The Asia Pacific IoT Device Management Market would witness market growth of 32.6% CAGR during the forecast period (2022-2028).
These services are tailored to the requirements of manufacturing, automotive, and other industries. This makes it easier to handle devices and connected assets by offering authentication, network security, and API security to users.
Retailers will be able to sell more products and allow their employees to operate in ways that will improve customer experience and store inventory management. According to Verizon's survey, a significant number of merchants feel that IoT solutions may greatly improve the consumer experience. With the help of unified sensors, a variety of IoT-based systems can log, monitor, and beep alarms or inform in-store staff about gas leakage, temperature, electricity failures, heating, energy usage, and so on. By using sensors, store owners may interface with refrigerator controllers and get priority information using these smart energy management devices.
The crime of stealing is on the rise in the retail business as shops fail to pay enough attention to shoplifters. Every day, multiple million dollars’ worth of merchandise is looted from retail stores, according to the National Association for Shoplifting Prevention (NASP). Consumer and retail sectors are targeted more frequently than other industries, as per Wipro's State of Cyber-security Report 2019. According to the survey, a significant number of firms are projected to lose revenue as a result of the non-availability of services at crucial times in the event of an attack. Due to the ever-changing form of attacks, more attacks, and their nature becoming malicious have pushed market end-users to implement these solutions to reduce these risks, creating an expanding need.
The region is witnessing massive digital transformation because advanced technologies like remote control, augmented reality, and others are progressively being adopted by manufacturing companies. For example, according to a research issued by Ericsson IndustryLab in 2021, industrial companies will be 80 percent automated in the next ten years. Manufacturing companies, on the other hand, are focusing their efforts on becoming smarter across the development of advanced production equipment like AI software, video recognition, cobots, digital twins, and remote-controlled vehicles, which is resulting in enormous growth potential.
The China market dominated the Asia Pacific IoT Device Management Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $618.5 million by 2028. The Japan market is anticipated to grow at a CAGR of 31.8% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 33.4% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Device Management, Real-Time Streaming Analytics, Remote Monitoring, Security Solutions, and Network Bandwidth Management) and Services (Professional and Managed). Based on Vertical, the market is segmented into Manufacturing, Transportation & Logistics, Healthcare, Retail, Utilities, and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide IoT Device Management Market is Projected to reach USD 7.3 Billion by 2028, at a CAGR of 32%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, Bosch.IO GmbH (Robert Bosch GmbH), Telit corporate group (DBAY Advisors Limited), Smith Micro Software, Inc., Aeris Communications, Inc., Silicon Laboratories, Inc., Advantech Co., Ltd., and PTC, Inc.
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