Market Research Report
Global IoT Data Management Market Size, Share - Segmented, by Solution (Analytics, Migration, Security), End User (Retail, Healthcare, Automotive), and Region - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708622|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Global IoT Data Management Market Size, Share - Segmented, by Solution (Analytics, Migration, Security), End User (Retail, Healthcare, Automotive), and Region - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 115 Pages||
The IoT Data Management Market was valued at USD 27.3 billion and is expected to reach USD 73.5 billion by 2023, with a CAGR of 17.8% during the forecast period 2018 - 2023. The report profiles the vendors of IoT management solutions, including data integration, security, analytics, and storage solutions for various industries.
The Internet of Things (IoT) has made the leap to become a mainstream topic. This growing recognition is due to the impact the IoT has had on business analytics and the potential that still remains untapped. Each day, new machines, sensors, and devices have been connected to enable the tapping of data. Organizations that previously derived the majority of their insight from transactional data are shifting their focus to IoT data. All of this analytical development generates swelling data volumes, with IoT organizations averaging 30% data growth year-over-year. Other estimates put data growth rates higher across all industries. Even conservatively, enterprise data is expected to double within three years. As organizations embark on new IoT initiatives and work to extract more insight from swelling data volumes, a new data management approach has become paramount. Traditional databases and analytics architectures will always be vital, but the IoT calls for specific capabilities to handle diverse data constantly streaming from untold number of sources.
With new devices being rolled out constantly for both home and business automation, the pace of attacks being generated by IoT botnets is also expected to continue to increase. According to Kaspersky, in 2017, the average cost of a data breach in North America was USD 1.3 million for large enterprises and USD 117,000 for small- and medium-sized businesses (SMBs). Cloud services are experiencing high adoption, owing to the demand for IoT. This rise in the use of cloud systems across various verticals has increased the vulnerabilities of these systems to data breaches. With so many providers offering multiple solutions, the need for a uniform security platform to remain uncompromised, with IoT security not just for devices, but also communication, data storage, and lifecycle solutions is increasing.
North America's robust automotive market is striving toward a complete self-driving ecosystem over the next decade, coupled with the growing market for fleet management and intelligent transportation systems by courier delivery giants, such as FedEx, is expected to have a positive impact on the market growth. Apple, Amazon, and Google smart gadgets, such as watches and speakers have established themselves in the North American market place. Increased integration of smart wearables to IoT devices driven by the adoption of smart homes in the region is expected to drive the need for data management solutions. A major driver for the market growth has been the adoption of smart homes and smart cities. This has created the need to manage large volumes of data, while ensuring security and also integrating various devices in the smart home ecosystems. These factors have been instrumental in augmenting the market and driving innovations in data management solutions offered by the vendors.
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