The IoT device management market is predicted to be valued at US$ 4,965.4 million in 2023, rising to US$ 28,118.5 million by 2033. During the projection period, sales of IoT device management are expected to grow at a substantial CAGR of 16.8%. Rising demand for IoT services, as well as greater penetration of communication and networking technologies, are expected to drive the market over the next few years.
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IoT device management data is saved in the cloud and on cloud platforms. This enables enterprises to comprehend IoT device management and, as a result, build regulations governing it. Furthermore, the expansion of IoT device management has hastened IoT device management adoption across a variety of industrial verticals.
Cloud platforms enable enterprises to link traditional information systems to IoT device management in innovative ways. The cloud solutions of various organisations in the IoT node and gateway industry are being tailored to match the needs of their clients.
NXP Semiconductors N.V., for example, announced the EdgeLock 2GO IoT device management platform in February 2021, which is designed for zero-touch, secure deployment, and security management of IoT device management across their full lifespan. Companies have understood the value of cloud computing in offering IoT device management to their clients, fueling the IoT device management industry even more.
Data centres have become more important as a result of the massive amount of fresh data that is being produced and will need to be stored. For example, when users create new accounts, all of their personal and financial information, as well as usage statistics, must all be saved and encrypted.
The use of data centres will expand as a result of this. With such a significant increase in data consumption and traffic, connectivity between devices and data centres will need to be greatly upgraded, with each one requiring a data connection to operate and interact with other devices. As a result, IoT device management adoption is expected to rise in the future years.
Sales of IoT device management are expected to rise significantly. In addition to this, sales of IoT device management are rising on account of US$ 19.92 Bn by 2026. Increasing sales of IoT device management are also projected to contribute to the growth of the IoT device management market share.
Manufacturers in the IoT device management market get a big platform from which to serve the whole demand for IoT device management. The worldwide sales of IoT device management are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for IoT device management more accessible to customers.
Key Takeaways from the IoT Device Management Market Report:
The IoT device management market is undergoing significant growth, driven by the need to address interoperability challenges and handle vast amounts of data securely. Data management solutions stand out as crucial in this landscape due to the complexity of managing IoT-generated data. This sector offers various benefits, including streamlined device registration, easy classification, rapid location tracking, and remote administration. Forecasts indicate that North America will emerge as a key player in IoT device management by 2030, fueled by the widespread adoption of wireless sensors and networks across diverse industries like healthcare, retail, consumer electronics, industrial, automotive, and transportation.
Competitive Landscape:
Intel Corporation (U.S.); Qualcomm Technologies (U.S.); Texas Instruments Incorporated (US); STMicroelectronics (Switzerland); IBM (U.S.), and others are major participants in the IoT device management industry.
Intel released new 3rd Generation Intel Xeon Scalable CPUs in April 2021, together with Intel’s Optane persistent memory and storage, Ethernet adapters, FPGAs, and optimised software solutions.
Texas Instruments introduced a new Ethernet physical layer (PHY) in October 2020 that can deliver 10-Mbps Ethernet signals up to 1.7 kilometres over a single pair of twisted wires.
Qualcomm and LTE signed a 5-year direct worldwide patent licence deal in August 2019 that included 3G, 4G, and 5G single and multimode devices.
