According to a recent analysis by Future Market Insights (FMI), the adoption of the IoT connectivity management platform market is estimated to grow at a CAGR of 16.8% from 2022-to 2032.
According to the analysis, the market is estimated to reach a value of US$ 6.3 billion by the end of 2022. Organizations are turning to cloud-based solutions to boost their long-term efficiency and provide security, greater collaboration, and corporate data mobility. The necessity for high-frequency data access and sharing with cost-effective data storage solutions is driving the use of IoT cloud platforms in areas where on-site IoT architecture implementation is too expensive.
Organizations may also employ smart devices and sensors to collect and translate data into business insights more quickly and at a lesser cost thanks to the rising integration of IoT-powered technology. Connecting the cloud with IoT minimizes mistakes, improves visibility, provides scalability and cost, and speeds up the time to market, all of which are propelling the IoT connection platforms market forward.
The list of Key Players Covered in IoT Connectivity Management Platform Market are:
- During the projection period, the solution sector is expected to grow at a CAGR of 17.7% by component.
- The SMEs sector of the market is expected to increase by 5.2X over the projected period.
- During the projection period, the cloud-based IoT CMS segment is estimated to generate an absolute $ potential of US$ 16.8 billion.
- Healthcare demand is expected to expand at a CAGR of 23.1 percent between 2022 and 2032, according to the industry.
- During the projection period, the market in the United Kingdom is estimated to grow at a CAGR of roughly 19.5 percent.
- Between 2022 and 2032, the IoT connection management platform market in Japan is predicted to increase by 6.9x.
- China’s IoT connection management platform industry is predicted to be worth US$ 1.3 billion in absolute dollars.
Enterprises can track and control IoT assets with unified and intuitive connection management services, thanks to agreements between IoT connectivity management platform companies and other stakeholders. For example:
Ericsson, T-Mobile Austria, and Stanley Black & Decker cooperated in February 2020 to accelerate the global deployment of Stanley Black & Decker’s connected equipment and services.
“Rapid digitization is boosting the use of IoT devices across emerging economies, which is projected to bode well for the industry.” Furthermore, rising demand for workplace automation across various enterprises will drive market sales throughout the projection period, according to an FMI researcher.