Internet of Things (IoT) Device Management Market Multi-Industry Opportunities, Key Segments, Potential Goals, and Recommendations by 2028
The growing trends of Cloud-Based Device Management Platforms along with the rising adoption of BYOD and CYOD among enterprises is propelling the market growth.
Market Size – USD 1,696.1 Million in 2020, Market Growth - CAGR of 27.7%, Market Trends – The rising adoption of device and vendor agnostic platforms.
The Global IoT Device Management Market is forecast to reach USD 11.22 Billion by 2026, according to a new report by Reports and Data. The artificial intelligence technology is the essential computer technology used in Retail, Transportation & Logistics, Manufacturing, Utilities, Healthcare, and others. IoT device management is the method of authenticating, provisioning, configuring, monitoring, and managing the device firmware and software that gives its functional capabilities. The penetration of communication and networking technologies and the requirement for real-time analytics, combined assets, and security of machines have led to the selection of IoT device management. The rising demand for Intelligent Sensors market is booming this market.
The favorable circumstances in the IoT Device Management Market lie with the increasing adoption of CYOD & BYOD, and growing demand for Cloud-Based device management platforms. The rising applications in large enterprises and small and medium-sized enterprises are boosting the market of such technology. The intelligent Device Management technology market has various application areas such as Smart Retail, Connected Health, Smart Utilities, and Connected Logistics, which is helping in the market growth of this IoT Device Management. The lack of subsidies & high initial investment and lack of appropriateness of data security and privacy concerns is acting as a market restraint.
The factors mentioned above jointly create opportunities for the market growth, while factors such as real-time complexity act as challenge in the implementation of such a solution add limitations in the market. However, each element would have a specific impact on the market during the forecast period.
In Europe, due to the sudden rise in adoption of real-time streaming analytics for various applications in various sectors, along with growing demand for multilingual translators, the market for such a technologically advanced education market is propelling at a fast rate. The rising economy in counties like Germany, France, and the United Kingdom due to favorable political, social, and economic conditions is helping the market to grow. The IoT device management market must develop to meet the ever-expanding scale and reach of consumer, business, industrial, and government solutions and systems.
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Key participants Oracle Corporation, IBM Corporation, Microsoft Corporation, PTC Inc., Cumulocity GmBH, Xively, Particle, Einfochips, Wind River Systems, and Enhanced Telecommunications Inc., among others.
Further key findings from the report suggest
- Manufacturing industry vertical held the largest market share of 22.6% in the year 2020. The IoT device management solutions are extensively used in procurement, production, and storage of materials/goods, owing to which, the smart manufacturing purpose area is expected to govern the IoT device management market.
- The SMEs Organization Size segment is forecasted to witness the highest CAGR of 28.1% during the forecast period. Enhanced adoption of these solutions by SMEs for various processes is presumed to propel segment growth.
- Services segment is forecasted to witness the highest CAGR of 28.9% during the forecast period. The professional services portfolio is created to decrease the complexity of IoT systems. Rising adoption of connected devices is escalating demand for managed services as they enable enterprises to focus on core business operations. The key benefit of managed services is their expertise, which can be exploited by customers.
- Asia Pacific is expected to witness the highest CAGR of 30.4% during the forecast period. The market growth is primarily inspired by infrastructural advancements taking place in the region and supportive economic conditions. Additionally, different initiatives taken by governments in different countries for the improvement of digitalization are expected to provide new growth possibilities to players.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/internet-of-things-iot-device-management-market
For the purpose of this report, Reports and Data have segmented into the global IoT Device Management Market on the basis of Component, deployment type, Organization Size, industry vertical and region:
Deployment Type Outlook (Revenue, USD Billion; 2020-2028)
- Public cloud
- Private cloud
- Hybrid cloud
Industry Vertical Outlook (Revenue, USD Billion; 2020-2028)
- Transportation & Logistics
Organization Size Outlook (Revenue, USD Billion; 2020-2028)
- Large Enterprise
Component Type Outlook (Revenue, USD Billion; 2020-2028)
Regional Outlook (Revenue, USD Billion; 2020-2028)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Internet of Things (IoT) Device Management Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Internet of Things (IoT) Device Management industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Internet of Things (IoT) Device Management market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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