Internet of Things (IoT) can be briefly described as a network of huge electronic devices integrated with the machines such as vehicles that are monitored and managed by software. These networks are created to transfer data without any human interruption or machine. So, basically IoT data management comprises a huge amount of data and its management, which is transferred via IoT technology.
IoT technology has been gaining exponential traction in the global market since a few years now. The market is likely to flourish at a double-digit CAGR within the forecast period. The data is collected through IoT which calls for an urgent need to be secured. The surging demand for the data security and protection from cyber attacks are the factors fueling the demand in the global IoT data management market. Moreover, the rising adoption of encryption of data for IoT-based devices for security purposes is additionally contributing to the market growth. The government of various developing nations like China and India are also investing in development of smart cities driving the demand for IoT data management.
Nevertheless, the need for high speed internet for data transfer is one of the hindrances in the regions with poor internet connectivity. However, the lucrative opportunities in IoT data management technology due to its rising need in developing smart cities and for the management and data collection in real-time like as energy consumption, mechanical system, and temperature is bolstering the demand in the global IoT data management market.
The global IoT data management market is broadly classified into solution, services, deployment, application, and region. In terms of solution, the market is segmented into data analytics & visualization, metadata management, data integration, data security, data migration, and others. Based on services, the global market is divided into maintenance & support services, managed services, and consulting services. The deployment segment is sectioned into public cloud, hybrid cloud, and private cloud. As per the application, the market is fragmented into smart healthcare, smart manufacturing, smart energy & utilities, home & building automation, smart mobility & transportation, smart retail, and others.
Geographically, the global IoT data management market is expected to be dominated by North America within the forecast period. This is attributed to rising adoption of advanced technology, smart connected gadgets, rising trend of Bring Your Own Device (BYOD), and the presence of highest number of key players in the region.
The region is further trailed by Asia Pacific owing to rising budgets and supportive government regulations. Moreover, the rise in SMEs and new startups will also contribute to the regional growth in coming years. Additionally, adoption of technologies like IIoT, analytics & big data, cloud management, and remote asset management are some more factors behind the rising demand in the regional market.
The leading players in the global IoT data management market are PTC Inc., International Business Machines (IBM) Corporation, Teradata Corporation, Cisco Systems, Inc., Dell Technologies, Inc., SAS Institute Inc., Fujitsu Limited, Hewlett Packard Enterprise (HPE) Company, Google Inc., Oracle Corporation, and SAP SE.