The growing prominence of connected devices has been a key factor driving IoT device management market growth. Latest advancements in IoT technology have been broadening the scope of application of these devices, which is further bolstering product demand.
The Internet of Things (IoT) encompasses all smart devices that are connected to the internet. IoT devices can communicate with each other as well as connect with other servers to streamline various tasks. A few sectors where IoT has proven extremely useful are industrial, manufacturing, and healthcare, among others. IoT device management is inclusive of processes that involve configuration, registration, and provisioning, maintenance & monitoring of connected devices.
According to a report by Global Market Insights Inc., the IoT device management market size is likely to surpass a valuation of USD 11 billion by 2028.
IoT device management solutions have been widely adopted in sectors wherein IoT devices are increasingly being incorporated into operations, for instance, smart manufacturing. With smart factories transitioning from conventional systems to advanced tech systems, IoT devices have helped enhance overall efficiency across smart manufacturing applications.
Benefits of IoT device management solutions boosting product adoption
Here’s a look at four eminent advantages offered by IoT device management systems and notable efforts by industry participants to leverage the same.
1. Remote management of IoT devices
Since many IoT deployments can involve millions of devices, it is necessary to monitor, manage, and track connected device fleets. This has created the need to ensure that the devices function properly and safely post-deployment. Users also need to secure access to these devices, remotely troubleshoot issues, monitor device health, and manage firmware & software updates.
Remote management of these devices helps users manage and update the device, eliminating the need to check data manually. IoT devices aid in transmitting all data directly to the centralized location for real-time analytics. In effect, the prominent benefits of remote management of IoT devices are fostering product outlook.
2. Enhanced security of IoT devices
A vital advantage in context of security is that IoT device management systems adopt a secure way to configure and permit only authorized devices into the network architecture. Companies with expertise in the Internet of Things (IoT) have been working to develop innovative solutions that facilitate improved security.
To that effect, in February 2022, Aeris Communications LLC, a major global IoT solutions firm, presented the next generation of its Intelligent IoT Network, a unique suite of Artificial Intelligence (AI) and Machine Learning (ML)-based capabilities that promote increased security performance, superior global IoT connectivity and network performance, and industry-leading IoT network support. The surging availability of such solutions that offer highly secure networks is fueling IoT device management market growth.
3. Improved scope of scalability
IoT devices can be scaled to fit the organization easily with the addition of more devices or changing data points that are required to be transferred. Furthermore, a company’s ability to manage devices through a central management interface plays a vital role in the scalability of a department. Better scalability supplements companies’ efforts to update and manage a higher number of devices without compromising on the quality of service.
To cite an instance, in March 2021, IoT device management giant AVSystem announced the integration of the Coiote IoT Device Management service with Amazon Web Services (AWS) IoT Core and Microsoft Azure IoT Hub through the Lightweight M2M (LwM2M) protocol. Coiote is the first platform in the IoT device management market to offer the two cloud providers support for constrained IoT devices at scale. The scalability of these devices is impelling business growth substantially.
4. Adaptability to changing technological landscape
With the burgeoning presence of intelligent systems around the world, IoT devices are generating vast amounts of data. This has given rise to the need for software that can safely capture and process real-time machine data by considering digital feedback from intelligent edge systems, which has promoted product uptake across varied industry verticals.
To quote one such instance, in October 2021, Wind River Systems, a key provider of industry-specific software, extended its real-time operating system (RTOS) to semiconductor behemoth Intel’s industrial SoCs (system-on-a-chip). Wind River’s VxWorks RTOS supports the IoT-optimized Intel processors for industrial platforms that require superior AI and real-time computing for functional safety and associated certification needs, among other mission-oriented applications.
Leveraging IoT networks to cater to proliferating computing needs
In the past few decades, industrial manufacturing firms have been seeing a shift of AI-backed and automated decision-making computing towards the far edge of the cloud. Moreover, in view of the evolving technological landscape as well as the mounting integration of connected technology, secure, reliable, and high-performance solutions have gained significance for accommodating the growing computing burden.
Notably, a majority of business leaders believe that their embedded products & solutions need to offer near-latency-free real-time computing for mission-critical success. The subsequent increase in emphasis on optimizing IoT device operations has prompted industry participants to invest in robust IoT networks. Consequently, the booming focus on scaling IoT device networks will prove to be lucrative for the expansion of the IoT device management market size in the forthcoming years.
