IoT Connectivity Management Platform (CMP) Market to Surpass US$ 29.7 Bn by 2032 Steered by Growing Adoption of Cloud Services and IoT Devices
According to a recent analysis by Future Market Insights (FMI), the adoption of IoT connectivity management platform in the market is estimated to grow at a CAGR of 16.8% from 2022-2032.
The report states that the market is expected to reach the valuation of ~US$ 6.3 Bn by the end of 2022. Organizations are adopting cloud-based solutions in order to increase the efficiency of their business in long run and provide security, improved collaboration and corporate data mobility.
Increasing adoption of IoT cloud platform due to demand for high-frequency data access and sharing with cost-effective data storage solutions is propelling the deployment of IoT platform in where the deployment of on-site IoT architecture is a very costly. Cloud solutions provide seamless communication between the IoT devices, expanded reach, and reduced latency over direct remote network connection.
Also, growing integration of IoT powered technologies is enabling organizations to use smart devices and sensors to collect and transform data into business insights more rapidly with high accuracy and lower cost. Connecting cloud with IoT reduces errors, increases visibility, provides scalability and affordability with faster time to market, thereby driving the growth in the IoT connectivity platforms market.
“Rapid digitalization across emerging economies is fueling the adoption of IoT devices, which is expected to auger well for the market. In addition to this, surging demand for workplace automation across various organizations will boost sales in the market over the forecast period,” says an FMI analyst.
- By component, the solution segment is anticipated to expand at a CAGR of 17.7% during the forecast period.
- Among the enterprise size, SMEs segment is estimated to grow by 5.2X during the forecast period.
- Cloud-based IoT CMS segment is expected to create an absolute $ opportunity of US$ 16.8 Bn during the forecast period.
- Based on industry, demand in the healthcare segment is anticipated to grow at a CAGR of 23.1% between 2022 & 2032.
- The market in U.K. is expected to progress at a CAGR of around 19.5% during the forecast period.
- In Japan, the IoT connectivity management platform market is expected to grow by 6.9x between 2022 & 2032.
- IoT connectivity management platform market in China is estimated to offer an absolute $ opportunity of US$ 1.3 Bn over the forecast period.
IoT connectivity management platform players are entering into partnerships with other players for enabling enterprises to track and control the IoT assets with unified and intuitive connectivity management services. For instance:
- In Feb 2020, Ericsson collaborated with T-Mobile Austria and Stanley Black & Decker for accelerating the global deployment of Stanley Black and Decker’s connected equipment and services.
More Valuable Insights on IoT Connectivity Management Platform Market
Future Market Insight’s report on the IoT connectivity management platform industry research is segmented into five major sections – component (solution, services), deployment (cloud-based, on premise), enterprise size (Small and medium-sized enterprises (SMEs), large enterprises), industry (IT & telecom, consumer electronics, energy & utilities, BFSI, healthcare, retail, manufacturing, government and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the IoT connectivity management platform demand outlook.