MarketResearchReports.biz has recently added a new market study to its repository, titled, “IoT Device Management Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.” According to the report, global IoT device management market witness a stupendous expansion, representing a high CAGR of 31.5% between 2017 and 2025. The report further declares that the growing use of data analytics across various sectors is behind the growth of this market. The advantages offered by data analytics in understanding the demographic breakdown of consumers have led various sectors to incorporate information tracking technology to their workflow. This in turn has fueled the growth of the market. The growing use of smartphones and other IoT devices are also aiding the growth of this market.
In recent times, for the business sector, the service of IoT device management has become vital on account of the rising use of remote operation in a number of industries, creating a need to manage the operation of the devices. This is one of the important factors resulting in the growth of the global IoT device management market. The report not only discusses leading factors propelling the growth and progress of the market but also gives an unbiased analysis of all the factors that will obstruct or hinder the growth of the IoT device management market in the years to come. Cybercrime and its risks have emerged as a key factor poised to challenge the growth of the IoT device management market. Risk of cyber crime has led many people to refrain from using IoT devices on account of data security concerns. Market players are advised to offer dynamic security options for IoT device management, which will emerge as a great strategy to combat this restraining factor and ensure the growth of this market in the coming years.
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By application, the global IoT device management market is segmented into financial institutions, manufacturing, healthcare, logistics, and transportation. On the basis of deployment, the market is segmented into public cloud, private cloud, and others. Of these, the public cloud market segment held leading market shares in 2016, with a growing number of enterprises opting for this system so as to decrease the data storage cost. The growing use of remotely operable electronic household devices will however give a rise to a high demand for private cloud infrastructure, making this segment lead in the coming years.
By geography, the market is anticipated to be led by North America on account of the higher concentration of smart homes. The widespread adoption of wearable technology in this region is also a key factor boosting the growth of the IoT device management market in North America. Asia Pacific on the other hand, is estimated to witness the fastest growth and in the years to come, the APAC IoT device management market is slated to expand at a whopping 33.4% in the period from 2017 to 2025.
On the basis of organization size, the increasing concentration on research and development as well as the application of advanced technologies will offer lucrative opportunities to large enterprises. This will drive the large enterprises segment in the coming years, leaving behind the small and medium sized enterprises.
The report profiles key players operating in the global IoT device management market such as IBM Corporation, Robert Bosch GmbH, Microsoft Corporation, HP, ARM Ltd., Google, Intel Corporation, Oracle Corporation, Smith Micro Software, and SAP SE.