The Internet of Things (IoT) is all about devices communicating with one another and gathering massive amounts of data to serve larger man-made aims and targets without the requirement for direct human engagement. The procedures involved in the delivery and verification, setting, retaining, tracking, and diagnosing of connected devices running as part of an IoT ecosystem are called IoT device management. IoT device management allows users to swiftly search for and locate any other IoT device throughout their whole device. It facilitates the quick identification of devices based on a mix of parameters such as device condition, device ID, and type.
IoT in retail and connected technologies are transforming the retail business. As per eInfochips, 96% of merchants are prepared to make the necessary changes to adopt the Internet of Things in their stores.
Energy consumption, whether in heating, refrigeration, lighting or air conditioning, is a significant cost-consuming element for retail operations. As per eInfochips, using various energy sources effectively can result in cost reductions of up to 20% each year. IoT-enabled smart devices can aid in the resolution of energy management and conservation issues. With IoT, merchants can increase profits and empower their personnel to respond in ways that improve customer experience and store inventory management. According to Verizon’s survey, 77% of merchants feel IoT solutions can greatly improve the consumer experience.
Moreover, with the aid of integrated sensors, several IoT-based systems can log, monitor, and beep alerts or inform in-store workers about gas leakage, temperature, electrical failures, heating, energy use, etc. Store owners can interface with refrigerator controllers and get priority information using these smart energy management devices. Such factors are projected to boost the global IoT device management market.
IoT device management consists of multiple operating systems and several communication methods and protocols targeted at smoothly functioning smart devices. These services are becoming an important part of the business sector over the past few years, owing to the rise in the use of remote operations in numerous industries and the subsequent need to manage the operation of the devices. Key IoT device management providers focus on customer acquisition and developing new platforms with more security. Market players face challenges such as privacy concerns and the risk of confidential information and data exposure. Moreover, lack of connectivity, real-time data assessment complexities, and lack of infrastructure availability are some of the factors hampering the expansion of the global IoT device management market.