IoT Device Management Market Highlights Growth Trends in the Coming Years

IoT device management market size to grow from USD 693.4 Million in 2017 to USD 2,559.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 29.8%. The growing proliferation of connected devices, advent of sensors, and need for a convergent IoT device management platform are some of the driving factors for the growth of Internet of Things (IoT) device management market.

The IoT device management market is segmented by solution, service, organization size, deployment model, application area, and region. The service segment is expected to grow at a higher CAGR during the forecast period, because services help organizations to easily deploy the software on cloud. The services segment is further categorized into professional services and managed services. Furthermore, the professional services segment is classified into consulting service, support and maintenance, and integration services. The integration service segment is growing at a rapid pace as compared to the other professional service segments, owing to the lack of standardization and increase in diverse protocols, and connectivity technologies and devices.

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The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the highest CAGR in the IoT device management market during the forecast period. Organizations with an employee range between 100 and 1,000 are categorized under SMEs. SMEs face some specific challenges, such as requirement of domain-specific technical personnel and skilled workforce, budget constraint, and limited economies of scale. The increasing competition has prompted SMEs to invest in this disruptive technology and adopt go-to-market strategies to make efficient decisions for the business growth.

As per the geographic analysis, North America is the largest region in the IoT device management market. Countries, such as the US and Canada are the major growth drivers of the region. The strong financial position of North America allows these countries to invest heavily in leading IoT-enabled devices and solutions/services.

The major vendors covered in the IoT device management market include Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), PTC Inc. (US), ARM Ltd. (UK), Aeris (US), Smith Micro Software (US), Tibbo Systems (Taiwan), DevicePilot (UK), Xively (US), Zentri (US), Cumulocity GmBH (Germany), Proximetry (US), Einfochips (US), Wind River Systems Inc. (US), and Capricode (Finland).

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