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Skyrocketing Growth: IoT Network Management Market Poised to Exceed $41.5 Billion by 2032

08-15-2023 05:40 AM CET | IT, New Media & Software

Press release from: Future Market Insights

IoT Network Management Market

IoT Network Management Market

The global IoT network management market has achieved a significant milestone by reaching a value of US$ 5.1 billion in 2022. Forecasts point to an impressive upward trajectory, projecting the market to surge to a remarkable US$ 41.5 billion by 2032. This remarkable growth is driven by a robust Compound Annual Growth Rate (CAGR) of 23.3% throughout the assessment period.

Currently, IoT network management accounts for approximately 31% of the entire IoT platform market, highlighting its substantial presence and significance in the technological landscape. The Internet of Things (IoT) has garnered substantial attention due to its comprehensive scope, encompassing wireless networks, intelligent devices like smart sensors and actuators, and cloud-based communication databases. This convergence facilitates a wide range of applications and streamlines existing processes across diverse industries.

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Leveraging IoT Advantages While Mitigating Rising Threats

The tangible solutions provided by the Internet of Things (IoT) have effectively tackled major challenges across various industries. Sectors such as healthcare, smart cities, building management, utilities, transportation, and manufacturing have rapidly embraced this transformative technology, highlighting its numerous benefits.

However, a growing concern arises as the volume and complexity of threats and cyberattacks targeting IoT devices and networks increase. The rise in attacks like IoT botnets, DNS threats, IoT ransomware, IoT physical security breaches, and shadow IoT incidents underscores the vulnerabilities inherent in IoT devices, connected software, and network connections.

To counter these vulnerabilities, integrating IoT solutions with edge processing technology emerges as a potent strategy. Edge security provides a defense against threats, safeguarding users and sensitive data. As a result, there is an escalated urgency to strengthen both devices and networks, harnessing their potential to enhance network security. This imperative drives enterprises to adopt IoT network management solutions, a strategic step aimed at protecting devices from emerging security threats.

Key Insights:

Demand in the network management platform segment is projected to grow at a CAGR of 24.4% through 2032.
The SMEs segment is anticipated to grow by 8.9X during the forecast period based on enterprise size.
The healthcare segment is expected to grow at a CAGR of 29.9% between 2022 and 2032 in terms of industry.
North America held the largest market share of around 32.3% in the IoT network management market in 2021, while the South Asia & Pacific region is exhibiting the highest growth of around 28.4% CAGR during the forecast period.
Navigating Challenges in IoT Networks with Advanced Network Management

IoT networks face a range of challenges, including network congestion, device failures, and the deterioration of link quality. To address these issues and mitigate potential data privacy risks, companies are increasingly turning to IoT network management tools.

Given the expansive scope of IoT networks, comprehensive control over the entire network becomes imperative. This encompasses both wired and wireless components, as devices seek access and facilitate data transfer within critical network elements. Uninterrupted connectivity forms the foundation for optimal performance of IoT devices, relying heavily on the establishment of a robust smart IoT network infrastructure.

Significantly, IoT low-power networks have garnered significant attention across industries. Ensuring their effective functionality necessitates the adoption of diverse network management solutions. These solutions encompass a range of functionalities, including IoT network configuration management, topology management, security management, fault management, and essential upkeep of IoT networks.

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IoT Network Management MarketSegments:

By Solution:
IoT Network Management Platform
On-Premise
Cloud-Based
Services
Professional Service
Managed 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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About Future Market Insights (FMI)
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.

Contact Us :
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports

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