NEWARK, Del, March 07, 2023 (GLOBE NEWSWIRE) -- The global IoT connectivity management platform market is expected to create an absolute dollar opportunity over the assessment period by registering a CAGR of 16.9% from 2023 to 2033. The global market revenue is predicted to be totalled US$ 7.3 Billion in 2023 and reach around US$ 34.7 Billion by 2033.
According to the Future Market Insights historical analysis, the global IoT connectivity management platform market grew at a CAGR of 15.3% between 2018 and 2022.
The IoT connectivity management platform market currently represents approximately 40% of the total IoT platform market. The popularity of the IoT connectivity management platform market is increasing as it helps to modify cellular IoT and M2M deployments. IoT connectivity management platforms are compatible with carriers that enable devices to access 3G, 4G, 5G, and NB-IoT networks.
Low power wide area networks (LPWANs) connect all types of IoT sensors even with the scattering of nodes in direct proximity. Zigbee is well-suited for medium-range IoT applications. The IoT connectivity management platform market is also used for vehicle-to-vehicle communication (V2V).
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The IoT connectivity management platform market promotes bring-your-own-computer (BYOC) connectivity. Organizations are adopting BYOC to eliminate the initial infrastructure expenses and to minimize the cost of equipment and deployment.
The trend also provides a flexible work environment to the employees and supports connectivity technologies such as LTE, GSM, CDMA, and various non-cellular connectivity protocols such as Wi-Fi and Bluetooth. Furthermore, the solution segment in the global IoT connectivity management platform market is estimated to account for a dominant share of 17.7% in 2023 as it addressed the consolidation challenges associated with operating and managing IoT devices.
Key Takeaways
- The Internet of Things (IoT) plays a significant role in connecting the world together. IoT refers to the interconnection and exchange of data among devices/sensors and systems over the internet. Integrating IoT in systems offers various advantages such as long-reach, low data rate, low energy consumption, and profitability.
- IoT technologies are focused on handling an array of problems and situations such as vehicle traffic congestion, road safety, and inefficient use of vehicle parking spaces in day-to-day life.
- IoT-based smart parking systems are efficiently integrated with mobile applications to provide comprehensive parking solutions both for the user and owner of the parking space. Smart parking systems are usually based on LPWA networks for connectivity.
- These networks are also known as mobile IoT networks, as they are specifically designed to support IoT sensors and data that enable smart parking. These networks are designed to be secure, scalable, and future-proofed and operate cost-effectively.
- Augmenting adoption of IoT across the automotive sector, specifically in advanced driving assistance systems (ADAS) in autonomous vehicles is expected to bode well for the market in the forthcoming years.
- With the rising growth and development of IoT, the mobile industry together combined with 3GPP has standardized new cellular technologies by integrating them with IoT devices. LPWA networks are among technologies that support devices that require low power consumption, long range, low cost, and security. Moreover, the LPWA network is an emerging cellular IoT technology and is expected to create opportunities for the deployment of the IoT connectivity management platform market.
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Competitive Landscape
IoT connectivity management platform market players are focusing on various strategies such as partnerships and collaborations for enhancing their customer base and product offerings.
Key Companies Profiled
- Cisco
- Nokia
- Truphone
- Huawei
- Ericsson
- Comarch
- KORE
- Arm
- HPE
- ZTE
More Insights into the IoT Connectivity Management Platform Market
The East Asian region is anticipated to dominate the global IoT connectivity management platform market. China accounted for the dominant share of nearly 43.3% of the total East Asian market share in 2022.
China has embraced NB-IoT technology since the time it was launched. In 2017, China started NB-IoT testing and trials to be able to commercialize NB-IoT in the country. It has completed the transition from lab and field tests to commercial implementation.
South Asia & Pacific is predicted to remain one of the most attractive markets during the forecast period. According to the study, sales in India are estimated to grow by 11.3x during the forecast period.
Over the past few years, South Asian countries have experienced a remarkable increase in infrastructure spending. The IoT revolution is spreading its roots in India as well, and there is a rapid influx of Indian companies joining ranks to move the technology forward.
IoT Connectivity Management Platform Outlook by Category
By Component:
- IoT Connectivity Management Platform Solution
- Services
By Deployment:
- Cloud-based
- On premise
By Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Industry:
- IT & Telecom
- Consumer Electronics
- Energy & Utilities
- Healthcare
- Manufacturing
- Retail
- BFSI
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary | IoT Connectivity Management Platform Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Pricing Analysis
4.1. Types of Pricing Model
4.2. Average Pricing Analysis Benchmark
5. Global Market Demand (in Value in US$ Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Value (US$ Million) Analysis, 2018 to 2022
5.2. Current and Future Market Value (US$ Million) Projections, 2023 to 2033
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