IoT Device Management Market Size Worth $5830.72 Mn, Globally, by 2028 at 28.50% CAGR, (Strategic Investment Plans | Business Opportunities | SWOT Analysis): Exclusive Report by Zion Market Research
NEW YORK , May 2, 2022 /PRNewswire/ -- As per Zion Market Research study, The global IoT Device Management market was worth around USD 1,295.10 million in 2021 and is estimated to grow to about USD 5830.72 million by 2028, with a compound annual growth rate (CAGR) of approximately 28.50 percent over the forecast period. The report analyzes the IoT Device Management market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT Device Management market.
Key Industry Insights & Finding of the IoT Device Management Market Reports:
- As per the analysis shared by our research analyst, the IoT Device Management Market is expected to grow annually at a CAGR of around 28.50% (2022-2028).
- Through the primary research, it was established that the IoT Device Management Market was valued approximately USD 1,295.10 Million in 2021 and is projected to reach to roughly USD 5830.72 Million by 2028.
- The IoT device management market in APAC has grown at the fastest rate.
Zion Market Research published the latest report titled as "IoT Device Management Market By Component (Solution and Service), By Solution (Real-Time streaming analytics, Security solution, Data management, Remote monitoring and Network bandwidth management), By Service (Professional services and Managed services), By Organization (Size, Large Enterprises and Small and Medium-Sized Enterprises (SMEs)), By Deployment (Public cloud, Private cloud and Hybrid cloud), By Application area (Smart retail, Connected health, Connected logistics, Smart utilities, Smart manufacturing and Others) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
IoT Device Management Market: Overview
IoT Device Management makes it simple to remotely register, monitor, organize, and manage large-scale IoT devices. IoT Device Management aids in the management of permissions in order to enhance device security. IoT device management is agnostic of design type and operating system, allowing fleets to scale and scale, cut costs and management efforts, vast and diversified IoT device deployments, all with the same service. The market for IoT device management has grown significantly as the Internet-of-Things (IoT) has become more widely adopted for various functions. Because of the rapid advancement of technology and the necessity for efficient management of connected devices, solutions such as real-time analysis, security, and data management have been developed.
Over the next few years, the market is likely to be driven by rising demand for IoT services, as well as increased penetration of communication and networking technologies. Increased investments in R&D activities for the development of technologically advanced IoT systems have been seen in the sector. The popularity of IoT device management products has risen as a result of this. Device provisioning, monitoring, administration, and diagnostics are all major application sectors in the industry. Because of the growing need for advanced infrastructure management solutions that eliminate manual complications in companies, the IoT Device Management Market is predicted to develop at a healthy rate.
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Industry Dynamics:
IoT Device Management Market: Growth Dynamics
Drivers:
- Intelligent Connected Devices (ICD) Proliferation.
- The emergence of intelligent sensors and the adoption of Lwm2m have created a critical need for a converged device management platform.
- Platforms that are device and vendor agnostic are becoming more popular.
Restraint:
- Interoperability is hindered by the lack of uniform IoT standards.
Opportunities:
- Demand for cloud-based device management platforms is increasing.
- Increasing Enterprise Adoption of Bring Your Own Device (BYOD) and Bring Your Own Device (CYOD).
Challenges:
- Lack of compatibility and connectivity, as well as real-time complexity and a dynamic environment.
- Concerns about data security and privacy.
- Features and Functions of IoT Device Management.
- Benchmarking on a Strategic Level.
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Recent Developments
- In February 2020, Smith Micro Software, Inc. has announced the acquisition of Circle Media Labs Inc.'s operator business. Smith Micro's SafePath Connected Life Platform is expected to benefit from this recently acquired technology, which will provide a holistic connected life experience for Family Location and Parental Controls, IoT, and Home in one place.
Global IoT Device Management Market: Segmentation
- The global IoT Device Management market is segregated based on Component, solution, service, organization size, deployment and application area.
Based on Component, the market is segmented into solution and service. As security concerns among clients who are installing IoT solutions develop, the security solution is the fastest growing in the IoT device management market. Because of the non-standardization and non-compatibility of devices, data security becomes more complicated when more devices are connected to each other in an IoT system. Furthermore, because there are so many different protocols, applications, and devices, it is easier for hackers/attackers to carry out nefarious operations.
By deployment, the market is segmented into Public cloud, Private cloud and Hybrid cloud. The hybrid cloud deployment model is expected to grow at the highest CAGR during the forecast periodIt helps in lowering overall costs while offering clients with extremely flexible and expandable access. Vendors offer a hybrid cloud-based deployment methodology to help clients save money on infrastructure. Security is still a major concern that prevents widespread implementation; however, this concern is rapidly being addressed by third-party security testing to the highest standards.
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List of Key Players of IoT Device Management Market:
- Advantech Co. Ltd.
- Aeris Communications LLC
- Amazon Web Services Inc.
- Amplia Soluciones S.L
- AVSystem
- Bosch.io GmbH
- Cumulocity GmbH
- Huawei Technologies Co. Ltd.
- GE Digital
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Particle Industries Inc.
- PTC Inc.
- Silicon Laboratories Inc.
- Smith Micro Software Inc.
- SiteWhere LLC
- Telite Communications PLC
- Vodafone Group PLC
- VMware Inc.
- Wind River Systems Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for IoT Device Management Market?
- What are the key driving factors propelling the IoT Device Management Market forward?
- What are the most important companies in the IoT Device Management Market Industry?
- What segments does the IoT Device Management Market cover?
- How can I receive a free copy of the IoT Device Management Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- The IoT device management market in APAC has grown at the fastest rate.
The IoT device management market is predicted to be dominated by North America, which is expected to have the biggest market share. This region has a significant economic advantage because to its stable and well-established economy, allowing it to invest heavily in R&D and so contribute to the development of new IoT security and analytics technology. In addition, the government's support and significant expenditures by a number of well-known businesses are propelling the market in the North American region forward.
Due to the rapid adoption of smart cities and increased government investment in IoT programmes, the IoT device management market in APAC has grown at the fastest rate.
Global IoT Device Management Market is segmented as follows:
IoT Device Management Market: By Component Outlook (2022-2028)
- Solution
- Service
IoT Device Management Market: By Solution Outlook (2022-2028)
- Real-Time streaming analytics
- Security solution
- Data management
- Remote monitoring
- Network bandwidth management
IoT Device Management Market: By Service Outlook (2022-2028)
- Professional services
- Managed services
IoT Device Management Market: By Organization Size Outlook (2022-2028)
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
IoT Device Management Market: By Deployment Outlook (2022-2028)
- Public cloud
- Private cloud
- Hybrid cloud
IoT Device Management Market: By Application Area Outlook (2022-2028)
- Smart retail
- Connected health
- Connected logistics
- Smart utilities
- Smart manufacturing
- Others
IoT Device Management Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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