Internet of Things (IoT) device management presents quite an opportunity for partners.
The market is expected to reach $5.1 billion by 2025, according to a new report by Grand View Research, which expects a compound annual growth rate (CAGR) of 28.3 percent.
Major players include IBM, Microsoft, Oracle, Aeris Communications, Bosch Software Innovations, PTC and Advantech. Vendors in this market are likely to see strong demand for connected-device management over the next seven years due to more advancements in technology, the report says.
Growing demand for IoT services, a need for digitalization, and increasing penetration of communication and networking technologies are expected to drive the market during the coming years.
The industry increasingly is investing in the research and development of advanced IoT systems. This has increased the popularity of device-management products. Major application sectors in the market include device provisioning, monitoring, administration and diagnostics.
The security segment is expected to show the highest growth rate during the forecast years, with increasing use of security solutions for connected devices. Advantages gained by the technology include higher efficiency in device monitoring, diagnostics and analytics.
Managed services are expected to largely contribute to market growth as they improve performance and efficiencies, according to the report.
Asia Pacific is expected to be the fastest-growing region due to high demand for smart-city infrastructure and health care in emerging economies such as India and China.