IoT Development Kit Market at a CAGR of 17.3% during the Forecast Period of 2022 to 2032
According to the IoT device management platform analysis by Future Market Insights (FMI), the demand in the market will increase at a healthy CAGR of 24.4% from 2022-2032.
The report states that the market is expected to reach a valuation of ~US$ 4,463.5 Mn by the end of 2022. Sales are expected to be driven by factors such as the overall development of IoT networks and systems, increasing concerns regarding network security, escalating need to track health, etc.
IoT devises management systems allow organizations to collect and analyze data. It also functions as the bridge between the edge network and the user’s downstream data servers and enterprise applications, which is anticipated to augment growth.
An IoT network and device management platform provide centralized management, uncomplicated provisioning, and real-time insights into all current devices and integrations to support organizations stay on top of their deployment. IoT device management platform is integrated with a strong and accessible wireless solution, which permits users to easily broaden their IoT network and solutions at reduced cost and complexity thus, all these advantages offered by the IoT device management platform are contributing to the market growth.
Wearable technology, like smart watches, has enormous potential in the IoT space and for numerous businesses. Fitness and lifestyle-based businesses will mainly find this trend advantageous, considering the fact that various smart watches and wearable devices are combined with health and fitness tracking options.
Wearable IoT devices could be utilized to protect and monitor heart attacks, monitor EMG sensors for stroke patients, and monitor asthma. IoT device management platform offers features such as real-time device tracking, secure connectivity and data collection, data integration across apps/devices, over-the-air software updates, and sensor data analytics for smart wearables. Thus, development of wearable IoT technology is increasing the demand for smart wearables.
Agriculture industry is one the major industries for adoption of IoT technologies for a wide scale of applications like smart irrigation, activating frost fans, automated feeding systems to tank and feed bin tracking, and other mechanized procedures. Predictive analytics feature offered by IoT device for smart farming is the major trend in the agriculture industry because its helps farmers to make plans concerning the production and storage of the crops, marketing approach, and risk management.
As per the report by Business Application Research Center (BARC), the adoption of IoT devices in the agriculture industry have reached US$ 75 million in the year 2020, growing at around 20% annually. Smart farming based on IoT technologies permits farmers to reduce waste and improve productivity ranging from the amount of fertilizers used to the number of journeys the farm vehicles have made, and enabling well organized usage of resources like electricity, water, etc.
“The demand for IoT device management platforms is increasing in the manufacturing sector as these platforms help in monitoring both equipment settings and the outcome of each production step which offers manufacturers stronger assurance of analyzing quality issues at the source. The adoption of IIoT (Industrial Internet of Things) in the manufacturing industry and increasing usage of technologies such as 5G, AI, and Big Data will continue fueling demand,” says an FMI analyst.
- By solution, the IoT device management platform segment is anticipated to account for the leading share in the global demand for IoT device management platforms in 2022.
- By enterprise size, the small and mid-sized enterprises segment is estimated to grow at a robust CAGR of 26.0% through 2032.
- By industry, the healthcare segment is anticipated to grow at a CAGR of 33.1% between 2022 & 2032.
- Europe is expected to progress at the highest CAGR of around 33.0% followed by South Asia and the Pacific in 2032.
- The market in Japan is expected to progress at a CAGR of around 27.8% through 2032.
- In India, sales are expected to grow at a CAGR of close to 34.0% over the next ten years.
- North America is the market leader, expected to hold almost 35.6% of the market in 2022. The consumer electronics sector of this region is booming, which is fueling the need for IoT development kits. Due to the presence of several prominent players, North America is anticipated to maintain its lead in the IoT development kit market over the forecast period. The North American IoT development kit market has expanded as a result of rising internet usage in countries with developing technology as well as the expanding use of wireless sensors and networks in key end-use industries like healthcare, retail, consumer electronics, industrial, automotive, and transportation. The market is also expanding because of increased research and development (R&D) in the IoT space for new and enhanced technologies, as well as an increase in consumer demand for better lifestyle options.
- With roughly 24.1% of the market, Europe is the second-largest market shareholder. Since IoT devices are being used more widely there, the region is predicted to develop rapidly throughout the projection period. Additionally, the market is likely to expand in the area as more IoT sensors are being adopted by sectors including automotive, food and beverage, transportation, and others for monitoring. Together with important stakeholders, the European Commission has been working hard to create the ideal European IoT ecosystem and has started a dedicated cluster of R&D initiatives to address security and privacy concerns and promote confidence in IoT solutions.
Using data collected at the Intelligent Edge, IoT solutions for infrastructure, apps, and security enable new experiences and drive improved operations. Large organizations are concentrating their efforts on developers who want to construct Internet of Things devices. This kit includes the software frameworks, network stacks, and cloud connection capabilities required to reliably connect and authenticate devices to the cloud, in addition to the industry-standard hardware components required to quickly prototype a wireless IoT system from scratch.