IoT network management market to reach $5 billion
The IoT network management market is projected to record a CAGR of 23.3%, during 2022 – 2032, according to Future Market Insights.
The report states that the market is expected to reach a valuation of US$5.1 billion by the end of 2022.
IoT networks are rapidly expanding across the globe, allowing businesses, and industries to control and/or monitor a broad range of smart gadgets. With any network technology, speed and responsiveness are crucial for accurate and dependable IoT device performance.
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.
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.
However, the number 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 minimising the vulnerabilities as edge security helps in protecting users and sensitive data. Therefore, 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.
“Different functionalities of IoT network management help to maintain network performance. Increasing adoption of IoT network management platforms across large enterprises will augment the growth in the market over the forecast period,” says an FMI analyst.
According to the report, 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, the SME segment is predicted to 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 the IoT network management market in 2021, whereas South Asia & Pacific region is showing the highest growth of around 28.4% CAGR during the forecast period.
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 collaborating 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.
And in March 2022, a strategic partnership was established between Sierra Wireless and T-Mobile to strengthen the 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.