Global IoT Device Management Market to grow at 31.4 percent CAGR
According to Stratistics MRC, the Global IoT Device Management market is expected to grow from $461.24 million in 2016 to reach $3,125.68 million by 2023 with a CAGR of 31.4 percent.
Some of the factors propelling the market growth include growing acceptance of device and vendor agnostic platforms, rising demand for converged device management platform and expansion of intelligent connected devices. However, privacy issues and lack of uniform IoT standards required for interoperability are restricting the market.
The demand for IoT devices have acquired largest market share in small and medium-sized enterprises as these devices helps in making efficient decisions in business areas. By deployment model, public cloud is leading the market with the highest CAGR and the growth can be attributed as many enterprises are adopting public cloud system which reduces the cost of data storage.
Based on services, integration services is one of the fastest growing segments due to the rising number of protocols and connectivity technologies.
North America is dominating the global market due to government's support in implementing new technologies in IoT security and analytics. Asia Pacific is the fastest growing region and the growth in this region can be mainly attributed to rising investments of governments in IoT initiatives.
Some of the key players in global IoT Device Management market include Enhanced, Telecommunications Inc., Aeris, Telit Communications PLC, Advantech, Oracle, Amplia Soluciones S.L., Xively, Cumulocity GmbH, Microsoft, Zentri, International Business Machines, Smith Micro Software, PTC and Wind River.
