IoT Device Management Market Size Worth $5830.72 Mn, Globally, by 2028 at 28.50% CAGR, (Strategic Investment Plans | Business Opportunities | SWOT Analysis): Exclusive Report by Zion Market Research
NEW YORK, May 2, 2022 /PRNewswire/ -- As per Zion Market Research study, The global IoT Device Management market was worth around USD 1,295.10 million in 2021 and is estimated to grow to about USD 5830.72 million by 2028, with a compound annual growth rate (CAGR) of approximately 28.50 percent over the forecast period. The report analyzes the IoT Device Management market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT Device Management market.
Key Industry Insights & Finding of the IoT Device Management Market Reports:
Zion Market Research published the latest report titled as "IoT Device Management Market By Component (Solution and Service), By Solution (Real-Time streaming analytics, Security solution, Data management, Remote monitoring and Network bandwidth management), By Service (Professional services and Managed services), By Organization (Size, Large Enterprises and Small and Medium-Sized Enterprises (SMEs)), By Deployment (Public cloud, Private cloud and Hybrid cloud), By Application area (Smart retail, Connected health, Connected logistics, Smart utilities, Smart manufacturing and Others) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
IoT Device Management Market: Overview
IoT Device Management makes it simple to remotely register, monitor, organize, and manage large-scale IoT devices. IoT Device Management aids in the management of permissions in order to enhance device security. IoT device management is agnostic of design type and operating system, allowing fleets to scale and scale, cut costs and management efforts, vast and diversified IoT device deployments, all with the same service. The market for IoT device management has grown significantly as the Internet-of-Things (IoT) has become more widely adopted for various functions. Because of the rapid advancement of technology and the necessity for efficient management of connected devices, solutions such as real-time analysis, security, and data management have been developed.
Over the next few years, the market is likely to be driven by rising demand for IoT services, as well as increased penetration of communication and networking technologies. Increased investments in R&D activities for the development of technologically advanced IoT systems have been seen in the sector. The popularity of IoT device management products has risen as a result of this. Device provisioning, monitoring, administration, and diagnostics are all major application sectors in the industry. Because of the growing need for advanced infrastructure management solutions that eliminate manual complications in companies, the IoT Device Management Market is predicted to develop at a healthy rate.
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IoT Device Management Market: Growth Dynamics
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Global IoT Device Management Market: Segmentation
Based on Component, the market is segmented into solution and service. As security concerns among clients who are installing IoT solutions develop, the security solution is the fastest growing in the IoT device management market. Because of the non-standardization and non-compatibility of devices, data security becomes more complicated when more devices are connected to each other in an IoT system. Furthermore, because there are so many different protocols, applications, and devices, it is easier for hackers/attackers to carry out nefarious operations.
By deployment, the market is segmented into Public cloud, Private cloud and Hybrid cloud. The hybrid cloud deployment model is expected to grow at the highest CAGR during the forecast periodIt helps in lowering overall costs while offering clients with extremely flexible and expandable access. Vendors offer a hybrid cloud-based deployment methodology to help clients save money on infrastructure. Security is still a major concern that prevents widespread implementation; however, this concern is rapidly being addressed by third-party security testing to the highest standards.
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List of Key Players of IoT Device Management Market:
Key questions answered in this report:
The IoT device management market is predicted to be dominated by North America, which is expected to have the biggest market share. This region has a significant economic advantage because to its stable and well-established economy, allowing it to invest heavily in R&D and so contribute to the development of new IoT security and analytics technology. In addition, the government's support and significant expenditures by a number of well-known businesses are propelling the market in the North American region forward.
Due to the rapid adoption of smart cities and increased government investment in IoT programmes, the IoT device management market in APAC has grown at the fastest rate.
Global IoT Device Management Market is segmented as follows:
IoT Device Management Market: By Component Outlook (2022-2028)
IoT Device Management Market: By Solution Outlook (2022-2028)
IoT Device Management Market: By Service Outlook (2022-2028)
IoT Device Management Market: By Organization Size Outlook (2022-2028)
IoT Device Management Market: By Deployment Outlook (2022-2028)
IoT Device Management Market: By Application Area Outlook (2022-2028)
IoT Device Management Market: By Region Outlook (2022-2028)
Middle East & Africa
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