- The Asia Pacific market is expected to have the highest CAGR in the forecast era
- Integration services among the professional services segment are expected to hold the largest IoT device management market share during the forecast period
The global IoT device management market size is projected to reach $6254.6 million by 2026, from $1838.3 million in 2020, at a CAGR of 22.6 per cent during 2021-2026 as per a report by Valuates Reports. Major factors driving the growth of IoT device management market size are growing demand for IoT services needs for digitisation, increasing investments in R&D activities for the development of technologically advanced IoT systems.
It said that 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 like real-time analysis, security solutions and data management solutions.
Digitising the supply chain and manufacturing processes
The report adds, “A major development in the market for IoT device management is the introduction of applications in the industrial sector by digitising 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.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 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 due to growth of infrastructure in the region and favourable economic conditions. In addition, numerous steps taken by governments in different countries to improve digitisation are expected to provide players with new opportunities for development.