Global IoT Device Management Market: Snapshot
IoT device management comprises of multiple operating systems and several varieties of communication methods and protocols targeted at conducting smooth functioning of smart devices. The service of IoT device management has become vital for the business sector in recent years due to the rising use of remote operation in a number of industries and the subsequent need to manage the operation of the devices.
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.
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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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