September 28, 2022

Iot Device Management Market Size Expected to Reach USD 11.2…

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Reports and data

IoT Device Management Market Size – USD 1,696.1 Million in 2020, Growth – CAGR of 27.7%, Trends – The growing adoption of device and vendor independent platforms.

NEW YORK, NY, USA, Aug. 19, 2022 /EINPresswire.com/ — Rising trends in cloud-based device management platforms along with growing adoption of BYOD and CYOD among enterprises are propelling market growth.

The global IoT device management market is expected to reach USD 11.22 billion by 2026, according to a new report from Reports and Data. Artificial intelligence technology is the essential computing technology used in retail, transportation and logistics, manufacturing, utilities, healthcare and others.

IoT device management is the method of authenticating, provisioning, configuring, monitoring, and managing the firmware and software of the device that gives it its functional capabilities. The penetration of communication and networking technologies and the requirement for real-time analytics, combined assets and machine safety have led to the selection of IoT device management.

The growing demand for the smart sensor market is exploding this market.

The favorable circumstances in the IoT device management market lie in the growing adoption of CYOD and BYOD and the growing demand for cloud-based device management platforms. Growing applications in large enterprises and small and medium enterprises are driving the market for this technology.

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The smart device management technology market includes various application areas such as smart retail, connected health, smart utilities, and connected logistics, which is contributing to the growth of this device management market IoT. The lack of subsidies and high upfront investments and the irrelevance of data security and privacy concerns act as a drag on the market.

The factors mentioned above jointly create opportunities for market growth, while factors such as real-time complexity pose a challenge in implementing such a solution add limitations to the market. However, each element would have a specific impact on the market during the forecast period.

In Europe, due to the sudden increase in the adoption of real-time flow analysis for various applications in various industries, as well as the growing demand for multilingual translators, the market for such market Technologically advanced education is propelling itself at a rapid pace.

Economic growth in countries like Germany, France and UK due to favorable political, social and economic conditions is helping the market to grow. The IoT device management market must grow to meet the ever-increasing scale and scope of consumer, commercial, industrial, and government solutions and systems.

Other key findings from the report suggest

• Vertical manufacturing industry held the largest market share of 22.6% in 2020. IoT device management solutions are widely used in the procurement, production and storage of materials/goods, due to which the area of ​​smart manufacturing is expected to rule the IoT device management market.
• The SME organization size segment is expected to witness the highest CAGR of 28.1% during the forecast period. Increased adoption of these solutions by SMBs for various processes is expected to propel the growth of the segment.
• The services segment is expected to witness the highest CAGR of 28.9% during the forecast period. The professional services portfolio is created to reduce the complexity of IoT systems. The growing adoption of connected devices is increasing the demand for managed services as they allow companies to focus on core business operations. The main advantage of managed services is their expertise, which can be leveraged by customers.
• Asia-Pacific is expected to experience the highest CAGR of 30.4% during the forecast period. The growth of the market is mainly inspired by the ongoing infrastructural advancements in the region and the favorable economic conditions. Moreover, different initiatives taken by the governments of different countries for the enhancement of digitization are expected to provide new growth opportunities for the players.
• Major Participants Oracle Corporation, IBM Corporation, Microsoft Corporation, PTC Inc., Cumulocity GmBH, Xively, Particle, Einfochips, Wind River Systems and Enhanced Telecommunications Inc., among others.

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For the purpose of this report, the reports and data have been segmented into Global IoT Device Management Market on the basis of Component, Deployment Type, Organization Size, Industry Vertical and Region. :

Deployment Type Outlook (Revenue, USD Billion; 2020-2028)

• Public cloud
•Private cloud
• Hybrid cloud

Industry Vertical Outlook (Revenue, USD Billion; 2020-2028)

•Detail
•Health care
• Transport and logistics
• Utilities
•Manufacturing
•Others

Organization Size Outlook (Revenue, USD Billion; 2020-2028)

• SMEs
• Big business

Component Type Outlook (Revenue, USD Billion; 2020-2028)

•The solution
•Services

Regional Outlook (Revenue, USD Billion; 2020-2028)

•North America
•Europe
•Asia Pacific
•MEA
•Latin America

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Nikhil Morankar
Reports and data
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