The IoT device management market is expected to witness healthy growth from now until 2026, thanks to the increasing demand for advanced infrastructure management solutions that are reducing the manual complexities in organizations.
The regular maintenance of these devices is an essential and complex task to be performed manually. Companies utilize device management services to manage multiple networks and devices. Sensors, routers, and modems are prone to cyber-attacks that may fail during the operation.
The IoT device management market is driven by the need to extend device capabilities and ensure data security across all systems. The system ensures supercharging of IoT applications by adding user-defined attributes and only specific data is provided to pre-authorized users and recipients.
Here are some important things we all need to know about the IoT device management market in the years to come.
Increased adoption among consumers and governments
According to Mordor Intelligence, the IoT device management market will register a 28.7% CAGR from 2021 until 2026.
The overall IoT device management market is driven by the rapid growth of IoT networks and systems, increased security concerns, an increasing need to monitor the health of IoT devices, and the deployment of 5G networks and their support for massive IoT.
Sixty-six percent of homes in North America have at least one IoT device, according to research from Stanford University and Avast. This number suggests that the average household across the globe would have an average of nine devices by 2022, and nearly half (48%) of the total devices and connections will be video-capable.
Alongside this, developments in building smart cities are expected to spearhead IoT growth in the coming years. IoT devices and systems will inevitably be part of utilities, transportation, and infrastructure are expected to increase. More government initiatives will drive the overall adoption rates of IoT.
Rapid adoption in select sectors
The global IoT demand trend is expected to shift towards the industrial space, thanks to the sheer demand driven by various Industry 4.0 applications. The manufacturing, healthcare, and energy sectors are expected to adopt IoT in their respective industries in the coming years.
The automotive industry is also expected to drive a significant share of the IoT demand. Customers are now leaning towards technologies such as connected cars, ADAS, and autonomous vehicles.
The retail industry is also anticipated to have a major share in the device management market. Research by eInfochips states that 96% of retailers are ready to make the necessary changes required to implement IoT in their brick-and-mortar stores.
Where IoT will be deployed
North America will largely contribute to the growth of the IoT device management market, thanks to the high adoption of advanced technologies in the region. Other factors that contribute to this include the rapid growth in digitalization and increased spending on IoT security.
The popularity of IoT devices, combined with tax incentives and home insurance discounts, has
encouraged North American consumers and even utility companies to take steps to make their services smart and suitable for the new age of home builders and owners and to remain competitive in a highly evolving market.
The IoT device management market is rapidly gaining traction. We can expect to see more developments, new product launches, and acquisitions from major market players in the next few years. As IoT security is continually improved, we can anticipate even greater IoT adoption in homes and companies across the globe.