Demand for IoT Device Management and Impact of COVID-19……..



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.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
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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https://www.grandviewresearch.com/industry-analysis/iot-device-management-market/request/rs1
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.
The global IoT device management market size was pegged at USD 605.9 million in 2016 and is expected to expand at a 28.3% CAGR over the forecast period. Growing emphasis on increasing operational efficiencies and managing connected devices is anticipated to drive market growth. Major players in the IoT industry are undertaking various initiatives, such as formation of Open Mobile Alliance (OMA), for standardizing protocols. This has also helped boost the growth of the industry.
Penetration of communication and networking technologies and need for real-time analytics, connected assets, and security of machines have led to the adoption of IoT device management. It assists in provisioning and authentication, configuration and control, software updates and maintenance, and monitoring and diagnostics of connected devices.
Increasing adoption of Internet-of-Things (IoT) for various operations has created a significant demand in this market. Rapid change in technology and need for efficient management of connected devices is leading to development of solutions such as real-time analytics, security solutions, and data management solutions.
These solutions are designed to cater to the needs of manufacturing, automobile, and other industries. They enable efficient management of devices and connected assets providing network security, authentication, and API security to users. Security solutions are predicted to be the fastest-growing solution over the forecast period.
The solutions segment in North America is expected to experience substantial growth over the forecast period, owing to increasing technological advancements and developments in network and communication infrastructure in the region. The market is dependent on communication and network infrastructure for connecting devices and assets digitally.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-iot-device-management-market
Grand View Research has segmented the global IoT device management market based on component, solution, service, organization size, vertical:
IoT Device ManagementComponent Outlook (Revenue, USD Million, 2014 - 2025)
·         Solution
·         Services
IoT Device Solution Outlook (Revenue, USD Million, 2014 - 2025)
·         Real-Time Streaming Analytics
·         Security Solutions
·         Data Management
·         Remote Monitoring
·         Network Bandwidth Management
IoT Device Service Outlook (Revenue, USD Million, 2014 - 2025)
·         Professional
·         Managed
IoT Device Organization Size Outlook (Revenue, USD Million, 2014 - 2025)
·         SMEs
·         Large Enterprise        
IoT Device Vertical Outlook (Revenue, USD Million, 2014 - 2025)
·         Retail
·         Healthcare
·         Transportation & Logistics
·         Utilities
·         Manufacturing
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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