The fragmented IoT device management market is likely to swell in the coming years, with several new players acquiring a firm foothold in the burgeoning market.
IoT device management comprises of multiple operating systems and several varieties of communication methods and protocols targeted at conducting smooth functioning of smart devices. The service of IoT device management has become vital for the business sector in recent years due to the rising use of remote operation in a number of industries and the subsequent need to manage the operation of the devices.
The global IoT device management market is expected to exhibit a robust 31.5% CAGR from 2017 to 2025.
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The importance of data analytics to the functioning and operation of a business has increased to a great extent in recent years.With the rising penetration of the internet, large volumes of data are being produced on a daily basis, which raises the need for progressive data management tools.
As smart technology becomes popular these days, IoT devices have correspondingly become key producers of digital information. IoT device management systems allow players to collect, collate, and analyze these data, which has triggered rapid growth of the IoT device management market in recent years.
Providing dynamic security options for IoT device management could thus emerge as an influential competitive strategy for players in the global IoT device management market in the coming years.
On the basis of organization size, large enterprises held the dominant market share in the global IoT device management market in 2016. The increasing focus on research and development and application of innovative technologies in the day to day workflow, and higher capital base provide an opportunity for larger enterprises to adopt IoT device management systems
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The IoT device management market is gaining demand from disparate industry verticals such as financial institutions, healthcare, manufacturing, transportation, and logistics. The key role played by digital operating mechanisms in these fields in modern times is likely to ensure steady demand from the IoT device management market.
Regionally, North America held the dominant share in the global IoT device management market owing to greater concentration of smart homes and widespread adoption of smart technology in manufacturing and healthcare in this region. On the other hand, Asia Pacific is the fastest growing regional segment of the global IoT device management market and is likely to emerge to the fore in the coming years, with the regional market expected to exhibit a robust CAGR of 33.4% in the 2017-2025 forecast period.
Leading players in the global IoT device management market are Robert Bosch GmbH, ARM Ltd., HP, Google, Intel Corporation, IBM Corporation, Oracle Corporation, Microsoft Corporation, Smith Micro Software, and SAP SE.
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