Wilmington, Delaware, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global IoT device management market stood at US$ 1.87 billion in 2021 and is projected to reach US$ 10.42 billion in 2031. The global IoT device management market is anticipated to expand at a CAGR of 18.7% between 2021 and 2031.
The global IoT device management market is experiencing significant growth, primarily due to the increasing number of IoT devices and the growing complexity of managing them. As more organizations and individuals recognize the potential benefits of IoT, there has been a surge in the adoption of IoT devices across various industries. These devices are used in sectors like automotive, manufacturing, and industrial applications, where they play a pivotal role in enhancing efficiency and operations.
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IoT device management solutions have gained traction across a wide range of industries. They provide essential functions that help organizations efficiently manage their connected devices and assets. This includes ensuring API security, authentication, and network security for consumers. Furthermore, IoT device management solutions contribute to effective network bandwidth management and remote monitoring. These capabilities have become indispensable in optimizing operations and ensuring the smooth functioning of IoT ecosystems.
Efforts to standardize IoT protocols and technologies are underway, aimed at creating a unified and interoperable IoT ecosystem. These initiatives contribute to the reliability and scalability of IoT solutions. Additionally, the affordability of connected devices has made IoT accessible to a broader consumer base. As the pricing of IoT devices becomes more competitive, it opens the door to significant opportunities for market players, encouraging further adoption and innovation.
Key Takeaways of Market Report
- Global IoT device management market to generate absolute dollar opportunity worth US$ 10.42 billion until 2031.
- Global IoT device management market from 2021 to 2031 is 18.7%
- Global IoT device management market is valued at US$ 1.87 billion in 2021.
- Global IoT device management market stood at US$ 1.58 billion in 2020.
Global IoT Device Management Market: Growth Drivers
- The global IoT device management market is experiencing robust growth driven by several key factors. One of the primary drivers is the increasing concern regarding network security. As the Internet of Things (IoT) continues to expand and connect an ever-growing number of devices, data security becomes a complex challenge due to non-standardization and device compatibility issues.
- Clients deploying IoT solutions have become acutely aware of these security concerns, which has led to a surge in demand for IoT device management solutions.
- The global IoT device management market is further fueled by the rising adoption of IoT devices across various industries and regions. This surge in IoT device utilization has generated a substantial demand for the storage and management of vast amounts of data. As IoT devices collect and transmit data, efficient data storage and management are essential to ensure device performance and functionality.
Global IoT Device Management Market: Regional Landscape
- North America is poised to lead the global IoT device management market during the forecast period. A combination of technological advancements, robust economies, and substantial investments in IoT security and analytics research and development has created a favorable environment for growth in this region.
- Market players in North America are dedicated to the development of advanced solutions that offer real-time data monitoring and analytics, along with sophisticated data management tools to meet the evolving needs of the market.
- Europe has a robust industrial sector, and many companies are integrating IoT devices into their operations to improve efficiency, reduce costs, and enhance overall productivity. The deployment of IoT devices in manufacturing, logistics, and supply chain management is on the rise. Europe has numerous research institutions and innovative startups working on IoT technologies. This vibrant ecosystem is driving innovation in IoT device management, leading to the development of cutting-edge solutions.
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Global IoT Device Management Market: Key Players
- GE is taking a strategic step into Industrial Internet of Things (IIoT) software. The conglomerate is set to establish a new independent company focusing on building a comprehensive IIoT software portfolio. This bold move indicates the growing importance of IIoT in the industrial landscape.
- Telefonica, a primary telecommunications provider, has partnered with PTC to enhance its IoT solutions. This collaboration is set to bring about notable advancements in the IoT domain by leveraging PTC's ThingWorx platform.
Global IoT Device Management Market: Segmentation
- Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
Application
- Smart Manufacturing
- Smart Home
- Smart Utilities
- Smart Retail
- Connected Health
- Smart Transportation
Solution
- Security Solution
- Data Management
- Remote Monitoring
- Network Bandwidth Management
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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