IoT Device Management Market Analysis by Application - Smart Manufacturing, Smart Homes, Smart Utilities, Smart Retail, Connected Health, Smart Transportation
The global IoT device management market is expected to exhibit a robust 31.5% CAGR from 2017 to 2025.
The importance of data analytics to the functioning and operation of a business has increased to a great extent in recent years. With the rising penetration of the internet, large volumes of data are being produced on a daily basis, which raises the need for progressive data management tools. As smart technology becomes popular these days, IoT devices have correspondingly become key producers of digital information. IoT device management systems allow players to collect, collate, and analyze these data, which has triggered rapid growth of the IoT device management market in recent years.
On the other hand, the rising risk of cybercrime has emerged as a formidable adversary for the IoT device management market, as many consumers underutilize or don’t trust IoT devices due to the security risks. Providing dynamic security options for IoT device management could thus emerge as an influential competitive strategy for players in the global IoT device management market in the coming years.
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Large Enterprises Likely to Dominate IoT Device Management Market
On the basis of organization size, large enterprises held the dominant market share in the global IoT device management market in 2016. The increasing focus on research and development and application of innovative technologies in the day to day workflow, and higher capital base provide an opportunity for larger enterprises to adopt IoT device management systems to a greater extent to facilitate their operations, which is expected to drive the IoT device management market during the forecast period.
Based on deployment, the IoT device management market is divided into three types, namely public cloud, private cloud, and others. Public cloud held the leading market share in 2016, as a growing number of enterprises opt for public cloud system so that the cost of data storage can be reduced to a great extent. Hence, increasing popularity of public cloud systems is likely to raise the demand for IoT device management over the forecast period. Rising use of remotely operable electronic devices in households could, however, lead to a significant rise in the demand for private cloud infrastructure in the coming years, potentially making it a leading contributor to the global IoT device management market.
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The IoT device management market is gaining demand from disparate industry verticals such as financial institutions, healthcare, manufacturing, transportation, and logistics. The key role played by digital operating mechanisms in these fields in modern times is likely to ensure steady demand from the IoT device management market.
North America Emerges Dominant due to Greater Concentration of Smart Homes
Regionally, North America held the dominant share in the global IoT device management market owing to greater concentration of smart homes and widespread adoption of smart technology in manufacturing and healthcare in this region. On the other hand, Asia Pacific is the fastest growing regional segment of the global IoT device management market and is likely to emerge to the fore in the coming years, with the regional market expected to exhibit a robust CAGR of 33.4% in the 2017-2025 forecast period.
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Leading players in the global IoT device management market are Robert Bosch GmbH, ARM Ltd., HP, Google, Intel Corporation, IBM Corporation, Oracle Corporation, Microsoft Corporation, Smith Micro Software, and SAP SE.
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