The major factors driving the growth of the IoT data management market include the modernization of data warehouse architectures and rise in need for data traffic management. The increasing adoption of data encryption for IoT device security and growing data intrusion threats are also some of the factors that are driving the market growth.
The report "Internet of Things (IoT) Data Management Market by Solution (Data Integration, Data Analytics and Visualization, Metadata Management, Data Security), Service, Deployment Type, Organization Size, Application Area, and Region - Global Forecast to 2022", The global IoT data management market size is expected to grow from USD 27.54 Billion in 2017 to USD 66.44 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.3%.
The data integration segment is expected have the second largest market size in the IoT data managementmarket during the forecast period.
IoT data integration solutions enable organizations to securely connect, manage, analyze, and integrate real-time IoT data between connected devices and enterprise applications. Companies are focused on improving routine procedures such as outage management, predicting asset performance, and transforming energy data into new services with the help of IoT data integration.
Additionally, data integration solutions integrate data for machine driven use cases, such as data mining, machine learning, and deep learning.
The smart manufacturing application area is expected to have the largest market size in the IoT data management market during the forecast period.
Smart manufacturing involves IoT data analytics to strengthen asset utilization and efficiency. The analysis of both new and old data offers manufacturers an ease in the decision-making capability and adds flexibility.
It is essential for smart manufacturing companies to include an intelligence layer in their operation floor. This intelligence layer provides real-time analytics for manufacturing companies.
IoT data management also provides intelligent operations platforms that deliver real-time machine level information to enterprise applications. Additionally, manufacturers are increasingly adopting IoT data management solutions for operational intelligence, which offers product monitoring across the enterprise portfolio and back-office information.
North America is expected to have the largest market share in the IoT data management market during the forecast period.
North America is expected to have the largest market share and dominate the IoT data management market during the forecast period. The region has the presence of major sustainable and well-established economies who invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new technologies.
The region comprises countries such as the US and Canada, which are witnessing phenomenal adoption of IoT data management solutions. Growing trends such as Bring Your Own Device (BYOD), IoT, and Industrial Internet of Everything (IIoE) have resulted in the tremendous growth of technology adoption in this region.
Various government initiatives, such as smart city projects and telematics programs, are also favoring the implementation of IoT data management solutions in this region.
The major vendors in the IoT data management market include International Business Machines (IBM) Corporation (US), PTC Inc. (US), Teradata Corporation (US), Dell Technologies, Inc. (US), Cisco Systems, Inc. (US), SAS Institute Inc. (US), Hewlett Packard Enterprise (HPE) Company (US), Fujitsu Limited (Japan), Oracle Corporation (US), Google Inc. (US), SAP SE (Germany), LogMeIn, Inc. (US), Striim, Inc. (US), Zebra Technologies Corporation (US), LogFuze Inc. (US), InfluxData, Inc. (US), Trustwave Holdings, Inc. (US), and MuleSoft, Inc. (US).
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