The IoT network management market is poised for substantial growth, with projections indicating that it will surge to an impressive US$ 41.5 billion by 2032, driven by a remarkable CAGR of 23.3%. This robust expansion can be attributed to the ever-increasing adoption of Internet of Things (IoT) devices across various industries, necessitating efficient and effective network management solutions.
As the IoT ecosystem continues to expand, businesses and organizations are recognizing the importance of seamless connectivity and data management, thereby fueling the demand for IoT network management solutions. The industry’s remarkable growth trajectory highlights its pivotal role in ensuring the reliability, security, and scalability of IoT networks, making it a crucial element in the ongoing digital transformation.
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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 amount 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 minimizing the vulnerabilities as edge security helps protect users and sensitive data. So 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.
Key Takeaways from the IoT Network Management Market Report:
The IoT Network Management Market is witnessing exponential growth across various segments. With a projected CAGR of 24.4%, the demand for solutions in network management platforms is set to soar through 2032. Moreover, the SME segment is expected to experience remarkable growth, expanding by 8.9 times during the forecast period. Particularly in the healthcare industry, a staggering CAGR of 29.9% is anticipated between 2022 and 2032. North America currently holds the largest market share, capturing around 32.3% in 2021, while the South Asia & Pacific region emerges as a hotspot for growth, boasting a robust CAGR of approximately 28.4% throughout the forecast period.
Leading Key Players:
Cisco, kyndryl, Behrtech, IBM, Sierra Wireless, RAKwireless, Commscope, Proscend, Particle Industries, Inc., Aeris, Datadog, Senet, Juniper Networks
