The expansion of the IoT device management market is being propelled by the burgeoning prominence of the Internet of Things (IoT) technology. The mounting ubiquity of connected devices in varied applications is further augmenting product adoption in leading regions around the world.
While IoT is a booming space with endless possible applications in virtually all sectors, there are certain challenges that persist in the context of adding connectivity in said sectors. Some of these challenges include ensuring robust security, reliable connectivity, and compatibility between systems, software, and devices.
Nonetheless, rising awareness pertaining to the potential difficulties associated with IoT device adoption is a key factor paving the way for the development of effective management solutions for the Internet of Things (IoT) technology, thereby aiding overall business growth.
According to a report by Global Market Insights Inc., the IoT device management market size is projected to surpass a valuation of USD 11 billion by 2028.
Challenges hampering IoT devices management market expansion
Even though IoT device management systems help reduce the time and cost required to manage IoT devices, here are five notable challenges pertaining to their implementation and measures adopted by industry players to address the same.
- Data collection and management
IoT networks generate enormous amounts of data, which is why IoT companies need to make sure that the network only collects necessary data. Unorganized or unnecessary information can make it harder to derive meaningful insights.
Thus, IoT experts are required to identify platforms that can accommodate the collected data when tracking and analyzing the information. Increasing inclination toward cloud storage for this purpose is allowing companies to manage large volumes of data.
2. Power consumption
Internet of Things (IoT) devices require regular battery power and electrical power to function in hard-to-access areas or remote locations. To counter this, organizations need to continuously monitor the remote IoT device’s batteries and schedule recharging, maintenance, or replacement.
For this purpose, companies seek solutions to conserve device power when it is not in use in order to help IT teams manage a fleet of remote devices. Thus, the rising need to regulate power consumption is boosting companies’ focus on constant management, supplementing IoT device management market size expansion.
3. Device monitoring and connectivity
New IoT devices require regular configuration, installation, monitoring, and maintenance. Additionally, IT teams need to maintain them by updating frequently as well as diagnosing issues with each device, which is difficult to do owing to their distance from main facilities, thereby creating multiple challenges in the management of these newer devices.
Moreover, the growing network traffic and internet connectivity of IoT devices call for network scalability. Thus, technological integration is required to ensure high uptime and scalability to provide access to the network in both populated and remote areas.
4. Cybersecurity concerns
Unauthorized users can exploit the connected IoT devices to gain access to an organization’s network. Provisioning the device by enrolling with credentials prevents unauthorized people from reaching corporate data stored in the device. Authentication verifies if the device belongs in the network and ensures that no unapproved individuals enter the IoT network using any special keys or passwords.
For tackling these concerns, companies need to enroll and authenticate these devices to keep them securely on their network. To cite an instance, in May 2022, tech giant Microsoft inked a collaborative effort with STMicroelectronics, a leading semiconductor company, to strengthen the security of emerging IoT applications. The deal entailed the integration of STMicroelectronics’s ultra-low-power STM32U5 microcontrollers (MCUs) with Microsoft Azure IoT Middleware and RTOS.
5. Inadequacy of legislative framework
While IoT is a thriving technology sector, bureaucracy is yet to catch up with it. Legislators are either unaware or don’t understand how the tech works, and thus, are reluctant to draft or impose regulations about how businesses can navigate in the IoT space. Due to this lack of proper legislation, data collection remains unregulated with no clear distinction between public and private information.
Subsequently, owing to the absence of a robust legislative framework, data theft is a major challenge that exists in the industry. Until governments can define regulations governing the IoT scenario, companies need to outline privacy policies, highlight their security measures, and ensure that IoT devices are connected to a sufficiently firewalled network to satisfy consumer requirements for safety from IoT device management solutions.
Securing the future of IoT device networks
Recent technological advancements have expedited the incorporation of IoT in healthcare, retail, manufacturing, and various other industries, The IoT technology inherently exposes networks to the threats of hacking since it entails connecting numerous items or “things” to the internet, which have not been linked to a network historically. IoT security protects devices and networks by addressing particular issues related to IoT deployments viz., securing communication and encryption, identifying vulnerabilities, and defining privacy policies & security measures, and so on.
Furthermore, increasing IoT integration could open industries up to such challenges. For instance, IoT in healthcare has revolutionized health monitoring with a wide variety of smart devices, while making these devices prone to data protection concerns linked to IoT deployment. In view of these challenges in the industry, companies are adopting different approaches to secure their networks, which is playing a vital role in alleviating existing challenges and safeguarding the future of the IoT device management market.
