IoT Network Management Market is Expected to Reach US$ 41.5 Bn by 2032 | FMI

According to the IoT network management industry analysis by Future Market Insights (FMI), the demand registered in the IoT network management market will grow at a noteworthy CAGR of around 23.3% from 2022-2032. The report states that the market is expected to reach a valuation of US$ 5.1 Bn by the end of 2022 and US$ 41.5 Bn by 2032.

IoT networks are rapidly expanding across the globe, allowing businesses, and industries to control and/or monitor a broad range of smart gadgets. With any network technology, speed and responsiveness are crucial for accurate and dependable IoT device performance.

IoT networks, on the other hand, have a variety of network performance issues due to the presence of heterogeneous and resource-constrained devices communicating through error-prone radio channels and frequently deployed in hostile environments.

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The Internet of Things (IoT) tangibly solves significant business problems in a variety of industries. Healthcare, smart cities, building management, utilities, transportation, and manufacturing are among the early users of this technology, attesting to its numerous advantages.

But the amount of threats and cyberattacks directed at IoT devices and networks is on the rise in both number and complexity. Attacks like IoT botnets, DNS threats, IoT ransomware, IoT physical security and shadow IoT are on the rise in IoT devices, connected software and network connections.

Combining IoT solutions with edge processing technology supports in minimizing the vulnerabilities as edge security helps in protecting users and sensitive data.  So there is an increased need to secure the devices and network and use them to strengthen network security. As a result, enterprises are deploying IoT network management solutions to protect devices against new security threats.

Key Takeaways:  

By solution, demand in the network management platform segment is expected to grow at a CAGR of 24.4% through 2032.
Based on enterprise size, SMEs segment is predicted to be grow by 8.9X during the forecast period.
In terms of industry, the healthcare segment is predicted to grow at a CAGR of 29.9% between 2022 & 2032.
By region, North America accounted for the largest market share of around 32.3% in IoT network management market in 2021, whereas South Asia & Pacific region is showing highest growth of around 28.4% CAGR during the forecast period.

Competitive Landscape

IoT network management providers are focusing on strategies such as product innovation to improve their offerings and enhance their product portfolios to meet growing demand. Furthermore, a number of enterprises are partnering with technology experts to build their own IoT network management solutions. For instance:

In March 2021, BehrTech collaborated with WEPTECH, a pioneer in the development and manufacture of cutting-edge wireless communication technologies launched cost effective MYTHINGS certified gateway for Mioty which is a next-gen LPWAN protocol.
In March 2022, a strategic partnership was established between Sierra Wireless and T-Mobile to strengthen IoT connectivity solutions of Sierra Wireless by combining the IoT network management tools with LPWA, 5G coverage AND 4G LTE from T-Mobile's powerful mobile network.

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Key Players

Cisco
kyndryl
Behrtech
IBM
Sierra Wireless
RAKwireless

IoT Network Management Outlook by Category

By Solution:

IoT Network Management Platform
Services

By Enterprise Size:

Large Enterprises
Small and Mid-Sized Enterprises (SMEs)

By Industry:

Manufacturing
IT & Telecom
BFSI
Healthcare
Transport & Logistics
Energy & Utilities
Retail
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.