Market Size of IoT Data Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 16.58 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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IoT Data Management Market Analysis
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.
- 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.
