IoT Device Management Market To Expand At A CAGR Of 18.7% From 2021 To 2031

Increasing concerns pertaining to network security, usage of health monitors and connected medical devices, and deployment of 5G networks are some of the key factors driving the global IoT devices management market. The growing awareness about security concerns among clients who are deploying IoT solutions is driving the global IoT device management market. In Internet of Things (IoT), different devices are connected to each other, and that is why data security becomes complex due to the non-standardization and non-compatibility of devices.

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The rising need of data security as hackers can easily get access to confidential information is contributing to the market growth. Players operating in the IoT management market are focusing on increasing investments in research and development (R&D) of security solutions, as security is one of the major challenges faced by organizations while deploying IoT solutions. In order to reduce the infrastructure cost of clients, the hybrid cloud deployment model is being used. It helps reduce the overall cost, while providing highly flexible and scalable access to the clients. Increased adoption in enterprises has also been fueling the global IoT devices management market in the past few years.

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Increasing Demand for Data Collection and Real Time Analysis

There is a rapid increase in utilization of IoT devices across the globe. This factor is expected to generate demand for storing huge amounts of data. It is necessary to store and manage this data & information to maintain the state of the device. Some of the most popular technologies are being used to store this data efficiently such as enterprise server, public cloud, and private cloud. IoT device management offers services such as provisioning authenticating, configuring, maintaining, monitoring, and diagnosing connected devices operating as part of an IoT environment. IoT device management services offers secure access to IoT devices in order to monitor health, detect and remotely troubleshoot problems, and manage software and firmware updates. The IoT device management market is significantly driven by rising adoption of these services in order to collect, store, and maintain a huge amounts of data. IoT device management services have been popularly used in the past few years, automating the whole system securely and efficiently.

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Complexity in Managing Connected Devices Driving Global Market

Rise in number of IoT devices and increase in complexity in managing those devices are driving the IoT device management market. Rising awareness and adoption of IoT devices is driving the global IoT device management market. IoT device management solutions are used across various industries such as automobile, manufacturing, industrial, etc. These solutions help to efficiently manage the connected devices and assets by providing API security, authentication, and network security to consumers. These solutions are also helpful to the consumers in network bandwidth management as well as remote monitoring. Increasing efforts on standardization, along with affordable pricing of connected devices is expected to create significant opportunities for the market players operating in the global IoT devices management market in the upcoming years.

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