IoT device management will be a white-hot opportunity for the channel in the coming years, with the global market racing along at a compound annual growth rate (CAGR) of nearly 32 percent through 2025.
That’s according to a new report by Transparency Market Research (TMR), which anticipates the market reaching $610 million in North America alone.
Leading players in the market are Robert Bosch GmbH, ARM, HP, Google, Intel, IBM, Oracle, Microsoft, Smith Micro Software and SAP SE. The key players operating in the IoT industry are undertaking several initiatives, which includes formation of an open mobile alliance for the regulation of the practice.
M&A is the key strategy adopted by the players to boost growth in the global market, according to TMR.
The market is likely to be fragmented due to the existence of large and small players. The increasing number of IoT device-management companies and the advancement in technology are stimulating market growth.
The key vendors are heavily investing in research and development to strengthen their presence across the globe to maintain a foothold in this market in the coming years.
The service segment, which includes managed and professional services, is expected to generate high revenue growth through 2025.
By region, North America is likely to dominate the global market due to development of infrastructure. Adoption of advanced technologies and the growing use of cloud technologies, mainly in the United States, is are playing a huge role. Other economies, however, are expected to offer promising opportunities for IoT device management due to adoption of smart technologies.
The growing importance of data analytics is one of the major factors fostering growth in IoT device management. Large amounts of data are being produced on a regular basis, boosting demand for advanced data-management tools.
If something were to stunt the growth of this market, it would be cybercrime. Some customers won’t trust or will underutilize IoT device-management tools due to security concerns.