The Internet of Things (IoT) is all about devices communicating with one another and gathering massive amounts of data to serve larger man-made aims and targets without the requirement for direct human engagement. The procedures involved in the delivery and verification, setting, retaining, tracking, and diagnosing connected devices running as part of an IoT ecosystem are referred to as IoT device management. IoT device management allows users to swiftly search for and locate any other IoT device throughout their whole device. It facilitates the quick identification of devices based on a mix of parameters such as device condition, device ID, and type.
The global IoT device management market is anticipated to surpass US$ 10.42 billion by 2031, expanding at a CAGR of 18.7% from 2021 to 2031 (forecast period).
The global IoT device management market is expected to grow due to increasing demand from the retail sector. Smart devices and IoT in retail help retailers enhance the consumer experience and generate more conversions while also transforming day-to-day shop operations. The benefits of using IoT in the retail business include in-store navigation, energy management, consumer engagement, and theft prevention.
IoT in retail and connected technologies are transforming the retail business. As per eInfochips, 96% of merchants are prepared to make the necessary changes to adopt the Internet of Things in their stores.
Energy consumption, whether in heating, refrigeration, lighting, or air conditioning, is a significant cost-consuming element for retail operations. As per eInfochips, using various energy sources effectively can result in cost reductions of up to 20% each year. IoT-enabled smart devices can aid in the resolution of energy management and conservation issues. With IoT, merchants will be able to increase profits and empower their personnel to respond in ways that improve customer experience and store inventory management. According to Verizon’s survey, 77% of merchants feel that IoT solutions can greatly improve the consumer experience.
Moreover, with the aid of integrated sensors, several IoT-based systems can log, monitor, and beep alerts or inform in-store workers about gas leakage, temperature, electrical failures, heating, energy use, and so on. Store owners can interface with refrigerator controllers and get priority information using these smart energy management devices. Such factors are projected to boost the global IoT device management market.
IoT Device Management Market to Witness Massive Growth Post COVID-19 Pandemic
COVID-19 outbreak had a considerable impact on the global IoT device management market. The outbreak had a significant influence on several industries that depend on IoT applications, including commerce, vehicle maintenance, medicine, logistical services, heavy transportation facilities, vehicles, investments, and electronic advertising. The internet of things (IoT) is expected to be crucial for long-term recovery measures for companies throughout the world. Nevertheless, several aspects of the internet of things are projected to suffer in the short term.
Several sectors have been badly impacted in recent years, and as a response, they have begun to adopt IoT devices. Most industries have adopted this technology, including healthcare, transportation, fleet management, retail, and others.
Companies are adopting the internet of things as a long-term tool to help their company recover after a pandemic. Security worries regarding this new technology, on the other hand, act as a barrier, and organizations are cautious about implementing it into their systems. However, technical advancements are expected to increase the sales of IoT device management market during the forecast period.
North America to Lead IoT Device Management Market North America is projected to lead the worldwide IoT device management market. The United States is the largest revenue generator in IoT device management market in North America. The increased cyberattacks, strong adoption of modern technologies, and a growing number of connected devices in the area are major aspects of the development of the IoT device management market in this region. Moreover, increased digitization and government expenditure on data security for residents is anticipated to propel the regional market growth. Furthermore, the region’s manufacturing industry’s deployment of IoT is driving the usage of IoT security solutions, creating revenue-generation opportunities in IoT device management market.