PUBLISHER: The Business Research Company | PRODUCT CODE: 1436410
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436410
IoT connectivity management platforms connect various devices, hardware, software, and connectivity technologies in organizations. They provide access to data and insights for analysis, optimize device deployment, and enhance security while reducing operational costs.
The main product categories of IoT connectivity management platforms are cellular and non-cellular. Cellular platforms utilize existing cellular networks, similar to those used by smartphones, for connectivity management. They do not require separate networks and can operate using the existing mobile infrastructure. These platforms consist of solutions and services that can be deployed on the cloud or on-premises. They find applications in various industries such as automotive, consumer electronics, retail, energy and utilities, finance and banking, healthcare, manufacturing, and others.
The iot connectivity management platform market size has grown rapidly in recent years. It will grow from $7.78 billion in 2023 to $9.07 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to proliferation of iot devices, global expansion of iot deployments, network standard evolution, rising complexity of iot ecosystems, security concerns, demand for cost-efficiency.
The iot connectivity management platform market size is expected to see rapid growth in the next few years. It will grow to $17.81 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to 5g adoption and integration, edge computing integration, diverse connectivity protocols, focus on low-power iot devices. Major trends in the forecast period include cross-industry collaboration, evolving regulatory landscape, iot device management and lifecycle support, monetization and billing solutions.
The iot connectivity management platform market size has grown rapidly in recent years. It will grow from $7.78 billion in 2023 to $9.07 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to several factors, including the proliferation of IoT devices, the global expansion of IoT deployments, the evolution of network standards, the rising complexity of IoT ecosystems, security concerns related to IoT devices and networks, and the demand for cost-efficiency in IoT implementations. These factors have collectively contributed to the growth and development of the IoT industry.
The iot connectivity management platform market size is expected to see rapid growth in the next few years. It will grow to $17.81 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The anticipated growth in the forecast period can be attributed to the adoption and integration of 5G, the integration of edge computing, the use of diverse connectivity protocols, and a focus on low-power IoT devices. Major trends expected in this period include cross-industry collaboration, an evolving regulatory landscape, the management and lifecycle support of IoT devices, and the development of monetization and billing solutions.
The rising deployment of IoT devices is significantly contributing to the growth of the IoT connectivity management platform market. These platforms play a crucial role in managing the connectivity, data transmission, and communication of IoT devices within enterprises. With the global number of cellular IoT devices expected to reach 3.5 billion by 2023, there is a growing need for robust connectivity management platforms to support this expansion in IoT deployments.
The expected adoption of 5G connectivity is set to significantly boost the IoT connectivity management platform market. 5G connectivity, representing the fifth generation of mobile network technology, offers faster internet speeds, reduced latency, and enhanced connectivity for a vast array of devices and applications. IoT connectivity management platforms play a crucial role in optimizing and overseeing the myriad interconnected devices within the sophisticated 5G connectivity framework. For example, data from 5G Americas in April 2023 revealed a substantial 76% increase in global 5G wireless connections from the end of 2021 to the end of 2022, reaching 1.05 billion connections. It is projected to surge to 5.9 billion connections by the conclusion of 2027. Consequently, the burgeoning adoption of 5G connectivity serves as the primary driver propelling the IoT connectivity management platform market, given the increasing need for platforms to manage and leverage the capabilities of these interconnected devices within the 5G ecosystem.
Major players in the IoT connectivity management platform market are strategically advancing by developing revolutionary solutions, particularly next-gen IoT Connectivity Management Platforms, aimed at optimizing monitoring capabilities and boosting market profits. These platforms serve as advanced interfaces tailored for overseeing and administering IoT devices and their network connections. For instance, in December 2023, TEAL, a US-based eSIM technology provider, unveiled Aurora, its next-gen IoT Connectivity Management Platform (CMP). Aurora encompasses a comprehensive suite of functionalities, including a Network App Marketplace housing over 3,500 global data networks. This empowers users to effortlessly install new networks, switch between existing ones, monitor data usage, and track device status. Notably, the platform integrates crucial features such as eUICC health data and deeper SMSR data integration, offering in-depth insights and control over eSIM capabilities deployed in the field. Aurora facilitates remote monitoring of TEAL eSIM network usage and operational status worldwide, streamlining the deployment and management of devices across various locations.
Leading companies in the IoT connectivity management platform market are concentrating on developing comprehensive solutions that harness capabilities such as native eSIM to facilitate seamless device management across borders, thereby gaining a competitive advantage. Native eSIM refers to an embedded SIM card within a device that enables the remote management of mobile network subscriptions without requiring physical SIM card replacement. For example, in July 2023, Verizon Business, a division of Verizon Communications based in the US, unveiled its Global IoT Orchestration platform. This platform empowers businesses to deploy and manage devices on a global scale. Integrated with the Verizon ThingSpace IoT management platform, it utilizes native eSIM and roaming capabilities provided by mobile network operator (MNO) partners such as Telenor and Bell Canada to deliver seamless global IoT connectivity. The platform, currently available for trials, aims to simplify complex operations and offer a comprehensive solution for managing IoT deployments worldwide.
In May 2021, Planon, a UK-based software company, acquired Axonize for an undisclosed amount. This acquisition is intended to enhance Planon's smart building systems by enabling broader connectivity across buildings using Axonize's IoT connectivity management platform, which is known for its comprehensive 360-degree building digitization capabilities. The platform offers services for smart buildings, including asset monitoring, resource management, and assessing the ecological impact of assets, all delivered through a secure cloud-based infrastructure. Axonize, based in Israel, specializes in developing IoT connectivity management platforms as a software as a service (SaaS) company.
Major companies operating in the iot connectivity management platform market report are Google LLC, Microsoft Corporation, Huawei Technologies Co. Ltd., Amazon Web Services Inc., China Telecom Corporation Limited, International Business Machines Corporation, China Unicom (Hong Kong) Limited, Cisco Systems Inc., Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Telefonaktiebolaget LM Ericsson, Nokia Corporation, ZTE Corporation, Swisscom AG, Proximus Group SA, Vodafone Idea Limited, Arm Limited, Tata Communications Limited, PTC Inc., Software AG, Comarch SA, KORE Group Holdings Inc., Aeris Communications Inc., Emnify Ltd., Truphone Limited, Mavoco AG, Aerith Inc., Links Field Networks Inc., Sierra Wireless Inc.
Asia-Pacific was the largest region in the IoT connectivity management platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iot connectivity management platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the iot connectivity management platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The IoT connectivity management platform market consists of revenues earned by entities by providing data security services, application security services and endpoint security services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
IoT Connectivity Management Platform Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on iot connectivity management platform market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for iot connectivity management platform ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The iot connectivity management platform market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.