Market Trends of IoT Data Management Industry
This section covers the major market trends shaping the IOT Data Management Market according to our research experts:
Security 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.
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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.
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