The growing trends of cloud-based device management platforms coupled with the increasing adoption of BYOD and CYOD among businesses are driving the growth of the market.
Market Size: USD 1,696.1 million in 2020, Market Growth: CAGR of 27.7%, Market Trends: The increasing adoption of vendor and device independent platforms.
global IoT Device Management Market it is projected to reach $11.22 billion by 2026, according to a new report from Reports and Data. Artificial intelligence technology is the essential computing technology used in retail, transportation and logistics, manufacturing, utilities, healthcare, and others. IoT device management is the method of authenticating, provisioning, configuring, monitoring, and managing the device’s firmware and software that provides its functional capabilities. The penetration of communication and networking technologies and the requirement for real-time analytics, mixed assets and machine security have led to the selection of IoT device management. The growing market demand for smart sensors is booming in this market.
Favorable circumstances in the IoT device management market lie in the growing adoption of CYOD and BYOD, and the growing demand for cloud-based device management platforms. The growing applications in large companies and small and medium-sized companies are driving the market for such technology. The smart device management technology market has several application areas, such as Smart Retail, Connected Health, Smart Utilities and Connected Logistics, which is helping the market growth of this IoT device management. The lack of subsidies and high initial investment and the inadequacy of privacy and data security concerns is acting as a market restraint.
The above mentioned factors jointly create opportunities for market growth while factors like real-time complexity act as a challenge in implementing such a solution and add constraints in the market. However, each item would have a specific impact on the market during the forecast period.
In Europe, due to the sudden rise in the adoption of real-time streaming analytics for various applications in various sectors, coupled with the growing demand for multilingual translators, the market for such technologically advanced education is driving at a fast pace. The rising economy in countries like Germany, France and the UK due to favorable political, social and economic conditions is helping the market to grow. The IoT device management market must evolve to meet the ever-expanding scale and scope of consumer, commercial, industrial, and government systems and solutions.
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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.
Other key findings of the report suggest
- The vertical manufacturing industry had the largest market share of 22.6% in the year 2020. IoT device management solutions are widely used in the procurement, production and storage of materials/goods, so the area is expected to of purpose of intelligent manufacturing governs the Market of management of IoT devices.
- The SME Organization Size segment is anticipated to witness the highest CAGR of 28.1% during the forecast period. Improved adoption of these solutions by SMEs for various processes is expected to drive the growth of the segment.
- The services segment is forecast to witness the highest CAGR of 28.9% during the forecast period. The professional services portfolio is created to reduce the complexity of IoT systems. The growing adoption of connected devices is increasing the demand for managed services as they allow companies to focus on core business operations. The key benefit of managed services is their expertise, which can be leveraged by customers.
- Asia Pacific is expected to witness the highest CAGR of 30.4% during the forecast period. The growth of the market is mainly inspired by the infrastructure advances taking place in the region and the favorable economic conditions. In addition, different initiatives taken by the governments of different countries for the improvement of digitization are expected to bring new growth possibilities to the players.
To identify the key trends in the industry, click on the following link: https://www.reportsanddata.com/report-detail/internet-of-things-iot-device-management-market
For the purposes of this report, the reports and data have been segmented into the global IoT Device Management Market based on component, deployment type, organization size, vertical industry, and region:
Implementation Type Outlook (Revenue, Billions of USD; 2020-2028)
- public cloud
- private cloud
- hybrid cloud
Industry Vertical Outlook (Revenue, Billion USD; 2020-2028)
- Retail sale
- Health care
Organization Size Outlook (Revenue, Billions of Dollars; 2020-2028)
Component Type Outlook (Revenue, Billions of USD; 2020-2028)
Regional perspective (revenue, billion dollars; 2020-2028)
- North America
- Pacific Asia
- Latin America
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Internet of Things (IoT) Key Benefits Device Management Report:
- Identification and analysis of market size and competition.
- Qualitative and quantitative analysis of 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
- Key player profiles along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT analysis and Porter’s Five Forces for a deep understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, constraints, challenges, risks and limitations
conclusively, all aspects of the Internet of Things (IoT) Device Management market are assessed quantitatively and qualitatively to study global and regional market comparatively. This market study presents critical information and factual data about the market that provides an overall statistical study of this market on the basis of market drivers, constraints, and its future prospects.
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