“IoT Device Management is poised to witness substantial growth in the coming years, with a projected market size of USD 10.42 billion by 2031. This surge can be attributed to the increasing adoption of IoT devices and the need for efficient management and security solutions. With a robust CAGR of 18.7%, the market is expected to offer ample opportunities for businesses and industry players to capitalize on the growing demand for streamlined IoT device management.”
The global IoT device management market is witnessing significant growth due to the increasing number of IoT devices and the complexity of managing them. As more organizations and individuals recognize the benefits of IoT, there has been a surge in the adoption of IoT devices across various industries.
IoT device management solutions play a crucial role in efficiently managing connected devices and assets. They ensure API security, authentication, network security, and contribute to effective network bandwidth management and remote monitoring. These capabilities are essential for optimizing operations and ensuring the smooth functioning of IoT ecosystems.
Efforts to standardize IoT protocols and technologies are underway to create a unified and interoperable IoT ecosystem. This contributes to the reliability and scalability of IoT solutions. Additionally, the affordability of connected devices has made IoT accessible to a broader consumer base, opening doors to significant opportunities for market players.
The global IoT device management market is projected to reach $10.42 billion by 2031, with a CAGR of 18.7% between 2021 and 2031. North America is expected to lead the market, driven by technological advancements, robust economies, and investments in IoT security and analytics research. Europe also has a strong industrial sector and is witnessing increased integration of IoT devices into operations.
Key players in the market include GE, which is establishing a new independent company focused on building a comprehensive IIoT software portfolio, and Telefonica, which has partnered with PTC to enhance its IoT solutions.
Overall, the global IoT device management market is experiencing robust growth driven by increasing concerns about network security, rising adoption of IoT devices, and advancements in IoT technologies. With the continuous development of innovative solutions, the market is expected to thrive in the coming years.