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  July 1st, 2022 | Written by

IoT Device Management to Record US$ 39.6 Bn by 2032; North America to be the Lucrative Region

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With an estimated CAGR of 18.6% during the projected period, the IoT device management market share is expected to reach US$ 39.6 billion by 2032, finds a recent report published by FMI. The study finds that the rising demand for reflects the adoption of IoT device management.

The Internet of Things entails the transport, storage, management, and analysis of data created by edge devices. By providing analytics tools, cloud platforms assist in this endeavor. A cloud platform is a low-cost, easy-to-deploy system that does away with the need for on-premises data centers.

IoT device management creates data that is stored in the cloud and on cloud platforms. This enables organizations to make sense of IoT device management and, as a result, develop procedures around them. In addition, the rise of IoT device management has boosted the adoption of IoT device management 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 organizations 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 centers 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 centers will expand as a result of this. With such a significant increase in data consumption and traffic, connectivity between devices and data centers 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:

  • Software solutions are designed to solve interoperability issues caused by a wide range of heterogeneous devices, as well as to manage large amounts of data while maintaining security and privacy.
  • The most important software solutions in the field of IoT device management are data management solutions because large amounts of data generated by IoT device management make it difficult for technology providers to deal with.
  • IoT device management has several advantages, including quick device registration, simple IoT device classification, quick device locating, and remote device administration.
  • North America will lead the IoT device management industry in 2030.
  • The use of wireless sensors and networks across numerous end-use industries such as healthcare, retail, consumer electronics, industrial, automotive, and transportation is propelling the global IoT device management market forward.

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 optimized 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 kilometers over a single pair of twisted wires.
  • Qualcomm and LTE signed a 5-year direct worldwide patent license deal in August 2019 that included 3G, 4G, and 5G single and multimode devices.

These insights are based on a report on IoT Device Management Market by Future Market Insights