ID: MRFR/ICT/5817-HCR | February 2021 | Region: Global | 100 pages
The global IoT data management market is moving forward at a CAGR of 18.27% for the forecast period of 2020 to 2027. The IoT data management application is widely used in several top-notch industries. There is huge traffic of data in the international spectrum that is being generated in the webserver every second. Especially, after the internet of things (IoT) technology came along, the numbers have accelerated by a lot. In BFSI, healthcare, retail and consumer marketing, IT and telecommunication, etc industries are pushing more and more connected devices in the market.
IoT data management is a process of multifaceted processing of data to store and access gigantic amounts of data generating every day. Market experts predicted in 2019 that IoT will produce more than 507.5 zettabytes (507.5 trillion GB) data in the market because of the widespread use of various IoT devices in the market. The process of data management includes data integration, metadata management, data analytics, etc to simplify the access of such scale of data.
There is hardly any major country in the world that hasn’t seen any effect of the COVID-19 pandemic. This infectious disease has fallen upon the human race as a once-in-a-century catastrophe. The global business environment has faced grave challenges due to the pandemic because almost every country went into lockdown for several months. To curb the rate of infections, complete shutdown measures were taken where all manufacturing units, cross-border transportation, and travel, distribution channels, etc were completely stopped. The IoT data management market sales have been affected by the disease also.
Due to nationwide lockdowns, the economy has been on hold and negative growth for several months. This scenario has reduced the development of technological innovations a lot due to a lowering in primary investments. Investors became resultant to provide funds for the smart buildings and devices in the due course of the pandemic. The affected state of the end-user markets has implications on the market as well. Although, after the lockdowns are over the industries are recovering fast. The internet penetration is more than ever now and the markets are demanding effective data management solutions. This factor will bring growth opportunities for the existing market in the coming years.
The amount of data that is being produced every day is huge. According to the latest estimates, there are 2.5 quintillion bytes of data being produced every day in the present scenario. There are smart vehicles, smart surgical equipment, smart buildings, smartphones, security systems, and many more devices that are connected to the global network via the internet of things (IoT) technology. The pressure from these huge number of devices is pushing the IoT data management market to grow further. Also, the complexity of data processing in several industry verticals such as retail, consumer goods, and smart warehouse management, aerospace, and defense industries is calling for sophisticated solutions in data management.
Especially metadata management is a crucial need for various industries that drive the global market as well. Apart from data processing and analytics, another crucial aspect is data security. Since a large section of these industries, i.e., BFSI, defense, healthcare, etc, deal with sensitive data, the need to have an intricate security system is quite high. The IoT data management market share is dependent on the requirements of the end-user verticals. In the retail and consumer goods industry, there is a wide usage of IoT-driven warehouse data management systems that updates the inventory and stocks in real-time. These capabilities of the system are increasing the acceptability of data management.
The rising number of internet users is a promising aspect of the IoT data management market. There will be a longing for data management more than ever after the 5G technology enters the mainstream global market. The emergence of 5G network will expand the horizons of application for IoT devices. Increasing numbers of connected devices will create opportunities for IoT data management as well. In terms of security, data encryption and cloud-based data storage are the two big things in the coming years. The technological progress in the big data market and cloud computing will create greater access for data storage in the future.
Also, end-to-end data encryption is a growing demand from the end-users. The possibilities of encryption security and metadata management are huge. The IoT data management industry is not limited to the IT and computer security markets only. There is a huge demand from consumer markets for IoT data management as well. Enhanced security processes will ensure greater privacy from cybercriminals. Advanced technology and Government initiatives to promote IoT capabilities, and machine-learning, will favor the global market for IoT data management.
No industry is without obstacles. In the case of IoT data management, the availability of physical and digital security units is making the growth slower for the market. The human-operated data processing and security facilities are still dominant in the market. Lack of awareness and affordability of the newer technology is another crucial reason that hinders the IoT data management market growth. A large section of the market belongs to the small and medium enterprises (SMEs) of the developing countries. In these markets, there is a lack of investment in the IoT data management set up replacing the older equipment.
There is a notable lack of skilled and qualified personnel in the market. The technology is new, and the maintenance and operation of these devices are new as well. These operations are the job of skill and expertise, that demands experienced staff in the market to conduct the necessary operations.
There are several difficulties in the exiting system to maintain the service and processes seamless in the future. For instance, the growing number of devices and increasing amount of data generation is a huge challenge itself. The scalability of the existing data management system is not beyond question. In the coming years when the massive load of quintillion bytes of data will be put on the cloud servers, the data management systems will have to manage that effortlessly. The current or existing setup will eventually fall short before the massive requirement of the IoT data management business.
Apart from the management infrastructure, the system will have to create simplified data access for the global market. For the existing system, it is hard to manage seamless access of data while maintaining the security of the system. In the case of advanced cyberattacks, the integrity of the system can be compromised.
The market projections for IoT data management are affirmative to foresee a tremendous growth opportunity in the coming future. The global IoT Data Management market is growing at a CAGR of 18.27% for the forecast period 2020-27. In 2017, the global market recorded a net worth of USD 22.85 billion. Amongst the various IoT data management market segments, metadata management in the consumer and retail market and healthcare industries occupies the largest market share. According to present estimates, the market value will reach USD 62.53 billion by the end of the forecast period.
The market for IoT data management heavily relies on distribution channels for growth. The end-users of the data management industry are divided into different verticals that need a wide array of the network to reach the vendors. Latest IoT data management trends show that more than 60% of the household in developed regions like North America owns IoT devices in their households. Internet penetration is a crucial factor for the market.
There are various IoT data management market segments based on solution, services, deployment, etc.
Segments based on solution
Segments based on services
Segments based on deployment
Segments based on organization size
Segments based on application
Based on region, the market can be segmented into North America, Europe, Asia Pacific, and other regions. The North American countries occupy the largest market share for IoT data management in the world. The Asia Pacific (APAC) region will be the fastest-growing market in the coming future.
The global IoT data management market top leaders are –
The report consists of IoT data management market analysis, growth, trends, forecast, and more to develop better and comprehensive strategies in the future.
Frequently Asked Questions (FAQ) :
The global IoT data management market is expected to record a substantial market valuation of USD 62.53 billion.
The global IoT data management market is projected to register a moderate 18.27% CAGR in the forecast period.
The services segment is slated to expand as the fastest-growing segment.
The hybrid cloud segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global IoT data management market are Google Inc. (U.S.), Apple Inc. (U.S.), Dell Technologies, Inc. (US), Cisco Systems, Inc. (US), among others.