Rapid Adoption of Smart Technology in Industry to Boost IoT Device Management Market - TMR

Rapid Adoption of Smart Technology in Industry to Boost IoT Device Management Market - TMR

PR Newswire

ALBANY, New York, October 16, 2018

ALBANY, New York, October 16, 2018 /PRNewswire/ --

The global IoT device management market is expected to exhibit substantial growth in the coming years, according to report by Transparency Market Research (TMR). The global market's competitive landscpae is currently reported to be highly fragmented, with intense rivalry existing between the market vendors. The competition among the players is expected to rise further due to continuous technological innovations in the field. This is further encouraging the emergence of new product developers, aggravating the market competition.

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Vendors operating in the global IoT device management market are faced with the emergence of novel innovations, such as improved efficiency of data monitoring mechanisms in the industry. This is impelling enterprise to focus on better and advanced product portfolios in order to combat the competition and gain better market share. Key strategies of market players undertaken to gain advantage over their competitors include collaborations, acquisition of existing players, and establishment of standardized protocol.

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Leading names in the global IoT device management market are Microsoft Corporation, ARM Ltd., Robert Bosch GmbH, Google, and Intel Corporation, among others.

According to TMR's projections, the global IoT device management market is expected to rise at a 31.5% CAGR over the forecast period of 2017 to 2025.

Geographically, Asia Pacific regional market is prognosticated to rise at a robust 33.4% CAGR over the forecast period. Among the segment of organizational size, the segment of large enterprises held the prominent market share in 2016, and the trend is expected to continue over the coming years.

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High Uptake of Smart Manufacturing to Drive Growth 

The manufacturing industry is being revolutionized with the introduction of internet of things in the process. Enabling IoT in smart manufacturing practices enables complete visibility in processes, resource management, assets and products. Inculcation of IoT in smart manufacturing provides a way to gather intelligent data from systems which is then combined with contextual information. IoT enables remote monitoring and process management of this data, while allowing change of production plans in real time. This not only speeds up the production process, but also enhances product quality and speed, and at the same time reduces wastage. Connected smart systems are able to feed relevant data to manufacturing systems, allowing the real time detection and fixation of process steps. Thus, the manufacturing industry is rapidly adopting smart practices and enabling IoT in the same, which is a key factor propelling the global IoT device management market.

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Demand for Data Security to Magnify IoT device Management Market Opportunity 

Adoption of connected devices not only enable managed services, resulting in enabling companies to focus more on core business operations, but also offers real time analytics, remote monitoring, network bandwidth management, security solutions and data management. Among these, data security is a factor that is expected to be exploited by several of the vendors. Not only companies implementing IoT connected devices, but the users too are increasingly demanding enhanced security of their data.

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IoT device management solutions are designed to meet the vast customer and enterprise needs for security, authentication and maintenance of systems and information. This is expected to offer vast opportunity to market vendors in the forthcoming years.

The rapid proliferation of networking and communication, spearheaded by increasing demand for real-time analysis, configuration and control, data monitoring and diagnostics, and connected assets is expected to fuel the global IoT device management market in the forthcoming years.

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This review is based on TMR's report titled, "IoT Device Management Market (Organization Sizes - Large Enterprises, and Small & Medium Sized Enterprises; Deployment - Public Cloud, Private Cloud and Others; Application - Smart Manufacturing, Smart Homes, Smart Utilities, Smart Retail, Connected Health, Smart Transportation; Solution - Security Solution, Data Management, Remote Monitoring, Network Bandwidth Management) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."

IoT Device Management Market is segmented along the following lines: 

Global IoT Device Management Market: By Geography 

Global IoT Device Management Market: By Organization Sizes 

Global IoT Device Management Market: By Deployment 

Global IoT Device Management Market: By Application 

Global IoT Device Management Market: By Solution 

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