The global IoT device management market size is anticipated to reach USD 5.1 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 28.3% CAGR during the forecast period. Growing demand for IoT services, need for digitalization, and increasing penetration of communication and networking technologies are expected to drive the market over the coming years.
In the past few years, the industry has witnessed increasing investments in R&D activities for development of technologically advanced IoT systems. This has increased the popularity of IoT devices management products. Major application sectors in the market include device provisioning, monitoring, administration, and diagnostics.
The security solutions segment is projected to exhibit the highest growth rate over the forecast years. The market is witnessing increasing use of security solutions for connected devices. Advantages bestowed by the technology include higher efficiency in device monitoring, diagnostics, and analytics.
Key market participants in the market include IBM Corporation; Aeris Communications, Inc.; Microsoft Corporation; Bosch Software Innovations; Oracle Corporation; PTC; and Advantech Co. Ltd. Vendors in the IoT market are likely to witness robust demand for connected device management over the forecast years, owing to increasing technological advancements.
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Further key findings from the study suggest:
- Security solutions is expected to be the fastest-growing segment with a CAGR of 29.2% over the forecast period
- Managed services are predicted to largely contribute to market growth, as they facilitate higher level of performance and efficiencies
- Asia Pacific is expected to be the fastest-growing region, owing to high demand for smart city infrastructure and healthcare in emerging economies such as India and China
- Major players in the IoT device management market include Microsoft Corporation; IBM Corporation; Bosch Software Innovations; Oracle Corporation; PTC; and Advantech Co. Ltd.