Exploring the Need for IoT Device Management in Industries

In today’s world, the number of connected devices has overtaken the global human population. This connected device ecosystem relies on modern technology called the Internet of Things (IoT). As businesses and industries continue to embrace IoT-based solutions, IoT device management has become essential for them to have complete insight and control of their entire device infrastructure. With this technological advancement, industries can make a transition to a smart ecosystem such as smart cities, smart agriculture, smart energy, and many more. This article talks about why these advanced solutions are important for organizations and the contribution of leading companies in reshaping the market.

How IoT device management is beneficial for organizations:

IoT devices generate a huge amount of data regularly, requiring faster computation. Unlike traditional cloud-based processing, IoT device management integrates edge computing through which data can be processed closer to the source. It further helps reduce latency and enhance real-time decision-making capabilities. These advantages of deploying IoT-based solutions have fostered various applications such as regulating and monitoring smart cities and carrying industrial operations smoothly. 

Nowadays, industries are emphasizing security reinforcement with the continuous rise of data. By implementing IoT, industries can optimize security measures, providing end-to-end data encryption, ongoing monitoring, and secure boot mechanisms. These security management services give an in-depth analysis of the performance of each device, helping protect data along with the interconnected infrastructure. 

With the surge in the number of IoT devices across businesses, energy efficiency has become an emerging concern. The incorporation of the latest IoT-based solutions can help organizations optimize power consumption through low-power IoT protocols and energy-efficient hardware design. Such advancements can efficiently reduce environmental impact and prolong the lifespan of battery-powered devices. 

The IoT device management market is observing significant growth due to the rising adoption of IoT devices across industries and the increasing need for remote monitoring and managing industrial processes. Based on the enterprise, the manufacturing sub-segment is expected to hold the largest market share by garnering a revenue of $6,962.6 million over the estimated period from 2022 to 2032. Based on country, India is predicted to grow at a stunning CAGR of 38.9% during the analysis period. 

New product launches in the industry:

To address the growing demand for managing IoT-based devices across many organizations, several leading market players have come up with innovative product launches. For instance, KORE, a leading provider of IoT-based solutions announced the launch of its new technology software, namely, MODGo. It is a SaaS solution that would help organizations overcome the challenges of IoT deployments and managing connected devices. 

Mergers and acquisitions among leading market players:

The market has undergone a series of mergers and acquisitions to amplify competitive insights. A notable example is the acquisition of the Pelion edge software business of SoftBank by Izuma Networks, a unified platform for deploying edge applications & devices. This acquisition would benefit Izuma with improved connectivity, device management, and edge processing. 

To wrap up, the rising concern of organizations to upgrade remote monitoring of various processes and configure advanced devices is expected to drive the IoT device management market with extensive opportunities. Moreover, the rapid evolution of new business models to increase operational efficiency will bring new possibilities for the market in the coming era. 

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