IoT Device Market to Skyrocket

Wednesday, March 28, 2018 @ 04:03 PM gHale

Source: Grand View Research

Internet of Things (IoT) device management market size from a global perspective should reach $5.1 billion by 2025, new research found.

Growing demand for IoT services, need for digitalization, and increasing penetration of communication and networking technologies should drive the market over the coming years, according to the report by Grand View Research. The growth shows a 28.3 percent CAGR during the forecast period.

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Over the past few years, the industry found increasing investments in R&D activities for development of technologically advanced IoT systems. This has increased the popularity of IoT devices management products. Major application sectors in the market include device provisioning, monitoring, administration, and diagnostics.

The security solutions segment is projected to exhibit the highest growth rate over the forecast years. The market is witnessing increasing use of security solutions for connected devices. Advantages include higher efficiency in device monitoring, diagnostics, and analytics.

Vendors in the IoT market are likely to witness robust demand for connected device management over the forecast years, owing to increasing technological advancements.

Other key aspects of the study include:
• Security solutions should be the fastest-growing segment with a CAGR of 29.2 percent over the forecast period
• Managed services could contribute to market growth, as they facilitate higher level of performance and efficiencies
• Asia Pacific could be the fastest-growing region, owing to high demand for smart city infrastructure and healthcare in emerging economies such as India and China

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