IoT Data Management Market
IoT Data Management Market
IoT Data Management Market Trends, Demand, Growth, Value & Analysis Report by Zion Market Research
NEW YORK, UNITED STATES, January 10, 2023 /EINPresswire.com/ — 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.
The Internet of things (IoT) is an embedded system consisting of digital, computing, and mechanical devices, objects, humans, and animals, that are interconnected & capable of transferring data without human-to-human or human-to-computer relations.
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IoT is made up of systems like sensors, communication hardware, and processors which work together to collect data from their environment and store it on cloud from where the data can be accessed for analysis. The global IoT data management market is constantly growing owing to data interdependency to operate in the current technologically influenced world. The global market has a presence in sectors like life sciences, healthcare industry, energy & utilities, manufacturing, etc. at various points of the product life cycle.
Covid-19 impacted the global market positively owing to the increased necessity of digitalizing every aspect of data generated globally, especially in the healthcare sector.
With growing technological advancements, the global market is expected to grow at an exceptional CAGR during the forecast period.
Urbanization of multiple cities across the globe that can function as smart cities is expected to propel the global market growth. Innovation in technology and regular addition of global market players in IT development is anticipated to push the global market forward. Increasing digital maturity is projected to act as a major global IoT data management market growth driver. Rising R&D in the field of sensors, robots, and field devices is expected to increase the global market scope during the projection period. Increased use of IoT and cloud services by retailers and e-commerce services for the secure maintenance of warehouses is expected to assist in generating a higher CAGR during the forecast period.
Increasing concern related to data security, data fraud, and data privacy is expected to restrain the global IoT data management market. Although, increased use of end-to-end data management solutions, business acceptance of mature content models, growing unified metadata services, and efficient procedures for increased Return on Investment (ROI) are expected to provide lucrative growth opportunities in the global market. Lack of understanding of effective management of IoT efforts and investments can be a key barrier for the IoT market over the estimated period.
Global IoT Data Management Market
The global IoT data management market is categorized into component, deployment model, application, and region. Based on components, 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.
North America is the hub of technological advancement, especially the Silicon valley. This trait is expected to assist North America in contributing heavily to the global IoT data management market growth during the projection period. Increased work towards the development of smart devices like connected cars, home automation, etc. is expected to assist the region to generate the highest revenue in the global market.
Canada is expected to register a high CAGR during the forecast period owing to increased investment in digital infrastructural development.
Asia Pacific is expected to generate significant revenue during the forecast period in the global market because of technological advancements in countries like China, Japan, Hongkong, and Singapore.
The global IoT data management market includes 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.
Recent Development:
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.
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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
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