The global IoT device management market features an increasingly fragmented landscape, finds Transparency Market Research (TMR). This is attributed to the presence of large numbers of players in the IoT device management market who are constantly adopting strategies to strengthen their shares. Constant entry of product developers and technology players over the past few years has upped the ante for incumbent players in the market. TMR observes that top players in the global IoT device management market are investing sizeable sums on research and development to consolidate their positions. A number of them have been also acquiring new companies with core competencies in communication technology, which might confer substantial gains to them in the coming few years.
Some of the top players in the global IoT device management market are Oracle Corporation, Intel Corporation, IBM Corporation, Robert Bosch GmbH, and Google LLC.
The global IoT device management market is projected to clock a phenomenal CAGR of 31.5% during 2017 – 2025.
Among the various deployment types, public cloud accounted for the major share in 2016 in the IoT device management market. The prominence could be attributed to the extensive uptake among enterprises and consumers in the end-use industries. Moreover, the attractiveness of IoT device management for public clouds hinges on their cost-effectiveness.
Regionally, North America led the global IoT device management market by holding the dominant share in 2016. The growth is driven by substantially rising uptake of smart industrial and automation technology in manufacturing and healthcare applications. However, Asia Pacific is likely to emerge with the most attractive CAGR over 2017–2025.
Ever rising Numbers of IoT Devices in Industrial Applications drives Demand
The staggering rise in numbers of IoT devices in numerous industrial sectors, coupled with growing complexity of IoT security, is a key factor on which the evolution of the IoT device management market has pivoted on. Rapid strides in industrial IoT verticals of Industry 4.0. have increasingly bolstered the uptake in recent years. The IoT device management market is propelled by rapidly rising uptake of IoT-enabled technologies and devices.
In emerging markets, the adoption has benefitted from the presence of substantial numbers of IoT device management distributors. Some of the key functions are configuration and associations, monitoring and diagnostics of connected devices, software updates and maintenance, and provisioning and enrolment.
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Rising Deployment of IoT devices in Consumer Markets underpins Enormous Potential in Market
Rapidly rising deployment of IoT devices in consumer markets has been offering attractive strides to the expansion of the IoT device management market. An unprecedented growth has come from the growing deployment of IoT devices in smart home technologies, especially among consumers in developing and developed nations. Moreover, the IoT device management market has been witnessing profound prospect in the growing relevance of data analytics in shedding light on consumer choices. The growing popularity of edge computing and artificial intelligence is opening vast prospects in the market.
Despite the vast prospects of the global IoT device management market, the demand is constrained by a few factors. Growing threats of cyber-attacks owing to security lapses in IoT technology are hindering the demand. Nevertheless, rapid advances in the IoT device management market to overcome security challenges, notably by better IoT device onboarding and provisioning, are expected to unlock new prospects.