growing acceptance and understanding of IoT devices. IoT device management software is utilized in a variety of industries, including manufacturing, automotive, and industrial. By offering network security, authentication, authentication, and API security to customers, these solutions aid in the effective management of connected devices and assets. Consumers are likely to benefit from these solutions in terms of network bandwidth control and remote monitoring. Over the next few years to come, industry participant’s active in the global IoT devices management market is likely to benefit from increasing emphasis on standardization as well as reasonable pricing of connected devices.
- Firms in the North America market are concentrating on the introduction of upgraded solutions allowing real-time analytics and data monitoring, and also sophisticated data management tools. Besides, technological developments, robust economies, and increasing investment in R&D on IoT security and analytics are all likely to contribute toward growth of the global market. In order to stay ahead of the competition in North America, market participants are increasingly relying on creative techniques.
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Global IoT Device Management Market: Growth Drivers
- IoT device management services offer safe access to devices that track health, identify &resolve issues remotely, and handle software and firmware upgrades. Difficulty of controlling IoT devices is expected to rise with increase in the number of devices. As a result, the IoT device management industry is being driven by this rising complexity.
- IoT devices management solutions are utilized in a variety of industries, including automotive, industrial, and manufacturing, among many others. By offering API security, authentication, and network security to users, these solutions aid in the effective administration of connected devices and assets. Consumers can also benefit from these solutions for network bandwidth control and remote monitoring.
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Global IoT Device Management Market: Key Players
Some of the key market players are
- Robert Bosch GmbH
- Altair SmartWorks
- Amazon Web Services Inc.
- Oracle Corporation
- ARM Holdings
- Microsoft Corporation
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Global IoT Device Management Market: Segmentation
Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
Application
- Smart Manufacturing
- Smart Homes
- Smart Utilities
- Smart Retail
- Connected Health
- Smart Transportation
Solution
- Security Solution
- Data Management
- Remote Monitoring
- Network Bandwidth Management
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