IoT Data Management Market - Global Industry Analysis

Industry Prospective:

The global IoT data management market achieved revenue growth of USD 1.52 billion in 2021 and is estimated to grow with a compound annual growth rate (CAGR) of approximately 24.7 percent to reach around USD 10.98 billion by 2028. The report analyzes the IoT data management market’s drivers, restraints, challenges, and the effect they have on the demands during the projection period. In addition, the report also explores significant opportunities in the IoT data management market.

IoT Data Management Market: Overview

The introduction of contemporary technology such as the Internet of Things (IoT) has aided organizations in obtaining massive amounts of important consumer and operational data. Organizations use the data they have collected for analysis, maintenance, and improving operational efficiency. Business executives can use IoT data management solutions to cut expenses and quickly adopt IoT solutions. IoT data management aids businesses in ensuring that the costs of IoT infrastructure do not exceed the advantages.

COVID-19 Impact:

The global crisis of COVID-19 fostered social alienation and boosted demand for IoT technology across a variety of industries, including manufacturing, retail, utilities, and others. As a result, market participants now have additional opportunities to offer innovative IoT device management solutions. Various commercial groups have heavily invested in IoT technology as a prolonged recovering plan during the COVID-19 outbreak.

IoT Data Management Market: Growth Drivers

Rapid expansion of IT infrastructure and industrial automation driving the market growth.

Rapid industrial automation, expansion of IT infrastructure, and proliferation of IoT devices are driving the growth of the global IoT data management market. Industries are currently adopting new technology and automation techniques. The combination of physical and digital resources has improved HMI and machine-to-machine learning. Industrial 4.0 has also increased the automation of industries. Industrial tasks are now carried out by intelligent robots that work in tandem with humans to build things, and autonomous transport trucks start and perform logistics on their own. In order to improve industrial automation and manage & analyze industry data, all industrial automation necessitates IoT data management solutions. All these factors are likely to drive the market growth during the forecast period.

IoT Data Management Market: Restraints

Concerns about data security may hamper the market growth.

Large data volumes might attract fraudsters looking to obtain unauthorized access to sensitive information. Several major corporations, including Facebook, Google, British Airways, and Marriott have been targeted by sophisticated cyberattacks. Hundreds of millions of users' personal information were exposed as a result of these cyber assaults. Hackers can also attack management information, which can disrupt important business activities. Several network flaws and newly developed malware strains can be used to illegally access data by exploiting weaknesses in an organization's security procedure. Hackers can also use automated cyberattacks to get access to a company's network. Furthermore, employees who are not tech-savvy can click on phishing emails and download harmful files, exposing valuable company information.

IoT Data Management Market: Opportunities

The global IoT data management market is gaining pace owing to the increased use of end-to-end data management solutions for exploiting IoT data more effectively and dynamically across enterprises. The modernization of data warehouse architecture, increasing acceptance of encryption technology for IoT device security, and the growing need for data security & data traffic management are expected to drive the market's growth during the forecast period. The adoption rate of IoT data management systems has been bolstered by opportunities such as business acceptance of mature content models, growing unified metadata services, and efficient procedures for increased Return on Investment (ROI).

IoT Data Management Market: Challenges.

The lack of awareness of efficient management of IoT initiatives and investments

Lack of understanding of effective management of IoT efforts and investments can be a key barrier for the IoT data management market over the estimated period. Despite the fact that industrial IoT use is increasing, businesses continue to confront significant challenges in managing, securing, and maximizing their IoT investments. One of the key challenges addressed by industries is the adoption of IoT in industrial facilities. The next task is to teach staff how to use the IoT platform so that they can adapt to it better and faster. End-user companies face huge difficulty in finding qualified staff to manage the complexities of IoT systems. The potential of IoT may only be partially explored without sufficient training and understanding of IoT systems. Such constraints provide a barrier to the adoption of IoT and IoT data gathering & device management platforms in businesses.

Report Scope:

IoT Data Management Market: Segmentation

The global IoT data management market is categorized into component, deployment model, application, and region. Based on component, the market is categorized into solutions and services. The deployment model segment is bifurcated into public cloud, private cloud, and hybrid cloud. The applications of IoT data management are segregated as smart health, smart manufacturing, connected logistics, smart retail, and smart utilities.

Recent Developments

• April 2021, Microsoft Mesh was launched to the public. Businesses have praised the software, with early reviews dubbing it "the virtual future of Teams meetings" a prediction that came true at Ignite in November. The business says that no extra hardware is needed for Mesh for Teams. A laptop, smartphone, or mixed reality headset can be used to join a place.
• February 2021, Bosch, a German automaker and early IoT pioneer, announced its AIoT strategy. According to Bosch, the integration of artificial intelligence (AI) with the Internet of Things (IoT) will offer billion-dollar industry development prospects.

IoT Data Management Market: Regional Landscape

North America to lead the market growth during the forecast period.

North America is predicted to have a major market share and lead the global IoT data management market. The region is seeing an increase in the use of smart connected gadgets and is embracing new trends like Bring Your Own Device (BYOD). Considering metadata management, data analytics, data security, and data integration, North America has always been at the forefront. Moreover, the number of IoT data management suppliers in the United States and Canada is the highest compared to other countries. Furthermore, the higher budgets and incentives have enticed several well-known companies to invest heavily in the region. These are some of the major drivers that are propelling the market in North America forward. Asia Pacific has long been a lucrative market, with the sophisticated and fast adoption of new technology. Due to increased expenditures on large-scale infrastructure projects and fast growth in IT infrastructures, acceptance of new technologies like the Industrial Internet of Things (IIoT), big data & analytics, cloud, and remote asset management, the region is predicted to expand at the highest CAGR in the IoT data management market.

IoT Data Management Market: Competitive Landscape

Players such as Teradata Corporation, IBM Corporation, PTC Inc., SAS Institute Inc., Dell Technologies, Inc., Cisco Systems, Inc., Fujitsu Limited, Hewlett Packard Enterprise Company, Google Inc., Oracle Corporation, and SAP SE have major shares in the global IoT data management market.

Global IoT data management market is segmented as follows:

By Component

• Solution
• Service

By Deployment Mode

• Private Cloud
• Hybrid Cloud
• Public Cloud

By Application

• Smart Manufacturing
• Smart Health
• Connected Logistics
• Smart Utilities
• Smart Retail

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa