IoT Device Management Market - to Exhibit 31.5% CAGR 2017-2025, Thanks to Increased Usage of Data Analytics in Enterprise Sector

The global market for IoT device management has been expanding on account of the growing uptake of smart technologies across residential, commercial and industrial sectors. IoT devices have come in hand for carrying out several extrinsic and intrinsic functions in industries and have revolutionized the processes of production, distribution, and even sales. It is imperative to understand that IoT devices are not just used across a single industry but a range of sectors from banking to healthcare deploy IoT technologies to facilitate better operations. Furthermore, the outsourcing of work by MNCs and large manufacturers has necessitated a robust framework of IoT devices. The business sector has especially been at the receiving end of tremendous benefits due to the induction of IoT technologies across the globe.

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1. Use of IoT in Healthcare Propels Demand

The healthcare industry has been undergoing rapid developments and has been steadfast in introducing adopting new technologies. The use of IoT devices in healthcare has eased several processes within the industry and has improved the overall effectiveness index of the industry. Furthermore, monitoring the health of patients and prescribing medications by means of smart devices has been a key driver of demand within the global market for IoT device management. Besides this, the use of IoT devices has aided the treatment of the growing geriatric population, and this further enhances the growth prospects of the global market.

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2. North American Dominance

There is no contention about the fact that the technological fettle in the US reigns supreme over all other regions. Owing to this factor, the adoption rate of advanced technologies such as IoT devices has been higher in the country. This has in turn enhanced the growth prospects of the market for IoT device management in North America. Moreover, the concept of smart homes in the US and Canada has also fortified the market in North America.

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3. Market Players

The leading market players in the global market for IoT device management market have established their strongholds across the world. This has left little space for the new entrants to prosper and has compelled the latter to form alliances for their sustenance. Some of the key players in the market are Google, IBM Corporation, Intel Corporation, and Oracle Corporation.

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