IoT Device Management Market size is anticipated to witness healthy growth to 2024 owing to the rising demand for advanced infrastructure management solutions that are reducing the manual complexities in organizations. Regular maintenance of these devices is an essential and a complex task to be performed manually, owing to which device management services are being used by companies for managing multiple networks and devices. Components, such as sensors, routers, and modems, are prone to cyber-attacks that may fail during the operation. The IoT device management market is driven by the need to extend device capabilities and ensure data security in these systems. The system ensures supercharging of IoT applications by adding user-defined attributes and only specific data is provided to pre-authorized users and recipients.
Rapidly-growing demand for IoT solutions in all industry verticals and the benefits of this network, such as connected computing, marketing automation, and supply chain analytics, are fueling the IoT device management market growth. The increased penetration of networking and communication technologies and the need for digitization across the world are boosting the usage of IoT and cloud-based technologies. These technologies provide several benefits to enterprises such as hyperconnected system operators, reduced operational cost through automation, and activated configurations. The technology is increasingly used in smart and connected devices due to the scalability and easy upgradability features. These include smart home automation devices and intelligent gadgets such as watches and smart water meters, thereby providing an impetus to the IoT device management market.
A major challenge for the IoT device management market is the issue with cybersecurity in the device and network level. Occurrences, such as hacking of systems, servers, and browsers, can make the network unsafe for use, resulting in the loss of important data, increased cost for installation of new devices, and theft of vital organizational data such as financial information and customer information. These issues can be overcome by regular system upgrades and frequent changes of user credentials. The scalability of the systems and devices is a hurdle in the IoT device management market. The inability to foresee and accommodate future needs, changes, and additions to the network is a prime issue. Additionally, scalability can be multi-faceted such as deployment at the ground level, edge getaways of computing, and a high cost of deploying the IoT devices. This issue can be overcome by developing and incorporating efficient management system from a plethora of options available for these solutions such as AWS IoT device management and Verismic cloud management suite.
A major trend in the IoT device management market is the implementation of the solutions in the industrial sector owing to the digitization of supply chain and manufacturing procedures. Industrial IoT is growing due to the reduction in the operational cost of the industrial activities. It also aids in process automation, increasing productivity, and eliminating manual challenges. The concept of Industrial IoT allows OEMs to incorporate the benefits of IoT in industrial operations, increasing the need to manage complex IoT networks in the industries. The implementation of device management solutions at this stage is essential for industries, fueling the demand for the IoT device management market. The management systems have a scope for improvement in managing IoT devices such as enhanced productivity, real-time device monitoring and updating, increased customer reliability, and data security.
The large enterprises’ segment in the IoT device management market is expected to witness a high growth over the forecast period. The growth in this segment is attributed to the increased implementation of IoT network and devices in organizations as a part of digitization and high investment capabilities in this sector for efficient performance and productivity to serve the customers better. Small and medium-sized enterprises are anticipated to generate a high demand for these solutions in the IoT device management market over the coming years. The increasing demand is attributed to cost-effective management plans and resistance to invest in the reimplementation of IoT devices on the failure or attacks. The governmental aid in providing funds for these types of digital innovations is fueling the IoT device management market growth in this segment.
The IoT device management market segmented by the deployment model indicates that the private cloud segment is holding the largest market share and is expected to sustain growth over the forecast period. The combination of the IoT network with private cloud meets all the IoT infrastructure demands while all the government regulations & compliances are met with the implementation of private cloud management solutions that are easily integrated with the existing IoT network infrastructure. The public cloud demand is growing steadily in the IoT device management market. The growth is attributed to reduced implementation cost when compared to the private alternatives. These provide benefits to the organizations such as low maintenance, massive economies of scale, and easy installation. The public cloud segment includes less risk failure and high flexibility without involving redundancy.
The smart manufacturing end-use segment in the IoT device management market has witnessed a high growth in the recent years owing to the high adoption of industrial IoT in the manufacturing and production sector. This software allows users to collect and analyze data to make better & informed decisions and optimize production. The smooth working of these systems is possible only by implementing an efficient management solution. The smart homes segment is steadily rising in the IoT device management market. The growth is attributed to the need for secured networking systems in modern homes to be secure from theft and the ease in using modern implementations.
The U.S. dominates the IoT device management market. The high demand for management solution in this region is attributed to the early adoption of advanced IoT technologies and high investment power of the major players to secure and properly manage their IoT and cloud computing networks. High broadband speed and advanced infrastructure in the country are fueling the consumption of smart devices incorporating these technologies as they require extremely efficient internet facilities for their operations. Countries including China and India are expected to witness a high IoT device management market demand due to the rapid industrial boom and growth of the IT industries. Additionally, there are governmental provisions, such as huge investments of the Chinese government, in IoT for development and strong connectivity. The growing development of SMEs in India owing to the provisions, such as tax exemptions, easier capital fund availability, and land sanctions, is aiding the implementation of these IoT device management solutions to support the technical advancements in device operations and management.
Companies operating in the IoT device management market include Telit, Amazon Web Services, Inc., VMware, Inc., Smith Micro Software, Inc., IBM, Inc., Microsoft, and Oracle. The players have adopted strategies such as new product development, innovation, merger, acquisition, collaboration, and partnership. For instance, in November 2017, Amazon Web Services, Inc. launched AWS IoT Device Management that makes it easy for the customers to securely onboard, monitor, organize, and manage IoT devices. It ensures fast onboarding, simple organization, quickly locate, and quick remote management. The innovation of cloud computing technologies incorporating this software is creating prime opportunities in the IoT device management market. Cloud-based solutions for managing these devices provide benefits such as enhanced component security, chip-to-cloud solutions, and remote management. For instance, Arm Limited introduced Mbed Cloud, a scalable solution for all IoT device management challenges. It supports efficient data communication, end-to-end security, easy integration, and flexibility in identity provision.