Thanks to growing smart technology adoption in various verticals, the global IoT device management market is forecast to witness a 31.5% compound annual growth rate from 2017 to 2025, according to Transparency Market Research (TMR).
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.
Regionally, North America held the dominant share in the IoT device management market owing to greater concentration of smart homes and widespread adoption of smart technology in manufacturing and healthcare.
Asia Pacific, on the other hand, is predicted to be the fastest growing regional segment and is likely to emerge to the fore in the coming years, with an above-the-average growth rate of 33.4%.
TMR pointed out that in developing economies, the presence of large number of IoT device management distributors of innovative products have pushed the demand for IoT device management.
Industry application
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.
Demand for IoT device management is growing from disparate industry verticals such as finance, healthcare, manufacturing, transportation and logistics.
Large enterprises’ increasing R&D focus on and application of innovative technologies and higher capital base allow them to adopt IoT device management systems to a greater extent to facilitate their operations.
In addition, growing use of data analytics to understand consumer choices and trends by various businesses has also boosted the demand for IoT devices management.
Configuration and control, monitoring and diagnostics of connected devices, software updates and maintenance, and provisioning and authentication has also grown the demand for IoT devices management that is expected to further drive the market performance.
Security risks
Despite the growing demand for IoT device management in various industries, some restraints might hamper its demand. One such factor is rising risk of cybercrime that could compromise companies’ crucial data and information.
Growing cyberattacks that have taken place and threats likely to happen in the future have pushed organizations to restrict customers’ access to IoT device management services.
Many consumers also underutilize or don’t trust IoT devices due to the security risks. 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, TMR said.
Leading players in the device management market include Robert Bosch, ARM, HP, Google, Intel, IBM, Oracle, Microsoft, Smith Micro Software and SAP.
Public cloud gains dominance
IoT device management comprises of multiple operating systems and several varieties of communication methods and protocols which facilitate smooth functioning of smart devices.
With the rising penetration of the internet, large volumes of data are being produced on a daily basis, resulting in higher demand for progressive data management tools.
Based on deployment, the IoT device management market is divided into three types: public cloud, private cloud and others. Public cloud held the leading market share, as a growing number of enterprises opt for public cloud system so that the cost of data storage can be reduced to a great extent.
Rising use of remotely operable electronic devices in households, however, could lead to a significant rise in the demand for private cloud infrastructure, potentially making it a leading contributor to the global IoT device management market, TMR predicted.