According to the IoT device management platform analysis by Future Market Insights (FMI), the demand in the market will increase at a healthy CAGR of 24.4% from 2022-2032.
The report states that the market is expected to reach the valuation of US$ 4,463.5 Mn by the end of 2022. Sales are expected to be driven by factors such as the overall development of IoT network and systems, increasing concerns regarding network security, escalating need to track the health, etc.
IoT device management systems allow organizations to collect and analyze data. It also functions as the bridge between the edge network and user’s downstream data servers and enterprise applications which is also anticipated to augment growth.
An IoT network and device management platform provides centralized management, uncomplicated provisioning, and real-time insights into all current device and integrations to support organizations stay on top of their deployment. IoT device management platform is integrated with a strongand accessible wireless solution, it permits users to easily broaden IoT network and solutions at the reduced cost and complexity thus, all these advantages offered by the IoT device management platform are contributing to the market growth.
Wearable technology, like smart watches, have an enormous potential in the IoT space and for numerous businesses. Fitness and lifestyle-based businesses will mainly find this trend advantageous, considering the fact that various smart watches and wearable devices are combined with health and fitness tracking options.
Wearable IoT devices could be utilized to protect and monitor heart attacks, monitor EMG sensors for stroke patients, and monitor asthma. IoT device management platform offers features such as real time device tracking, secure connectivity and data collection, data integration across apps/devices, over the air software updates, and sensor data analytics for smart wearables. Thus, development of wearable IoT technology is increasing the demand for smart wearables.
Agriculture industry is one the major industries for adoption of IoT technologies for a wide scale of applications like smart irrigation, activating frost fans, automated feeding systems to tank and feed bin tracking, and other mechanized procedures. Predictive analytics feature offered by IoT device for smart farming is the major trend in the agriculture industry because its helps farmers to make plans concerning the production and storage of the crops, marketing approach, and risk management.
As per the report by Business Application Research Center (BARC), the adoption of IoT devices in the agriculture industry have reached US$ 75 million in the year 2020, growing at around 20% annually. Smart farming based on IoT technologies permits farmers to reduce waste and improve productivity ranging from the amount of fertilizers used to the number of journeys the farm vehicles have made, and enabling well organized usage of resources like electricity, water, etc.
- By solution, the IoT device management platform segment is anticipated to account for the leading share in the global demand for IoT device management platform in 2022.
- By enterprise size, the small and mid-sized enterprises segment is estimated to grow at a robust CAGR of 26.0% through 2032.
- By industry, the healthcare segment is anticipated to grow at a CAGR of 33.1% between 2022 & 2032.
- Europe is expected to progress at the highest CAGR of around 33.0% followed by South Asia and Pacific in 2032.
- The market in Japan is expected to progress at a CAGR of around 27.8% through 2032.
- In India, sales are expected to grow at a CAGR of close 34.0% over the next ten years.