IoT networks are rapidly expanding across the globe, allowing businesses and industries to control and/or monitor a broad range of smart gadgets.
According to the IoT network management industry analysis by Future Market Insights (FMI), the demand registered in the IoT network management market will grow at a CAGR of around 23.3% from 2022-2032. The report states that the market is expected to reach a valuation of USD 5.1 billion by the end of 2022.
The Internet of Things (IoT) tangibly solves significant business problems in a variety of industries. Healthcare, smart cities, building management, utilities, transportation, and manufacturing are among the early users of this technology, attesting to its numerous advantages
But the number of threats and cyberattacks directed at IoT devices and networks are on the rise in both number and complexity. Attacks like IoT botnets, DNS threats, IoT ransomware, IoT physical security and shadow IoT are on the rise in IoT devices, connected software and network connections.
Combining IoT solutions with edge processing technology supports minimising the vulnerabilities as edge security helps in protecting users and sensitive data. So there is an increased need to secure the devices and network and use them to strengthen network security. As a result, enterprises are deploying IoT network management solutions to protect devices against new security threats.
“Different functionalities of IoT network management help to maintain network performance. Increasing adoption of IoT network management platforms across large enterprises will augment the growth in the market over the forecast period,” says an FMI analyst.