The "Global IoT Device Management Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization Size, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global IoT Device Management Market size is expected to reach $7.3 billion by 2028, rising at a market growth of 32.0% CAGR during the forecast period.
Connected Device administration, provisioning, tracking, and diagnostics are all required for fault replication and remedial steps in the IoT device management industry. The complete IoT device management market is moved by a few key factors, including the complete growth of IoT networks and systems, raising issues over network security, increasing need to observe the health of IoT devices, and the implementation of 5G networks and their assistance for massive IoT, combined with Multi-access Edge Computing (MEC). Additionally, IoT device management systems offer data collecting and analysis.
The evolution of IoT device management has seen tremendous growth in recent years, due to the increasing implementation of mobile devices and smartphones, as well as the growing penetration of the internet. Emerging applications and economic models, as well as dropping device costs and standardization, are driving the expansion of IoT and linked devices.
Additionally, Industry 4.0 is altering industries by enabling digital factories and the establishment of an ecosystem of linked firms and plants by replacing legacy systems with smart machines and smart components. OEMs are adopting IoT devices throughout the operations as part of Industry 4.0.
In anticipation of the greater implementation of IoT devices and digital revolution across industrial verticals, the European Commission estimated that the value of IoT in Europe will surpass EUR 1 trillion in 2020, indicating that the sector will thrive.
Market Growth Factors
Growing Data Security Issues To Boost The Market
The IoT devices management market is being driven by rising concerns about network security, the use of health monitoring and linked medical devices, and the development of 5G networks. The IoT device management market is being driven by a growing awareness of security issues between clients that are using IoT solutions. Because diverse devices are linked to each other in the Internet of Things (IoT), data security gets complicated owing to device non-standardization and incompatibility.
Complexity In Managing Connected Devices is expected to Drive The Market Growth
The IoT device management market is being driven by a surge in the quantity of IoT devices and the difficulty of controlling such devices. IoT devices management software is utilized in a variety of industries, including automotive, manufacturing, and industrial. The solutions let consumers manage linked devices and assets more efficiently by offering authentication, API security, and network security. Consumers will benefit from these solutions in terms of network bandwidth control and remote monitoring.
Market Restraining Factors
Technical Glitches And Complete Reliance On Connectivity And Power
Though it may appear that IoT devices perform simple functions like counting entry swipes at a secure door, they are built with a lot of advanced technology. Furthermore, if they're giving critical data to another workflow or system, everything related to it could suffer. It is not a big concern if the user counts the number of swipes at the entrance wrong, but if another piece of equipment mixes temperature data with entry swipe data, it can be disastrous and correcting the error isn't always simple. Deploying IoT devices can have a steep learning curve. Before obtaining them, it's a good idea to plan out how and why organizations use them.
Scope of the Study
Market Segments Covered in the Report:
By Organization Size
Key Market Players
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