IoT Device Management Market Trends and Dynamics

IoT (internet of things) refers to the interconnection between physical devices to facilitate data transfer among varied devices. These interconnected devices are referred to as smart devices. Buildings and other physical devices are connected with the help of actuators, sensors, and software and this embedded software system helps to exchange data among these physical devices. With the advent of IoT devices, there is greater utilization of IoT device management market and it is expected that the market will follow a stable growth path during the forecast period.

Internet penetration has significantly improved in recent years and this trend is not limited to developed nations; its benefits have spread to emerging economies such as India, China, and South Korea to a great extent. With developments in network infrastructure and growing investment, the internet has penetrated to remote areas, thus driving the growth prospect for the IoT device management market. In North America and Europe, smart homes have become very popular and with the rising investment in real estate, a larger number of such smart homes are being built for residential and commercial purposes. Rising number of smart homes in these regions thus facilitates the growth prospects for the IoT device management market during the forecast period. Growing concentration of HVAC buildings (heating, ventilating and air conditioning) is also likely to promote the prospects for the IoT device management market over the forecast period.

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Installation of IoT devices is very expensive and skilled personnel are required for installation and regular maintenance of such systems. With the rising consequences of data hacking, more security should be put in place with the process of IoT device management to help prevent unauthorized access to sensitive data. Hence, meeting security requirements in this market is a major concern and this is expected to restrain the growth prospect of this market during the forecast period.

Declining prices of IoT sensors is expected to trigger the demand for IoT device management during the forecast period. Moreover, miniaturization of technology is the latest trend and application of miniaturized devices in smart and connected devices is likely to facilitate the growth prospects of this market over the forecast period. Smart devices and application of internet of things in daily life help enhance the performance and efficiency and this factor is likely to provide an opportunity for the IoT device management market to grow over the forecast period.

Based on component, the IoT device management market is segmented into two types which include solution and services. Solution segment of the IoT device management market is projected to expand at a higher CAGR (compound annual growth rate) during the forecast period. The solution market is comprised of security solutions, real time streaming analytics, remote monitoring, data management, and network bandwidth management. Data management held the largest market share in recent years owing to its capacity to store, analyse, and retrieve data. In comparison to traditional data management techniques, advanced data management techniques are used among different verticals such as healthcare, financial institutions, and real estate, and promote efficiency to a large extent. With the rising application of connected devices such as actuators and sensors, this segment analyses huge amounts of data, and thus is projected to secure considerable market share during the forecast period.

On the basis of application, the IoT device management market is classified into six segments - smart utilities, connected logistics, smart manufacturing, smart retail, connected health, and others. Smart manufacturing is likely to hold dominant market share as identification technologies have been greatly used in these manufacturing processes.

On the basis of regions, the market is divided into five regions which include North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the largest market share owing to the greater concentration of smart buildings and adoption of smart manufacturing processes in this region.

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Some of the key market players in the IoT device management market include IBM Corporation, Microsoft Corporation, ARM Ltd., Tibbo Systems and others.

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