The U.S. dominates the IoT device management market. The high demand for management solution in this region is attributed to the early adoption of advanced IoT technologies and high investment power of the major players to secure and properly manage their IoT and cloud computing networks. High broadband speed and advanced infrastructure in the country are fueling the consumption of smart devices incorporating these technologies as they require extremely efficient internet facilities for their operations.
The smart manufacturing end-use segment in the IoT device management market has witnessed a high growth in the recent years owing to the high adoption of industrial IoT in the manufacturing and production sector. This software allows users to collect and analyze data to make better & informed decisions and optimize production. The smooth working of these systems is possible only by implementing an efficient management solution. The smart homes segment is steadily rising in the IoT device management industry. The growth is attributed to the need for secured networking systems in modern homes to be secure from theft and the ease in using modern implementations.
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The IoT device management market segmented by the deployment model indicates that the private cloud segment is holding the largest market share and is expected to sustain growth over the forecast period. The combination of the IoT network with private cloud meets all the IoT infrastructure demands while all the government regulations & compliances are met with the implementation of private cloud management solutions that are easily integrated with the existing IoT network infrastructure. The public cloud demand is growing steadily in the IoT device management industry.
A major trend in the IoT device management market is the implementation of the solutions in the industrial sector owing to the digitization of supply chain and manufacturing procedures. Industrial IoT is growing due to the reduction in the operational cost of the industrial activities. It also aids in process automation, increasing productivity, and eliminating manual challenges. The concept of Industrial IoT allows OEMs to incorporate the benefits of IoT in industrial operations, increasing the need to manage complex IoT networks in the industries.
Rapidly-growing demand for IoT solutions in all industry verticals and the benefits of this network, such as connected computing, marketing automation, and supply chain analytics, are fueling the IoT device management market growth. The increased penetration of networking and communication technologies and the need for digitization across the world are boosting the usage of IoT and cloud-based technologies. These technologies provide several benefits to enterprises such as hyperconnected system operators, reduced operational cost through automation, and activated configurations. T
IoT Device Management Market is anticipated to witness healthy growth to 2024 owing to the rising demand for advanced infrastructure management solutions that are reducing the manual complexities in organizations. Regular maintenance of these devices is an essential and a complex task to be performed manually, owing to which device management services are being used by companies for managing multiple networks and devices. Components, such as sensors, routers, and modems, are prone to cyber-attacks that may fail during the operation.
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