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IoT Device Management Market to hit US$11 Bn by 2028

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IoT Device Management Market to hit US$11 Bn by 2028

As per the report by Global Market Insights, Inc. “Worldwide IoT Device Management market was valued USD 1.5 billion in 2021 and will surpass a revenue collection of USD 11 billion by 2032 with an annual growth rate of 25% over 2022 to 2028.”

The Internet of Things (IoT) is accentuating both the benefits of technological dominance and the perils of cross-border interconnection. China is currently a major player in designing IoT devices, which is facilitated by the expanding technical presence of Chinese companies.

For instance, in December 2021, Amazon Web Services, Inc. (AWS), a subsidiary of tech leader Amazon providing on-demand cloud computing, announced the extension of its strategic partnership with social media giant Meta. AWS and Meta intended to collaborate to improve the performance of PyTorch on AWS and to speed up the development, training, deployment, and operation of artificial intelligence (AI)/machine learning (ML) models.

For extensive analysis, the IoT device management market has been classified in terms of component, deployment model, application, and region. Based on component, the industry has been classified into solutions and services. Under solution, the market has been divided into security management, data management, real time streaming analytics, remote monitoring management, and others.

The security management segment gained a market share of approximately 20% in 2021 and sis projected to witness significant growth by 2028 driven by increase in cyberattack cases or instances. Meanwhile, in 2021, the data management segment garnered around 10% share in the market and is primed to attain a sizable revenue by the end of 2028 majorly because of mounting penetration of smartphones and internet services in the industry. The others segment gained around 5% market share in the year 2021 and is slated to achieve substantial growth through 2028 owing to prevalent integration of networking technologies in the sector.

Under services, the market has been further classified into professional service and managed service. The managed service segment is speculated to observe notable growth at a promising CAGR of above 35% over the review timeline due to increasing need to improve customer experience.

With respect to application, the industry sector has been bifurcated into smart manufacturing, connected logistics, smart health, smart retail, smart utilities, and others. The connected logistics segment is foreseen to expand at a significant CAGR of around 30% over the review timeline on account of increasing digitalization across the logistics as well as the transportation industries.

In 2021, the smart utilities segment held over 10% share in the IoT device management market and is anticipated to expand at an exponential rate over the forecast years because of rising adoption of IoT technology in the utility industry. The others segment is expected to record a CAGR of approximately 20% between 2022 and 2028 as the demand for proficient management of connected devices is soaring across the market.

From the regional standpoint, the Latin America market is set to grow at approximately 35% CAGR through the assessment timeframe on account of rising implementation of cloud-based solutions.

Meanwhile, the Middle East and Africa IoT device management industry is primed to develop at a sizable CAGR of above 30% over the forecast period owing to surging strategic partnerships among major industry players in order to augment the quality of connected devices as well as customer experience.

The IoT Device Management market consists of Advantech Co. Ltd., Aeris Communications LLC, Amazon Web Services Inc., Amplia Soluciones S.L, AVSystem, Bosch.io GmbH, Cumulocity GmbH, Huawei Technologies Co. Ltd., GE Digital, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Particle Industries Inc. PTC Inc., Silicon Laboratories Inc., Smith Micro Software Inc., SiteWhere LLC, Telite Communications PLC, Vodafone Group PLC, VMware Inc., and Wind River Systems Inc. 

 

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How IoT Is Brightening Your Future

As technology advances, we are witnessing new technologies emerging and changing our manner of life. One such technology is the Internet of Things (IoT) which is providing tremendous benefits for individuals and businesses alike. IoT can be defined as a network of “things” – typically physical objects such as appliances, devices, people, animals, and the like, that are fitted with software, sensors, and other technologies that allow them to connect and share information with other devices over the internet. 

This makes it possible to operate these devices remotely or via voice commands. This technology has revolutionized information transmission and networking capabilities, which has impacted everyday life for the better. Here are some popular IoT technologies and devices that are changing lives today and promising a brighter future ahead.

 Smart home technology

Smart home technology enables homeowners to control devices remotely through their smartphones, tablets, or computers. These devices can range from lights, thermostats, doors, security cameras, and kitchen appliances among others. With a smart home security system, you can be able to monitor your home from wherever you are and protect it from break-ins. A smart thermostat allows you to control heating and cooling. For instance, on a hot day, you can program your thermostat to start cooling the house minutes before you get home.

Ambient sensing is another smart home tech that is growing in popularity among homeowners. This sensing technology is designed to use sensors to gather information and understand a home’s surroundings. For instance, temperature sensors can be used to monitor a home’s temperature to determine if the home operates at a healthy temperature. The benefits of ambient sensing are numerous including improved comfort, reduced property damage, and enhanced security.

 Wearable devices

You can apply wearable devices in various ways such as for leisure, wellness, and personal fitness. These devices have been largely used in healthcare to monitor patients remotely. Monitoring devices are used to measure vital signs in a patient such as temperature, heart rate, glucose levels, and blood pressure. They then send the information to the doctor to keep a record of the patient’s health. In case of abnormalities, the doctor can advise the patient accordingly. In addition, wearable health monitors can send alerts in case the patient has a medical emergency such as seizures or asthma attacks.

IoT is also valuable in tracking patients’ medication. Trackers can be used to remind a patient to take medication or send an alert when they are due for a prescription renewal. If you are taking care of a sick relative, especially the elderly, your work is made easier in that you don’t have to monitor them all the time. You can go about your day, leaving the IoT devices to keep an eye on your patient.

 Smart cars

The invention of smart cars has made driving and vehicle maintenance so much easier. A car fitted with IoT technology can perform various tasks. Technology such as Google Maps on your phone or car dashboard is designed to help you navigate your way from point A to Z. Besides this, your smart car can also do other tasks such as helping you avoid traffic, recommending the shortest route to your destination, and even spotting an empty parking slot for you. In car repair and maintenance, your car can remind you when it is due for regular servicing. In addition, it can help detect car problems and even allow your mechanic to run remote diagnostics if the issue is mechanical. So it would be of great benefit to include a cheap travel insurance for your car in cases when those smart cars show that there is a problem with your vehicle. 

 Smart farming

IoT technology has also been used in agriculture. In such a time when we are experiencing climate change, drought, and other factors that are a modern farmer’s nightmare, IoT makes farming easier and cheaper. For instance, with a smart irrigation system, you can be able to provide just enough water for your crops. The system monitors the soil’s moisture content using sensors and uses the information to water the crops if the moisture level has gone below the set level. This prevents overwatering, which not only saves water but also protects the crops from damage. You can also use IoT technology to measure the health of the soil. The results give valuable insights such as fertilizer requirements, the best crops to plant among others.

 Infant monitor

If you are a parent, you know how keeping an eye on your baby can be tasking. Moreover, just being able to see how your baby is fairing when you are away gives you so much peace of mind. IoT-enabled baby monitors allow you to keep an eye on your baby remotely. It provides real-time information on your baby’s breathing, body temperature, length of sleep, and sleeping postures. You can easily see your baby on video when getting work done in another room or away doing your grocery shopping. Baby monitors also save you from waking up at night unnecessarily to check on your child. These devices can send alerts on your phone if they detect something unusual.

 Conclusion

Technology is surely changing lives for the better. IoT in particular offers improved safety, comfort, peace of mind, and convenience. From smart home tech that includes smart lights, smart appliances, smart security, and more, to other devices such as infant monitors, smart cars, and smart irrigation systems are designed to make your life easier. Moreover, with health wearables, you can have the peace of mind that your doctor is monitoring your health every single second.

 

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Why Fleet Managers Need Mobile IoT Asset Tracking

Not long ago, local grocery stores were lined with empty shelves. Toilet paper and hand sanitizer shortages gripped headlines from California to New York. In the throes of the COVID-19 era, demand for basic goods had so abruptly shifted that transportation and logistics companies were forced to react at breakneck speed to the unprecedented surge, all while maintaining worker safety.

The issue is, managers can only truly manage what they see – and need to know exactly where vehicles and equipment are in order to properly use them. Real-time visibility of critical assets, which can be anything from fleet equipment to humans, is essential for operating a supply chain at peak efficiency. The pandemic is exposing a need for access to insights for moving assets across all sectors, especially when multi-tiered distribution models are relied upon. Fast, real-time decisions are only delivered when a fleet manager knows the real-time location of all tools in their arsenal. Fleet managers need an end-to-end asset tracking solution that works anywhere, indoors or outdoors, with no-nonsense setup to scale.

GPS Sucks More than Just Power

Historically, fleet managers have leaned on GPS to track higher value assets, though being able to yield a location report has been far from guaranteed. Due to GPS’ inherent limitations, enterprises were only able to pinpoint assets when they had a clear line of sight to the sky. Yet many times, equipment and goods were inside a container or warehouse, rendering GPS useless. With steep price tags and quickly drained battery life, GPS trackers are difficult to maintain and to frequently replace on the field. If a fleet manager wanted to layer on indoor coverage, they’d need to accumulate additional costs and infrastructure for the incorporation of Wi-Fi or Bluetooth Low Energy (BLE). Amalgamating these location solutions with other existing software platforms to offer valuable data becomes a burden on crucial resources: finances, time, and manpower.

Thankfully, other changes in the market have been brewing long before COVID-19 entered the picture. With the onslaught of digital transformation and Industry 4.0, enterprises are turning to newer technologies such as Mobile Internet of Things (IoT), cellular-based location techniques like Cell-ID, or more accurate alternatives, such as Cloud Location over Cellular (C-LoC) to help solve the growing challenge of providing end to end supply chain visibility. Innovative players are realizing they can leverage existing, ubiquitous 4G and 5G cellular networks for connecting asset trackers through Mobile IoT. New Mobile IoT standards such as LTE-M and NB-IoT are changing the game on cost, battery life, and extended coverage and have been deployed by carriers around the world. Mobile IoT is the foundation for 5G Massive IoT, which is poised to usher in a new era of hyper-connectivity.

Fleet managers are now able to connect millions of low bandwidth asset trackers to tap into their equipment’s location, whether it’s inside a building or out on the open road. Small, agile devices make for flexible systems, so sensors can be easily affixed to any object needed to be tracked. Using cell towers that already reach 97% of the global population (ITU), there’s no need for new infrastructure. Deployment costs are slashed, and scalability is streamlined. The battery life of a tracker extends from days to years.

Mobile IoT allows actionable intelligence to present itself in the form of various sensor data, including temperature, humidity, shock or other conditions, with the backbone being location. Used in conjunction with asset tracking platforms, configurable alerts and customizable geofences can help make sense of the information in order to act quickly. The point: real-time data enabled by Mobile IoT and cellular-based location provide the best context for fleet managers to rectify problematic situations before they result in business disruption.

Mobile IoT and Fleet Management

Fleet management is evolving to include not only gaining visibility into a vehicle’s location, but even further – into the items on or associated with the vehicle, whether they are scooters or pallets of soda. This encompasses tracking the trailer, the vehicle cab, in addition to the individual items inside the trailer (i.e. hand trucks).

Moreover, fleet tracking doesn’t always mean a vehicle in motion. A fleet of vans stored on an expansive property can rack up hours in labor costs for personnel who are tasked with finding a needle in a haystack. This knowledge is important for automobile manufacturers, car dealers and leasing companies.

Using Mobile IoT and cellular-based location, systems can also be supplemented with cost-effective trackers in areas where many signals aren’t available, such as inside warehouses or covered parking garages.

Fifth Wheel Dolly Mini Case Study

When fifth wheel dollies are no longer needed, drivers for one LTL company often drop them off in a manufacturing/warehouse district, or hook them up to another, second trailer. These dollies are then left susceptible to theft or damage by other drivers. Though it’s difficult for fleet managers to know where an individual dolly is at any given time, they have not seen the ROI in using GPS trackers for this type of equipment. If drivers don’t pay attention to where they drop dollies, or they’re damaged and can’t be pulled, this is typically only discovered later through walk-throughs and manual checks around the truck yard.

Using a Mobile IoT location solution with cellular-based location, the LTL company can now leverage existing mobile infrastructure and lightweight devices for asset tracking, no matter what unplanned lot or district a dolly is left in. Less power consumption and heightened indoor/outdoor coverage leads to simpler scalability and increased efficiency in preventing theft, as well as recovering dollies or other goods after loss.

Mobile IoT is driving down the cost and eliminating the barriers to entry of asset tracking for smaller, individual assets. With millions of new IoT devices coming online rapidly, this technology is proving to have a real impact on fleet managers’ bottom lines. While Mobile IoT can be used in combination with various location solutions, choosing the right method can make or break implementation success.

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About Ed Chao, CEO, Polte

As CEO of Polte, Chao leads the team to position Polte as the premier location technology provider for Mobile IoT. Chao brings 26 years of leadership experience, serving as an executive for companies such as MetroPCS, T-Mobile, Lucent Technologies and with the U.S. Digital Service at the White House.

Chao holds a Master of Business Administration from Columbia University, a Master of Science in electrical engineering from Georgia Tech, and a Bachelor of Science in electrical engineering from Rutgers University.