IoT Device Management Market size is set to cross USD 11 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing investments in IoT technology is fueling the industry growth. Various business organizations are extensively investing in advanced technologies, such as cloud computing, IoT, etc., in order to transform their business operations. Countries, such as India, China, the UK, the U.S., etc., are transforming their end-user industries with help of IoT technology. Moreover, favorable government initiatives toward the adoption of IoT technology are providing significant growth opportunities to the market. The government of the UK launched a national program called IoTUK, which aims at increasing the acceptance of IoT technology across private and public sectors.
The major IoT device management market participants are focusing on developing advanced and integrated telecom service assurance solutions. For instance, in October 2021, Device Authority launched KeyScaler Edge software solution. It is specially designed to address IoT security services. It provides various advanced features such as security lifecycle management, zero touch on-boarding, automated credential management, and others.
Increasing adoption of remote monitoring solutions across various verticals is fueling the IoT device management market demand
The remote monitoring solution is estimated to register growth of 30% through 2028 led by the increasing instances of cyberattacks and the growing need to manage connected devices. Remote monitoring solutions help in increasing the visibility of the IoT devices by predicting the equipment failure. They offer several benefits such as reduce device downtime, analyze device performance, remotely manage, control the IoT devices, provide automatic alerts, and send notifications.
Get more details on this report - Request Free Sample PDF
Rising demand for cloud based IoT device management solutions
The hybrid cloud held more than 35% of the IoT device management market share in 2021 due to the growing need to improve business operations. Small business enterprises are increasingly adopting hybrid cloud solutions as they are highly flexible and reduce the overall infrastructure cost. They also reduce the need for constant internet connectivity.
Moreover, the growing need for interoperability standards between cloud and existing system is expected to support the industry growth. Various end-user industries are actively using hybrid cloud solutions as they eliminate the need to invest a huge capital in managing short term demands.
Browse key industry insights spread across 270 pages with 346 market data tables and 35 figures & charts from the report, “IoT Device Management Market Size By Component (Solution [Real Time Streaming Analytics, Security Management, Remote Monitoring Management, Device Management], Service [Professional Service and Managed Service]), By Deployment Model (Private Cloud, Hybrid Cloud, Public Cloud), By Application (Smart Manufacturing, Smart Health, Connected Logistics, Smart Utilities, Smart Retail), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Growing digitalization across the retail industry
The smart retail segment captured 15% of revenue share in 2021 impelled by the retail business enterprises extensively focusing on transforming their business models. IoT device management solutions help retailers in improving their customer experiences. With this, retailers can increase their sales and manage store inventory more effectively. They provide the retailers complete visibility about their products and can easily track the product delivery time. IoT technology is drastically changing the retail industry with the implementation of advanced and integrated solutions. These advanced solutions help retailers in providing high-quality services and improving inventory management.
Increasing acceptance of connected devices across APAC region
Asia Pacific IoT device management market is predicted to reach USD 4 billion by 2028 owing to the rising trend of BYOD and the growing usage of sensor technology in the region. The growing manufacturing and retail sectors in major countries, such as China, India, and Japan, is another factor supporting the industry demand.
APAC is a highly lucrative market for the adoption of IoT technologies due to numerous government initiatives for large-scale digitalization of urban infrastructure in countries including China, South Korea, and India. China is planning to transform their manufacturing sector with the help of advanced technologies such as 5G, cloud computing, and IoT, creating ample growth opportunities for the market.
Leading companies are focusing on developing advanced IoT device management solutions to gain a competitive advantage
Some of the players operating in the IoT device management market are 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., and Wind River Systems Inc. The industry leaders are developing more advanced IoT device management solutions to meet the demand of the customers.
Explore More on Related Topics: