The global IoT device management market is anticipated to reach $5.1 billion by 2025, growing at a compound annual growth rate of 28.3%, according to a Grand View Research report titled “Report on IoT Device Management Market Size, Share & Trends Analysis, 2018 – 2025.” Growing demand for IoT services, the need for digitalization, and increasing penetration of communication and networking technologies are expected to drive the market over the coming years.
In the past few years, the industry has witnessed increasing investments in R&D activities for development of technologically advanced IoT systems. This has increased the popularity of IoT device management products. Major application sectors in the market include device provisioning, monitoring, administration and diagnostics.
According to the report, the security solutions segment is projected to exhibit the highest growth rate over the forecast years, with a CAGR of 29.2% through the forecast period. The market is witnessing increasing use of security solutions for connected devices. Advantages bestowed by the technology include higher efficiency in device monitoring, diagnostics and analytics.
The report also noted that managed services are predicted to largely contribute to market growth, as they facilitate higher levels of performance and efficiencies. The Asia Pacific region is expected to be the fastest-growing region, owing to high demand for smart city infrastructure and healthcare in emerging economies such as India and China.
Key market participants in the market include IBM Corporation; Aeris Communications, Inc.; Microsoft Corporation; Bosch Software Innovations; Oracle Corporation; PTC; and Advantech Co. Ltd. Vendors in the IoT market are likely to witness robust demand for connected device management over the forecast years, owing to increasing technological advancements.