In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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.
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:
Our in-depth analysis of IoT device management market includes the following segments:
Ans: Rising innovative technologies and increasing industrialization and adoption of smart cities are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: Lack of standardization, continuous exposure to security issues and lack of IT infrastructure are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing industrialization and adoption of smart cities.
Ans: The major players dominating the global IoT device management market are Microsoft Corporation, PTC Inc., Oracle Corporation, Cumulocity GmBH, IBM Corporation, Cisco and among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by platform, solution, end-user and by region.
Ans: With respect to application, BFSI hold the largest market share owing to the fastest transformation into digitalization and mobility.