The market for IoT device management platforms is expected to reach US$ 4.4 billion in 2022. By 2032, it is anticipated that the market will be worth more than US$ 39.7 Bn, with sales increasing at a 24.4% CAGR.Almost 55% of sales in the overall IoT platform market are currently made by IoT device management platforms. Sales of IoT device management platforms will increase as there is a greater demand for connected devices.
Due to its simple features, the COVID-19 outbreak has increased the use of connected devices across a number of industry verticals. The use of connected devices improves customer experience and provides better services. Demand is also anticipated to be stimulated by IoT technology’s growing adoption. For instance, the Ericsson Mobility Report estimates that 40% of cellular IoT connections will exist by the end of 2027.
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Agriculture industry is one the major industries for adoption of IoT technologies for a wide scale of applications like smart irrigation, activating frost fans, automated feeding systems to tank and feed bin tracking, and other mechanized procedures. Predictive analytics feature offered by IoT device for smart farming is the major trend in the agriculture industry because its helps farmers to make plans concerning the production and storage of the crops, marketing approach, and risk management.
As per the report by Business Application Research Center (BARC), the adoption of IoT devices in the agriculture industry have reached US$ 75 million in the year 2020, growing at around 20% annually. Smart farming based on IoT technologies permits farmers to reduce waste and improve productivity ranging from the amount of fertilizers used to the number of journeys the farm vehicles have made, and enabling well organized usage of resources like electricity, water, etc.
“The demand of IoT device management platforms is increasing in the manufacturing sector as these platforms helps in monitoring both equipment settings and the outcome of each production step which offers manufacturers stronger assurance of analyzing quality issues at the source. The adoption of IIoT (Industrial Internet of Things) in the manufacturing industry and increasing usage of technologies such as 5G, AI, and Big Data will continue fueling demand,” says an FMI analyst.
Key Takeaways:
- By solution, the IoT device management platform segment is anticipated to account for the leading share in the global demand for IoT device management platform in 2022.
- By enterprise size, the small and mid-sized enterprises segment is estimated to grow at a robust CAGR of 26.0% through 2032.
- By industry, the healthcare segment is anticipated to grow at a CAGR of 33.1% between 2022 & 2032.
- Europe is expected to progress at the highest CAGR of around 33.0% followed by South Asia and Pacific in 2032.
- The market in Japan is expected to progress at a CAGR of around 27.8% through 2032.
- In India, sales are expected to grow at a CAGR of close 34.0% over the next ten years.
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Competitive Landscape
IoT device management platform market players are concentrating on several strategies for increasing their investments in R&D to support future technologies. Additionally, various companies are acquiring and entering strategic partnerships with other players to develop their own IoT device management platform to serve their customers and lower the churn rate. For instance:
- In July 2021, Friendly Technologies, launched its professional embedded LwM2M client and associated SDK as free open-source software (FOSS) project for IoT device sellers.
- In April 2020, Ayla Networks and Firedom partnered together to provide combined advanced connected device management, privacy and security solution.
IoT Device Management Platform Outlook by Category
By Solution:
- IoT Device Management Platform
- Cloud-based
- On-premise
- Services
- Professional Services
- Consulting
- Integration and Deployment
- Support & Maintenance
- Managed Services
- Professional Services
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Industry:
- Manufacturing
- IT and Telecom
- Government
- Healthcare
- Transport and Logistics
- Energy and Utilities
- Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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