The vendor landscape of the global IoT device management market features a largely fragmented and an intensely competitive vendor landscape owing to the continuous rise in the number of technology as well as product developers, notes Transparency Market Research in a recent report. The constant rise in demand for new and more effective data monitoring mechanisms has compelled companies in the IoT device management market to focus more on the development of new and more effective solutions for the management of IoT devices.
From a geographical standpoint, the market for IoT device management in North America accounted for the dominant share in the overall market in 2016, thanks to the high adoption of smart devices across enterprises, homes, and industries. The market in Asia Pacific, on the other hand, is expected to expand at an estimated CAGR of 33.4% over the forecast period, surpassing other key regional market in terms of growth opportunities and growth rate.
One of the key growth factors for the global IoT device management market is the widespread adoption of several IoT technologies across enterprises and the rising popularity and consumer base of smart home technology in a number of developed economies across regions such as Europe and North America. Developed economies in these regions also feature the presence of a number of leading contributors to the IoT device management market, making distribution of innovative products much easier as compared to other regions.
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The increased demand for data analytics from a number of businesses to gain competitive advantage in marketplaces that are becoming intensely competitive is also a key factor working favorably for the global IoT device management market. As businesses across the globe become increasingly aware of the vast benefits that data analytics provide in gaining a better understanding of consumer choices and trends, the incorporation of tracking technologies in their workflows is rising. This factor is also expected to have a positive implication on the growth prospects of the global IoT device management market.