BANGALORE, India, Dec. 4, 2020 /PRNewswire/ — The IoT Device Management Market is Segmented by Type (Private Deployment Model, Public Deployment Model, Hybrid Deployment Model), by Application ( Connected Health, Networked Logistics, Intelligent Public Utilities, Intelligent Manufacturing, Other), Key Vendors and Regional and Global Opportunity Analysis and Industry Forecast, 2019–2026. This report is published on Valuates Reports in the Software & Services Category.
The global IoT Device Management market size is projected to reach USD 6254.6 Million by 2026, from USD 1838.3 Million in 2020, at a CAGR of 22.6% during 2021-2026.
Major factors driving the growth of IoT device management market size are growing demand for IoT services needs for digitalization, increasing investments in R&D activities for the development of technologically advanced IoT systems.
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TRENDS INFLUENCING THE GROWTH OF IoT DEVICE MANAGEMENT MARKET SIZE
IoT Device Management Market size is expected to witness healthy growth due to the increasing demand for advanced infrastructure management solutions that reduce manual complexities in organizations.
Increased adoption of the Internet-of-Things (IoT) for various operations has created significant demand for IoT device management market size. The rapid change in technology and the need for efficient management of connected devices lead to the development of solutions such as real-time analysis, security solutions and data management solutions.
A major development in the market for IoT device management is the introduction of applications in the industrial sector by digitizing the supply chain and manufacturing processes. Industrial IoT is rising due to a decrease in the operating costs of industrial operations. It also helps in process automation, increasing efficiency and eliminating manual challenges. The definition of Industrial IoT enables OEMs to integrate the advantages of IoT in industrial operations, raising the need to manage complex IoT networks in the industry. The introduction of device management solutions at this stage is important for the industry, boosting the demand for the IoT device management market.
The increase in adoption of Industrial IoT is, in turn, expected to increase the growth of the IoT device management market size.
Industrial IoT is being adopted due to its advantages, such as a decrease in industrial operations’ operating costs. It also helps in process automation, increasing efficiency and eliminating manual challenges. The definition of Industrial IoT enables OEMs to integrate the advantages of IoT in industrial operations, raising the need to manage complex IoT networks in the industry. The introduction of device management solutions at this stage is important for the industry, boosting the demand for the IoT device management market.
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IoT DEVICE MANAGEMENT MARKET SHARE ANALYSIS
Integration services among the professional services segment are expected to hold the largest IoT device management market share during the forecast period.
North America is expected to hold the largest IoT Devices management market share. This dominance of North America is attributed to the infrastructural developments, heavy adoption of the latest networking technologies, and increasing penetration of cloud technologies. The United States is the key contributor to the growth of the North American region.
The Asia Pacific market is expected to have the highest CAGR in the forecast era. This is mainly motivated by the growth of infrastructure in the region and favorable economic conditions. In addition, numerous steps taken by governments in different countries to improve digitalization are expected to provide players with new opportunities for development.