Selbyville, Delaware, March 30, 2022 (GLOBE NEWSWIRE) --
The IoT device management market is expected to surpass USD 11 billion by 2028, as reported in a research study by Global Market Insights Inc. The growing adoption of sensor technology across various sectors is driving the industry growth. Various end-user industries are increasingly using sensor technology to provide centralized connected devices and improve customer experiences. The next generation sensors are developed on smaller chips that provide flexibility, efficiency, and advanced integration.
Professional services held a market share of over 70% in 2021. Professional IoT device management services help the organizations to provide a wide range of resources such as customized development & implementation, software upgrade, and technical support to customers. They offer several benefits such as faster time to market, continuous expert support, and improve value of the solution.
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The public cloud is expected to grow at a CAGR of over 25% through 2028 due to rapid digital transformation across various end-user industries. With digital transformation, various sectors are focusing on changing their business processes and operational efficiencies. It consists of several advanced features such as self-service provisioning, scalable, lower cost, no maintenance is required, and others. Moreover, the growing demand for Software as Service (SaaS) and Platform as a Service (PaaS) is providing significant market growth opportunities.
The smart health segment is estimated to witness 25% gains through 2028 owing to growing digitalization across the healthcare sector. IoT technology is drastically transforming the healthcare sector by revising the space of medical devices and healthcare solutions. IoT device management solutions offer several benefits in the healthcare sector such as remote patient monitoring, provide end-to-end connectivity, data analysis, automatic alert, medical assistance, and others.
Europe IoT device management market is likely to observe exponential growth on account of the growing adoption of advanced technologies and increasing demand for 5G network. The IoT device management companies operating in the region are focusing on developing advanced and integrated IoT device management solutions for their customers. For instance, in August 2021, Vodafone launched a unique and advanced IoT device management platform for water companies. It connects a wide range of devices and sensors into one platform. It consists of several advanced features such as improves monitoring & detection systems, reduces wastage, increases operational efficiency, and others.
The companies are focusing on forming strategic partnerships to develop advanced and innovative IoT device management solutions. For instance, in February 2022, Friendly Technologies partnered with Kenton to develop cloud-based device management solutions in the UK. Under this partnership, Friendly Technologies has managed Kenton’s CPE estate through its flagship Friendly IoT device management platform and IoT solutions.
Some major findings of the IoT device management market report include:
- Advancements in technologies, such as IoT, cloud computing, data analytics, and 5G, are anticipated to support market growth.
- The rapidly growing BYOD trend across the globe is providing significant growth opportunities.
- The Europe market is propelled by the growing adoption of advanced and integrated cloud based IoT device management solutions.
- Major players operating in the IoT device management market are Advantech Co. Ltd., Aeris Communications LLC, Amazon Web Services Inc., Amplia Soluciones S.L, AVSystem, Bosch.io GmbH, Cumulocity GmbH, Huawei Technologies Co. Ltd., GE Digital, and Google LLC.
- The companies operating in the market are implementing partnerships to develop integrated and innovative IoT device management solutions.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 IoT device management industry 360º synopsis, 2018 – 2028
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Deployment model trends
2.6 Application trends
Chapter 3 IoT Device Management Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 COVID-19 impact
3.4 Industry evolution
3.5 IoT device management industry ecosystem analysis
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Investment portfolio
3.9 Patent analysis
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Rising number of connected devices globally
3.10.1.2 Growing investment in IoT technology
3.10.1.3 Increasing adoption of sensor technology
3.10.1.4 Growing adoption of cloud-computing based IoT device management solution
3.10.2 Industry pitfalls & challenges
3.10.2.1 Lack of uniform IoT standards for interoperability
3.10.2.2 Data security and privacy concern
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
