IoT Device Management Market Assessment & Growth Evolution Forecasts By 2025

Posted on 2019-07-23 by researchinsights in Healthcare // 0 Comments

22^nd July 2019 – The IoT Device Management market is expected to register a CAGR of 28.3% in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Global IoT Device Management Market size is expected to reach USD 5.1 billion by 2025. The IoT (internet of things) represents a complex system of networks, interfaces, devices, protocols, platforms, and data. IoT devices range from actuators, sensors, gateways, and embedded software/hardware within products and assets. IoT device management consists of multiple operating systems & varieties of communication protocols and methods conducting smooth functioning of smart devices.

The factors that play an important role in the growth of IoT device management industry include increasing demand, increasing urbanization & industrialization, need for digitalization, growing demand for IoT services, increasing penetration of communication & networking technologies, growing penetration of smart devices & IoT sensors, technological advancements and increasing government support for public cloud. Moreover, growing emphasis on rising operational efficiencies and managing connected devices is expected to drive market growth in the next couple of years.

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By component, the market is bifurcated into services and solutions. The “services” segment is anticipated to hold the largest market share in the upcoming period. This segment includes managed and professional services. The “solutions” segment accounted for the highest market share in 2016 and is expected to witness high growth rate in the forthcoming years. This segment is further segmented into data management, security solutions, real-time analytics, network bandwidth management and remote monitoring.

IoT device management technologies are used in various industries such as healthcare, retail, utilities, transportation & logistics, manufacturing, and others. The “healthcare” industry is anticipated to witness the largest market share in the next couple of years. However, the “transportation” sector is expected to hold the largest market share during the forecast period due to increasing adoption of IoT device management solutions.

The probable stakeholders for market include network operators, cloud-based service providers, IoT solution providers, network infrastructure providers, device management providers and machine-to-machine, IoT & telecommunication companies. The market is widely analyzed based on different regional factors such as gross domestic product (GDP), demographics, acceptance, inflation rate and others. The market is categorized based on component, solution, service, organization size, deployment, vertical, end user, and geography.

By size of organization, the market is categorized into large and SMEs enterprises. The “SMEs” are projected to grow at a high CAGR during the forecast period. Large industries are increasingly adopting connected device management solutions for various activities related to transportation & logistics, manufacturing, and assets management. The “large enterprise” segment is expected to hold the highest market share over the forecast period.

North America has been at the forefront with regards to IoT device management market and will continue to rule the roost in the years to come. The growing infrastructural developments, increasing penetration of cloud technologies and heavy adoption of latest networking technologies are major factors driving the growth of market in this region. On the other hand, Asia Pacific is anticipated to hold the highest market share in the coming years due to high demand for smart city infrastructure and healthcare in developing countries such as India and China.

The key players contributing to the robust development of the IoT device management industry include IBM Corporation, Advantech Co. Ltd., Aeris Communications Inc., Robert Bosch GmbH, Bosch Software Innovations, Microsoft Corporation, Oracle Corporation, PTC Inc., Smith Micro Software, DevicePilot, Tibbo Systems, Wind River Systems Inc., Cumulocity GmbH, Capricode and SAP SE. These market players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.

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