Global Market Insights (GMI) said the IoT device management market will surpass $1 billion in 2021 and forecast the market to grow at a compound annual growth rate of more than 25% between 2022 and 2028, attributing this growth to connectivity Device proliferation.
According to the company, COVID-19 has increased the adoption of connected devices across various end-user industries due to their ease of use. Connected devices help improve customer experience and provide enhanced services. Rising usage of IT devices is likely to spur the need for IoT device management.
GMI pointed out that driven by the digital transformation of China’s manufacturing industry, smart manufacturing applications will achieve nearly 30% growth by 2028. These include the use of advanced technologies such as augmented reality and remote control.
This Ericsson Industry Labs Report 2021 It is predicted that manufacturing enterprises will achieve 80% automation in the next 10 years. Tools said to be used more include artificial intelligence software, video recognition, augmented and virtual reality, collaborative robots, video recognition, digital twins, automated guided vehicles (AGVs) and exoskeletons.
As many as seven in 10 manufacturers say they plan to deploy five or more production tools powered by advanced wireless networks such as 5G within five years.
The Ericsson report noted that most manufacturing companies have largely escaped the worst impact of the global Covid-19 pandemic, with 69% reporting no change or even improvement in their financial performance since the start of the lockdown.
GMI said industry players are forming strategic partnerships to develop advanced integrated IoT device management platforms. February 2022, device permissions and Avnet for End-to-End IoT Security Management. Avnet integrates Device Authority’s KeyScaler platform Enter its cloud computing IoT device management platform to help customers manage their IoT devices.