IoT Device Management Market – Utilities Reluctant to Embrace Internet of Things
The global IoT device management market features an increasingly fragmented landscape, finds Transparency Market Research (TMR). This is attributed to the presence of large numbers of players in the IoT device management market who are constantly adopting strategies to strengthen their shares. Constant entry of product developers and technology players over the past few years has upped the ante for incumbent players in the market.
TMR observes that top players in the global IoT device management market are investing sizeable sums on research and development to consolidate their positions. A number of them have been also acquiring new companies with core competencies in communication technology, which might confer substantial gains to them in the coming few years.
Some of the top players in the global IoT device management market are Oracle Corporation, Intel Corporation, IBM Corporation, Robert Bosch GmbH, and Google LLC.
The global IoT device management market is projected to clock a phenomenal CAGR of 31.5% during 2017 – 2025.
Among the various deployment types, public cloud accounted for the major share in 2016 in the IoT device management market. The prominence could be attributed to the extensive uptake among enterprises and consumers in the end-use industries. Moreover, the attractiveness of IoT device management for public clouds hinges on their cost-effectiveness.
Regionally, North America led the global IoT device management market by holding the dominant share in 2016. The growth is driven by substantially rising uptake of smart industrial and automation technology in manufacturing and healthcare applications. However, Asia Pacific is likely to emerge with the most attractive CAGR over 2017–2025.
Demand for IoT device management has been derived by analyzing the global and regional demand for IoT device management in each application segment. The global IoT device management market has been analyzed based on projected demand. Market data for each segment is based on corresponding revenues. Forecasts have been based on the expected demand from IoT device management.
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We have used the top-down approach to estimate the global IoT device management market, split into regions. The application split of the market has been derived using a top-down approach for each regional market separately, with the global product type segment split being an integration of regional estimates.
Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. In the absence of specific data related to the sales of IoT device management of several privately held companies, calculated assumptions have been made in view of the company’s product portfolio and regional presence along with the demand for products in its portfolio.
North America Emerges Dominant due to Greater Concentration of Smart Homes
Regionally, North America held the dominant share in the global IoT device management market owing to greater concentration of smart homes and widespread adoption of smart technology in manufacturing and healthcare in this region.
On the other hand, Asia Pacific is the fastest growing regional segment of the global IoT device management market and is likely to emerge to the fore in the coming years, with the regional market expected to exhibit a robust CAGR of 33.4% in the 2017-2025 forecast period.