The IoT device management market is projected to reach a value of US$ 4,965.4 million in 2023 and is expected to grow to US$ 28,118.5 million by 2033. The sales of IoT device management are anticipated to expand at a significant compound annual growth rate (CAGR) of 16.8% during the forecast period.
Data generated by edge devices are transported, stored, managed, and analyzed as part of the Internet of Things. Cloud platforms help with this by offering analytics capabilities. A cloud platform eliminates the need for on-premises data centres with low-cost, simple-to-deploy technology.
Data created by IoT device management is saved in the cloud and on cloud platforms. This makes it possible for businesses to understand IoT device management and, as a result, create policies around it. Additionally, the growth of IoT device management has accelerated IoT device management adoption across a number of industrial verticals.
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Cloud platforms enable enterprises to link traditional information systems to IoT device management in innovative ways. The cloud solutions of various organisations in the IoT node and gateway industry are being tailored to match the needs of their clients.
NXP Semiconductors N.V., for example, announced the EdgeLock 2GO IoT device management platform in February 2021, which is designed for zero-touch, secure deployment, and security management of IoT device management across their full lifespan. Companies have understood the value of cloud computing in offering IoT device management to their clients, fueling the IoT device management industry even more.
Data centres have become more important as a result of the massive amount of fresh data that is being produced and will need to be stored. For example, when users create new accounts, all of their personal and financial information, as well as usage statistics, must all be saved and encrypted.
The use of data centres will expand as a result of this. With such a significant increase in data consumption and traffic, connectivity between devices and data centres will need to be greatly upgraded, with each one requiring a data connection to operate and interact with other devices. As a result, IoT device management adoption is expected to rise in the future years.
Sales of IoT device management are expected to rise significantly. In addition to this, sales of IoT device management are rising on account of US$ 19.92 Bn by 2026. Increasing sales of IoT device management are also projected to contribute to the growth of the IoT device management market share.
Manufacturers in the IoT device management market get a big platform from which to serve the whole demand for IoT device management. The worldwide sales of IoT device management are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for IoT device management more accessible to customers.
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Key Takeaways:
- Software solutions are designed to solve interoperability issues caused by a wide range of heterogeneous devices, as well as to manage large amounts of data while maintaining security and privacy.
- The most important software solutions in the field of IoT device management are data management solutions because large amounts of data generated by IoT device management make it difficult for technology providers to deal with.
- IoT device management has several advantages, including quick device registration, simple IoT device classification, quick device locating, and remote device administration.
- North America will lead the IoT device management industry in 2030.
- The use of wireless sensors and networks across numerous end-use industries such as healthcare, retail, consumer electronics, industrial, automotive, and transportation is propelling the global IoT device management market forward.
Competitive Landscape
Intel Corporation (U.S.); Qualcomm Technologies (U.S.); Texas Instruments Incorporated (US); STMicroelectronics (Switzerland); IBM (U.S.), and others are major participants in the IoT device management industry.
- Intel released new 3rd Generation Intel Xeon Scalable CPUs in April 2021, together with Intel’s Optane persistent memory and storage, Ethernet adapters, FPGAs, and optimised software solutions.
- Texas Instruments introduced a new Ethernet physical layer (PHY) in October 2020 that can deliver 10-Mbps Ethernet signals up to 1.7 kilometres over a single pair of twisted wires.
- Qualcomm and LTE signed a 5-year direct worldwide patent licence deal in August 2019 that included 3G, 4G, and 5G single and multimode devices.
Key Segments
By Component:
- Solution
- Service
By Solution:
- Real-Time streaming analytics
- Security solution
- Data management
- Remote monitoring
- Network bandwidth management
By Service:
- Professional services
- Managed services
By Organisation Size:
- Large Enterprises
- Small and Medium-Sized Enterprises
By Deployment:
- Public cloud
- Private cloud
- Hybrid cloud
- By Application
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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