IoT Data Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

IoT Data Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The IoT Data Management Market is expected to grow at a CAGR of 16.58% during the forecast period (2021 - 2026). The report profiles the vendors of IoT management solutions, including data integration, security, analytics, and storage solutions for various industries.

Key Highlights

• The IoT refers to the vast network of devices and physical objects that connect to the Internet to recognize and communicate with other devices and objects. This process of interaction is expected to generate data that must be captured and managed. Most importantly, the data generated must be analyzed according to the context as sensor data reveals almost no patterns.
• The modernization of data warehouse architecture, growing need for data traffic management, and technological advancements in wireless technologies are the factors that are expected to contribute to the growth of the IoT data management market.
• According to Cisco, IoT is expected to generate about 507.5 zettabytes (1 zettabyte = 1 trillion gigabytes) of data by 2019. Managing, screen through, and analyzing data is expected to pose a massive challenge for organizations. Data Analysis will be crucial if IoT initiatives are expected to provide insights to drive higher productivity and revenues.
• However, though there are ample opportunities to extract value from the data generated in the world of IoT, the rapid growth in intelligent devices presents many challenges, significantly impacting the architecture of IoT service making it extremely difficult to harness data. End to end security of Data, Integration with IT systems and data analysis is some of the other formidable challenges that IoT presents for the enterprises.

Key Market TrendsSecurity Solutions to Witness the Fastest Growth

• With new devices being rolled out constantly for both home and business automation, the pace of attacks being generated by IoT botnets is also expected to continue to increase. Cloud services are experiencing high adoption, owing to the demand for IoT. This rise in the use of cloud systems across various verticals has increased the vulnerabilities of these systems to data breaches.
• With so many providers offering multiple solutions, the need for a uniform security platform to remain uncompromised, with IoT security not just for devices, but also communication, data storage, and lifecycle solutions is increasing
• According to a recent survey by Ponemon Institute and the Shared Assessments Program, at least 81 percent of risk oversight and corporate governance professionals believe a serious data breach by an unsecured IoT device within their company is long overdue and is expected to occur within the next two years.
• Further, this has led to the possibility of new laws to regulate IoT. For example, the bipartisan ‘Internet of Things Cybersecurity Improvement Act of 2019’ is making the rounds in Washington.
• IoT devices offer an open window for hackers to access sensitive user information. For instance, recently, hackers obtained data about the customers of a casino by gaining access to the smart thermostat used inside the casino’s connected aquarium.

North America is Expected to Hold the Largest Market Share

• North America’s robust automotive market is striving toward a complete self-driving ecosystem over the next decade, coupled with the growing demand for fleet management and intelligent transportation systems by courier delivery giants, such as FedEx, is expected to have a positive impact on the market growth.
• Apple, Amazon, and Google smart gadgets, such as watches and speakers, have established themselves in the North American marketplace. Increased integration of smart wearables to IoT devices driven by the adoption of smart homes in the region is expected to drive the need for data management solutions.
• This has created the need to manage large volumes of data while ensuring security and also integrating various devices in the smart home ecosystems. These factors have been instrumental in augmenting the market and driving innovations in data management solutions offered by the vendors.
• According to research conducted by Stanford University in collaboration with Avast North American homes have the highest density of IoT devices in the world.
• The research adds that 66% of homes in North America have at least one IoT device, as against the global average of 40%. 25% of North American homes have more than two devices.

Competitive Landscape

The IoT Data Management market is a highly competitive market. The widespread use of IoT across industry verticals has resulted the boom in the number of opportunities that the industry offers. Though dominated by a few major players in the market as of now, the market is expected to witness the entry of a number of players as the depth of IoT applications across industries increases. Some of the recent developments of the market are as follows:-

• August 2019 - Actian, a pioneer in hybrid data management, cloud data warehouse, and data integration technology, announced the launch of the new Actian ZenTM embedded database for both mobile and IoT.
• Feb 2018 - Google acquired Xively from LogMeIn for USD 50 million, giving Google Cloud an established IoT platform to add to their product portfolio as it intends to use this as a springboard in the growing IoT market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

SAP SE
IBM Corporation
PTC Inc.
Cisco Systems, Inc.
Teradata Corporation
SAS Institute Inc.
Fujitsu Limited
Oracle Corporation
Google Inc.
Hewlett Packard Enterprise Company

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