Northbrook, IL 60062 -- (SBWIRE) -- 07/22/2022 -- The IoT technology market is expected to grow from USD 384.5 billion in 2021 to USD 566.4 billion by 2027, at a CAGR of 6.7%.
The market growth can be attributed to several factors, such as 5G communications technology, increasing necessity of data centers due to rising adoption of cloud platforms, growing use of wireless smart sensors and networks, and increased IP address space and better security solutions made available through IPv6.
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Data management segment to account for the largest share of IoT technology market in 2020
In 2020, the data management software solution segment accounted for the largest size of the market. Software solutions are designed to meet interoperability challenges that arise because of varied heterogeneous devices, and to manage a large volume of data and its security and privacy. Microsoft Corporation (US), IBM Corporation (US), SAP SE (Germany), Cisco Systems Inc. (US), and PTC, Inc. (US) are some of the top software solution providers. With the increase in the number of connected devices, the volume of data is also proliferating. Connected devices generate a huge volume of unstructured data on a daily basis. These data can be used to gain insights by analyzing the data generated. For the management of the massive volume of data, data management software solutions are required. Data management solutions are the most important software solutions in the realm of IoT technology as enormous amounts of data produced by IoT devices pose a challenge for the technology providers to deal with. By implementing the IoT data management software, businesses are aiming to get a competitive edge with predictive analytics, as well as optimize their operations.
The device management platform segment is expected to witness the highest growth rate of IoT technology market during the forecast period
The device management platform is expected to register the highest CAGR during the forecast period. A device management platform assists in managing, tracking, securing, and sustaining the devices that are used in organizations. With the increasing number of connected devices, the need for device management platform will increase. A device management platform helps in device provisioning, configuration, remote access, device monitoring, software management, and troubleshooting. Without device management software, businesses may end up investing a hefty amount (cost and labor-intensive effort) to manage devices. The market for device management platforms will grow owing to the increasing number of connected devices, traffic, and error rates. The benefits of using device management are fast device registration, simple IoT device organization, quick locating of connected devices, and easy remote device management
North America is leading the market for IoT technology in 2020
North America held the largest share in the IoT technology market in 2020. North America is expected to continue to dominate the IoT technology market during the forecast period due to the presence of various key players.