The IoT device management market is predicted to be valued at US$ 4,965.4 million in 2023, rising to US$ 28,118.5 million by 2033. During the projection period, sales of IoT device management are expected to grow at a substantial CAGR of 16.8%. Rising demand for IoT services, as well as greater penetration of communication and networking technologies, are expected to drive the market over the next few years.
As part of the Internet of Things, data created by edge devices is transferred, stored, managed, and analyzed. Cloud systems assist with this by providing analytics capabilities. With low-cost, easy-to-deploy technologies, a cloud platform eliminates the need for on-premises data centres.
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IoT device management data is saved in the cloud and on cloud platforms. This enables enterprises to comprehend IoT device management and, as a result, build regulations governing it. Furthermore, the expansion of IoT device management has hastened IoT device management adoption across a variety of industrial verticals.
Cloud platforms enable enterprises to link traditional information systems to IoT device management in innovative ways. The cloud solutions of various organisations in the IoT node and gateway industry are being tailored to match the needs of their clients.
NXP Semiconductors N.V., for example, announced the EdgeLock 2GO IoT device management platform in February 2021, which is designed for zero-touch, secure deployment, and security management of IoT device management across their full lifespan. Companies have understood the value of cloud computing in offering IoT device management to their clients, fueling the IoT device management industry even more.
Data centres have become more important as a result of the massive amount of fresh data that is being produced and will need to be stored. For example, when users create new accounts, all of their personal and financial information, as well as usage statistics, must all be saved and encrypted.
The use of data centres will expand as a result of this. With such a significant increase in data consumption and traffic, connectivity between devices and data centres will need to be greatly upgraded, with each one requiring a data connection to operate and interact with other devices. As a result, IoT device management adoption is expected to rise in the future years.
Sales of IoT device management are expected to rise significantly. In addition to this, sales of IoT device management are rising on account of US$ 19.92 Bn by 2026. Increasing sales of IoT device management are also projected to contribute to the growth of the IoT device management market share.
Manufacturers in the IoT device management market get a big platform from which to serve the whole demand for IoT device management. The worldwide sales of IoT device management are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for IoT device management more accessible to customers.
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