Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global IoT Device Management Market size is expected to reach $7.3 billion by 2028, rising at a market growth of 32.0% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 32.6% during (2022 - 2028). This segment is expected to develop as more IoT solutions are deployed and demand for maintenance and support services rises. Additionally, as cloud-based solutions become more popular, demand for execution and deployment services is likely to rise, providing the market with several opportunities throughout the forecast period.
The Manufacturing segment acquired maximum revenue share in the Global IoT Device Management Market by Vertical 2021, thereby, achieving a market value of $2.6 billion by 2028. The growing need to improve digital transformation throughout the manufacturing vertical is principally responsible for segment’s prosperity. Additionally, manufacturers' rising reliance on linked devices to simplify industrial operations, boost productivity, and minimize time-to-market allows companies to take strategic decisions concerning the most up-to-date technology to meet the expanding needs.
The Small & Medium Enterprises segment has shown growth rate of 33.7% during (2022 - 2028). The expanding number of small and medium businesses in nations and government's growing role in providing finance to small and medium businesses to help companies embrace digitization is expected to boost the segment's growth. In addition, small and medium businesses are attracted to cloud-based IoT device management because of the cheaper service prices.
The North America market dominated the Global IoT Device Management Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.5 billion by 2028. The Europe market is estimated to witness at a CAGR of 31.4% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 32.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Microsoft Corporation, Oracle Corporation, Bosch.IO GmbH (Robert Bosch GmbH), Telit corporate group (DBAY Advisors Limited), Smith Micro Software, Inc., Aeris Communications, Inc., Silicon Laboratories, Inc., Advantech Co., Ltd., and PTC, Inc.
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