Why the IoT Device Management Market is set to explode?
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The smart manufacturing end-use segment in the IoT device management market has witnessed a high growth in the recent years owing to the high adoption of industrial IoT in the manufacturing and production sector. This software allows users to collect and analyze data to make better & informed decisions and optimize production. The smooth working of these systems is possible only by implementing an efficient management solution.
IoT Device Management Market will witness immense growth to 2024 owing to the rising demand for advanced infrastructure management solutions that are reducing the manual complexities in organizations. Regular maintenance of these devices is an essential and a complex task to be performed manually, owing to which device management services are being used by companies for managing multiple networks and devices. Components, such as sensors, routers, and modems, are prone to cyber-attacks that may fail during the operation.
The U.S. dominates the IoT device management market. The high demand for management solution in this region is attributed to the early adoption of advanced IoT technologies and high investment power of the major players to secure and properly manage their IoT and cloud computing networks. High broadband speed and advanced infrastructure in the country are fueling the consumption of smart devices incorporating these technologies as they require extremely efficient internet facilities for their operations.
The public cloud demand is growing steadily in the IoT device management market. The growth is attributed to reduced implementation cost when compared to the private alternatives. These provide benefits to the organizations such as low maintenance, massive economies of scale, and easy installation. The public cloud segment includes less risk failure and high flexibility without involving redundancy.
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A major challenge for the IoT device management market is the issue with cybersecurity in the device and network level. Occurrences, such as hacking of systems, servers, and browsers, can make the network unsafe for use, resulting in the loss of important data, increased cost for installation of new devices, and theft of vital organizational data such as financial information and customer information. These issues can be overcome by regular system upgrades and frequent changes of user credentials. The scalability of the systems and devices is a hurdle in the IoT device market. The inability to foresee and accommodate future needs, changes, and additions to the network is a prime issue.
Rapidly-growing demand for IoT solutions in all industry verticals and the benefits of this network, such as connected computing, marketing automation, and supply chain analytics, are fueling the IoT device management market growth. The increased penetration of networking and communication technologies and the need for digitization across the world are boosting the usage of IoT and cloud-based technologies. These technologies provide several benefits to enterprises such as hyperconnected system operators, reduced operational cost through automation, and activated configurations. The technology is increasingly used in smart and connected devices due to the scalability and easy upgradability features. These include smart home automation devices and intelligent gadgets such as watches and smart water meters, thereby providing an impetus to the market.
Companies operating in the IoT device management market include Telit, Amazon Web Services, Inc., VMware, Inc., Smith Micro Software, Inc., IBM, Inc., Microsoft, and Oracle. The players have adopted strategies such as new product development, innovation, merger, acquisition, collaboration, and partnership.
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