The demand recorded in the IoT network management market will increase at a notable CAGR of roughly 23.3% from 2022 to 2032, predicts Future Market Insights’ (FMI) report of the IoT network management market. According to the analysis, the market is predicted to be worth US$ 5.1 billion by the end of 2022 and US$ 41.5 billion by the year 2032.
Global IoT networks are quickly growing, enabling organisations and industries to operate and/or monitor a wide variety of smart devices. Speed and responsiveness are essential for accurate and dependable IoT device performance with any network technology.
IoT networks, on the other hand, have a variety of network performance issues due to the presence of heterogeneous and resource-constrained devices communicating through error-prone radio channels and frequently deployed in hostile environments.
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The Internet of Things (IoT) tangibly solves significant business problems in a variety of industries. Healthcare, smart cities, building management, utilities, transportation, and manufacturing are among the early users of this technology, attesting to its numerous advantages.
But the amount of threats and cyberattacks directed at IoT devices and networks is on the rise in both number and complexity. Attacks like IoT botnets, DNS threats, IoT ransomware, IoT physical security and shadow IoT are on the rise in IoT devices, connected software and network connections.
Combining IoT solutions with edge processing technology supports in minimizing the vulnerabilities as edge security helps in protecting users and sensitive data. So there is an increased need to secure the devices and network and use them to strengthen network security. As a result, enterprises are deploying IoT network management solutions to protect devices against new security threats.
Key Takeaways:
- By solution, demand in the network management platform segment is expected to grow at a CAGR of 24.4% through 2032.
- Based on enterprise size, SMEs segment is predicted to be grow by 8.9X during the forecast period.
- In terms of industry, the healthcare segment is predicted to grow at a CAGR of 29.9% between 2022 & 2032.
- By region, North America accounted for the largest market share of around 32.3% in IoT network management market in 2021, whereas South Asia & Pacific region is showing highest growth of around 28.4% CAGR during the forecast period.
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Competitive Landscape
IoT network management providers are focusing on strategies such as product innovation to improve their offerings and enhance their product portfolios to meet growing demand. Furthermore, a number of enterprises are partnering with technology experts to build their own IoT network management solutions. For instance:
In March 2021, BehrTech collaborated with WEPTECH, a pioneer in the development and manufacture of cutting-edge wireless communication technologies launched cost effective MYTHINGS certified gateway for Mioty which is a next-gen LPWAN protocol.
In March 2022, a strategic partnership was established between Sierra Wireless and T-Mobile to strengthen IoT connectivity solutions of Sierra Wireless by combining the IoT network management tools with LPWA, 5G coverage AND 4G LTE from T-Mobile’s powerful mobile network.
Key Players
- Cisco
- kyndryl
- Behrtech
- IBM
- Sierra Wireless
- RAKwireless
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IoT Network Management Outlook by Category
By Solution:
- IoT Network Management Platform
- Services
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Industry:
- Manufacturing
- IT & Telecom
- BFSI
- Healthcare
- Transport & Logistics
- Energy & Utilities
- Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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