IoT Data Management Market to reach US$ 123.56 Billion by 2030. The market, during the forecast period (2022-2030), can attain a CAGR of 18.45%, says Market Research Future (MRFR). IoT Data Management Market, by Component (Solution, Services), by Solution (Data Integration, Data Analytics and Visualization), by Services (Managed Services, Consulting Services), by Deployment (Public Cloud, Private Cloud), by Organization Size (SMEs, Large Enterprises), by Application (Smart Energy and Utilities, Smart Manufacturing, Building and Home Automation) — Global Forecast till 2030
Top vendors shaping the worldwide IoT data management market include Cisco Systems Inc. (US), Oracle Corporation (US), SAS Institute Inc. (US), IBM Corporation (US), Fujitsu Limited (Japan), Dell Technologies, Inc. (US), Teradata Corporation (US), SAP SE (Germany), Hewlett Packard Enterprise (US), Google Inc. (US), PTC Inc. (US), and others.
Besides the top players, some other companies that also contribute to the market growth are Striim, Inc. (US), InfluxData Inc. (US), Zebra Technologies Corporation (US), Trustwave Holdings, Inc. (US), Logmein, Inc. (Hungary), LogFuze Inc. (US), Mulesoft Inc. (US), to mention a few.
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Primary Drivers and Key Barriers
The surge in the use of connected devices, internet penetration, and high smartphone production, as well as ownership, is in response to the massive outpour of data. This substantial expansion of data has led to a tremendous need for data management.
Over the years, various organizations have been opting for IoT enabled platform service models along with cloud-based solutions, given the enormous amount of data generated across the globe. IoT data management helps explore usage patterns, offer an enhanced experience, and lead to resource efficiency. The majority of the key market vendors are endeavoring to create solutions that help manage and secure a vast volume of data in an efficient and consistent manner.
Projects like smart cities and smart homes are expanding remarkably across the globe, which is giving rise to the need for the management of the massive amount of data. Data security is another issue being faced by organizations, which also boosts the demand for IoT data management system.
Component, deployment, organization size, and application are the primary segments according to which the IoT Data Management Market has been studied by MRFR in its latest report.
Component-wise, the market is considered for solutions and services. The solution segment includes data analytics and visualization, data integration, data security, metadata management, data migration, and others. The services segment can be split into consulting services, support and maintenance services and managed services.
With respect to deployment, the IoT data management market caters to public cloud, private cloud, and hybrid cloud.
Depending on the organization size, the market has been segregated into small and medium enterprises (SMEs) and large enterprises.
Application-based segments in the market include smart manufacturing, smart energy and utilities, smart healthcare, building, and home automation, smart mobility and transportation, smart retail, connected logistics, and others. Smart manufacturing takes place using IoT data analytics, which helps elevate asset utilization as well as efficiency. The analysis of old and new data provides ease in the decision-making process, which prompts the manufacturers to adopt IoT data management solutions. Hence, the smart manufacturing segment is leading the global market with the highest share.
EDMI has entered a partnership with Arm, which will entail merging of smart metering solutions offered by EDMI with Arm Mbed OS (PSA certified) as well as Pelion IoT platform.
The IoT data management market has been regionally segmented into Asia Pacific (APAC), Europe, North America, in addition to the rest of the world (RoW), which includes the Middle East, Africa as well as Latin America.
North America has been identified as the largest revenue-generating region in the global IoT data management market. The region has the potential to retain its position even during the forecast period. A large population of smartphone owners, high internet penetration and fast-paced adoption of advanced technologies benefit the IoT data management market in the region. The United States (US) is the leading market in the region, boasting of a high concentration of established players that indulge in effective marketing hacks and strategies. Majority of the economies in the region make sizeable investments in research and development (R&D) activities, which leads to the development of latest technologies. Prominent trends including IoT, Industrial Internet of Everything (IIoE) and Bring Your Own Device (BYOD) have brought about an impressive growth in technology adoption, which induces market growth.
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APAC holds a lot of potential, in terms of market growth in the coming years. High adoption of sophisticated technologies, mushrooming IT infrastructure and use of IoT in industrial segment are working in favor of the regional market. The region can witness the fastest growth rate during the appraisal period. Several government initiatives including telematics programs and smart city projects are also boosting the implementation of IoT data management solutions within the region.
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