The global market for IoT device management is considerably fragmented due to the presence of high number of players. Furthermore, arrival of new players is expected to swell the market significantly over the forthcoming years. To overcome the threat from newcomers, technology giants in the market are involving in various mergers and acquisitions. Whereas, new players are focusing on innovations to expand their market. The competition is foreseen to intensify further due to advent of new management solutions. Transparency Market Research (TMR) observed that some of the prominent players functional in the market include SAP SE, Smith Micro Software, Microsoft Corporation, Oracle Corporation, IBM Corporation, Intel Corporation, Google, HP, ARM Ltd., and Robert Bosch GmbH.
Transparency Market Research has estimated that the market value of the global IoT device management market will expand with an impressive CAGR of 31.5% over the forecast period of 2017-2025.
Based on the deployment, the overall market for IoT device management can be segmented into private cloud, public cloud, and others. Among these, the public cloud segment contributed the dominant share to the global market due to its ability to reduce the cost of data storage. Geographically, North America held the dominant position in the global market owing to the presence of large pool of leading players. However, Asia Pacific is most likely to project the fastest growth of 33.4% CAGR over the forecast period.
Increasing Applications of IoT to Drive IoT Device Management Market
The increasing applications of IoT such as smart city, industrial internet, connected car, connected health, smart retail, smart supply chain, smart farming, and wearable are anticipated to propel the growth of the global market for IoT device management. Emergence of IoT devices has generate the need for remote device activation, provisioning, configuration, and control. Prominent players operating in this market are striving to define standards for the connectivity of the devices and employ advanced security systems. The growing demand for private cloud infrastructure will help the market growth. Critical need for reliable IOT device management platforms and growing penetration of heterogeneous IoT sensors and smart devices are further expected drive the market. The growing popularity of public cloud systems, rising use of remotely operable electronic devices for household purposes, increasing adoption of smart technology in healthcare and manufacturing industries, augmenting focus on research and development, and the need for progressive data management tools are other noteworthy factors fueling the market growth.
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Rising Security Concerns Could Impede Market Growth
As the IoT technology is still evolving, the absence of standards pertained employment of IoT solutions may hinder the market growth. Furthermore, the rising security concerns rising due to remote accessibility of the devices has the potential to impede the anticipated fast growth rate of this market. Nonetheless, the increasing investments by leading players in the market is projected to help this market sustain its expansion. The IoT device management market is gaining traction from disparate industry verticals such as logistics, transportation, manufacturing, healthcare, and financial institutions. The significant part played by digital operating mechanisms in these vertices of the market is envisioned to ensure steady growth of the IoT device management market.