IoT Device Management Market to Expand at staggering 31.5% CAGR due to Increasing Application in Various Businesses
The information presented in this review is based on a TMR report, titled "IoT Device Management Market (Organization Sizes - Large Enterprises, and Small & Medium Sized Enterprises; Deployment - Public Cloud and Private Cloud; Application - Smart Manufacturing, Smart Homes, Smart Utilities, Smart Retail, Connected Health, Smart Transportation; Solution - Security Solution, Data Management, Remote Monitoring, Network Bandwidth Management) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
The global IoT device management market is highly fragmented due to the presence of large number of players operating in the market. Rising number of product developers and growing technology has also increased the competition among the players. Leading players in the market are investing heavily in research and development to strengthen their position and to gain power over their competitors. These players are also acquiring new players in communication technologies and IoT device management with the main objective to develop effective IoT device management solutions. ARM Ltd., Google, Robert Bosch GmbH, Microsoft Corporation, IBM Corporation, Intel Corporation, and Oracle Corporation are some of the leading players operating in the market.
As per the TMR, the global IoT device management market is likely to progress at staggering CAGR of 31.5% during the forecast period between 2017 and 2025.
Depending upon the size of the organization, in 2016 large enterprises held the maximum share in the global market. Growing employment of innovative technology and increasing focus on research and development activities have created huge opportunity for larger enterprises to adopt IoT device management. Based on geography, North America led the market and held larger share in the market in 2016. On the other hand, Asia pacific is likely to rise at 33.4% CAGR in the coming years.
Rising Preference for Smart Home Technology to Drive IoT Device Management Market
Rapid technological developments and widespread adoption of several IoT technologies across enterprises are the key factors driving the global IoT device management market. Growing popularity and increasing preference of consumers to use smart home technology in developed economies have also boosted the demand for IoT device management services. On developing economies, the presence of large number of IoT device management distributors of innovative products have pushed the demand in the IoT device management market.
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.
Low Cybersecurity to Hamper Demand for IoT Device Management
Despite the growing demand for IoT device management in various industries and business, some restraints might hamper its demand. One such factor is rising risk of cybercrime that might affect the crucial data and information of business. Growing cyber-attacks and treats that have taken place and are likely to happen in future risking crucial data of organizations that restrict customers to use IoT device management services. However, availability of advanced security possibilities for IoT device management may emerge as an effective competitive strategy that may push the demand in the IoT device management market.
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