The IoT Device Management Market Highlights 2020-2029
The IoT device management market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The adoption of smart cities and increasing investments of government towards IoT initiatives attributes to the growth of the IoT device management market. The rising trend of adopting digital twin also accelerates the market growth. Digital twin converts the physical assets of industry into virtual depiction, thus giving organizations a better view of information and situation. The shift from traditional sensors to smart sensors fuels the market growth as the adoption of smart sensors enables the platform to offer more accurate, reliable, and intelligent solutions for the users. Moreover, an increase in the adoption of Industrial IoT, in turn, is expected to increase the growth of the IoT device management market size. Industrial IoT is being adopted due to its advantages, such as a decrease in industrial operational costs. It also helps in increasing efficiency process automation, and eliminating manual challenges. Increasing industrialization also fuels the IoT device management market growth. As per the reports of the Ministry of Corporate Affairs (MCA), around 10,954 companies were registered in June 2020. Out of which 3,399 companies belonged to the business service segment, followed by 2,360 in manufacturing, 1,499 in trading, 1,411 in community, personal & social services, and 644 in construction.
During Covid-19, the market has seen a significant rise in the adoption of IoT based devices as cloud and AI technologies are being majorly deployed in various industry verticals.
On the basis of platform, the market is segmented into device management, cloud platform, and network management. Out of all, cloud platform holds the largest share in the market because it offers long-run cost-effective services, better security, higher collaboration, and also disaster recovery solutions.CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of solution type, the market is segmented into real-time streaming analytics, data management, and remote monitoring, out of which real-time streaming holds the highest share in the market. Majority of business is focusing on the real-time streaming by processing and correlating data from multiple sources. For instance, in the healthcare department, real-time analysis offers capabilities to monitor patients remotely. Also, the quality of care can also rise by providing patients real-time data and rapid responses to the queries.
On the basis of end users, the market is segmented into BFSI, retail, government, healthcare, manufacturing, agriculture, and sustainable energy. BFSI holds the highest share in the market as it shows the fastest digitalization and mobilization. Healthcare and manufacturing sectors are also expanding their business in the market with technological advancement.
Global IoT Device Management Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing industrialization, increasing investment of government and non-government organizations towards IoT initiatives.
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing invest in Research and Development (R&D) activities, thereby contributing to the development of new technologies in IoT security and analytics. Further, the government’s support and heavy investments by various well-established organizations are driving the growth of the market in the North American region. Europe holds second place in the market as the European countries are highly focusing and investing in the maximum utilization of technology to boost the advancement across the industries.
The IoT device management market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of IoT device management market includes the following segments:
By Platform
- Device Management
- Cloud Platform
- Network Management
By Solution
- Real-Time Streaming Analytics
- Data Management
- Remote Monitoring
By End-User
- BFSI
- Retail
- Government
- Healthcare
- Manufacturing
- Agriculture
- Sustainable Energy
Growth Drivers
- Increasing investments of government toward IoT initiatives
- Increasing industrialization and adoption of smart cities
Challenges
- Lack of standardization
- Continuous exposure to security issues
Top Featured Companies Dominating the Market
- IBM Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Microsoft Corporation
- PTC Inc.
- Oracle Corporation
- Cumulocity GmBH
