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The market elements of IoT data management are affected by different variables that characterize its development and advancement. IoT data management includes the assortment, stockpiling, examination, and usage of data produced by interconnected gadgets and sensors in the Web of Things (IoT) biological system. The market for IoT data management is driven by the expansion of associated gadgets, the rising interest for constant experiences and noteworthy knowledge, and the consistent progressions in data examination and capacity advances.
One of the critical drivers of the IoT data management market is the phenomenal development of associated gadgets and sensors. The IoT scene is growing quickly, incorporating a wide exhibit of gadgets, including modern hardware, brilliant home machines, wearable gadgets, and associated vehicles, among others. As the volume and assortment of IoT-produced data keep on flooding, the requirement for powerful data management arrangements, including data assortment, handling, and capacity, becomes central. This interest in versatile and productive IoT data management arrangements drives the reception of data management stages and advances across ventures to saddle the capability of IoT-created data for experiences and navigation.
Besides, the rising interest in continuous experiences and noteworthy knowledge assumes a significant part in molding the elements of the IoT data management market. Associations across different areas try to use IoT-produced data to acquire constant perceivability into activities, screen gear execution, improve asset use, and convey customized administrations to clients. IoT data management arrangements empower the handling and examination of streaming data, empowering associations to extricate noteworthy experiences, identify peculiarities, and trigger mechanized reactions progressively, upgrading functional productivity and readiness. This accentuation on continuous experiences and noteworthy insight drives the market's seriousness and engaging quality to an expansive range of organizations looking to open the worth of IoT data for vital and functional benefit.
Additionally, the ceaseless progressions in data examination and capacity advancements add to the elements of the IoT data management market. Continuous advancements in edge registering, disseminated data handling, and progressed examination calculations empower the improvement of more effective, adaptable, and constant IoT data management arrangements. Furthermore, the joining of man-made reasoning and AI into data management stages engages associations to determine prescient and prescriptive bits of knowledge from IoT-produced data, upgrading the market's capacity to convey progressed examination abilities and drive development across enterprises.
In any case, the IoT data management market additionally faces specific difficulties and limitations that effect its elements. Concerns connected with data protection and security, interoperability and normalization of IoT data designs, and the requirement for data administration and administrative consistence address huge difficulties for the market. Furthermore, the necessity for exhaustive data combination and management techniques to deal with the intricacy and volume of IoT-created data presents functional and specialized obstacles. Regardless, progressing endeavors to address these difficulties, for example, the improvement of strong safety efforts, data administration systems, and industry principles for IoT data interoperability, add to the market's versatility and development.
IoT Data Management Market Highlights:
IoT Data Management Market Overview
The IoT Data Management Market is projected to grow from USD 40.11 billion in 2024 to USD 131.27 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.97% during the forecast period (2024 - 2032). Additionally, the market size for IoT Data Management was valued at USD 33.87 billion in 2023.
Increased penetration of the internet, demand for sophisticated solutions in data management, and improved data security processes are the key market drivers enhancing the growth of market.
Figure 1: IoT Data Management Market Size, 2024 - 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Data Management Market Trends
Growing penetration of internet is driving the market growth
Market CAGR for IoT data management is being driven by the surging penetration of the internet. The surging demand for smart homes is notably driving the growth of the market as consumers look for a rise in domestic convenience with the assistance of technology. The increasing importance of data-driven business outcomes in the industrial section is an evolving trend in market growth. The introduction of cutting-edge technologies like RFID, sensors, scanners, and digital gauges has increased the amount of data generated.
The amount of data created keeps rising as more and more industrial IoT devices are connected. The managers can utilize the data generated by these devices in order to increase productivity by ensuring resource improvement and minimizing downtime. Real-time data analytics has surged the likelihood of utilizing the collected data in new ways. To grow the throughput and efficiency, several suppliers of IoT data management solutions and services are recently aiming to launch data-driven services, goods and solutions for industrial end users. The requirement for IoT data collection and device management platforms has surged, and the importance of data-driven business outcomes in different industries has risen. The primary duties of the IoT data management platform are data collection and analysis. In the coming years, there is going to be a higher requirement for IoT data management solutions and services.
The evolutionary advancement in the residential real estate market with the prime goal of enhancing the standard of living by making it more safe, enjoyable, sustainable, practical and cozy. The growth in working couples with dual incomes in urban areas throughout the world is responsible for the increase in demand for smart homes. The financial ability to possess a smart home grows, thus increasing the expenditure limits. Thus, driving the IoT Data Management market revenue.
However, the reduced awareness of efficient management of IoT initiatives and investments is a prime challenges restraining the growth of the market. Businesses still have a difficult time securing, managing and increasing their investments in IoT.
IoT Data Management Market Segment Insights
IoT Data Management Category Insights
The global IoT Data Management market segmentation, based on category, includes Solutions and Services. The solution category dominated the market, accounting for the largest market revenue due to the rising demand for IoT device management solutions throughout the manufacturing, automobile, and healthcare industries. The surging requirement to make data-driven decisions in order to improve the profitability and productivity of business operations is boosting the adoption of IoT solutions. Further, the services segment is anticipated to witness significant growth due to the surging integration of IoT solutions and rising demand for maintenance and support services.
Figure 1: Global IoT Data Management Market, by Category, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Data Management Organization Size Insights
The global IoT Data Management market segmentation, based on organization size, includes Large Enterprises and Small & Medium Enterprises. The large enterprises' segment dominates the market owing to the rising adoption of IoT device management by large-scale businesses to manage their huge client datasets and equipment & business operation data efficiently. The surging investment made by large enterprises for deploying connected and intelligent solutions in order to manage and streamline different industrial processes via a centralized platform. Further, the small & medium enterprises segment is expected to experience significant growth during the forecast period due to the increasing number of the SMEs in developing countries.
IoT Data Management Regional Insights
By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American IoT Data Management market area dominates the market due to the rising adoption of smart devices and emerging trends like Bring-Your-Own-Device. The presence of a large number of IoT data management market players and the huge investment and budgets have pulled several reputed players for investment in this region. The US is the largest contributor to the growth of IoT data management in the North American region.
Further, the prime countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: GLOBAL IOT DATA MANAGEMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's IoT Data Management market accounts for the second-largest market share due to the fast adoption of new technology and huge investment by the key market players and the governments in this region. Further, the German IoT Data Management market held the largest market revenue, and the UK IoT Data Management market was the fastest-growing market in the European region.
The Asia-Pacific IoT Data Management Market is expected to grow at the fastest CAGR from the year 2023 to 2032. This is due to the fast development in IT infrastructure and the adaption of novel technologies like big data and analytics, Industrial IoT, remote asset management and cloud in this region. Moreover, China’s IoT Data Management market held the largest market share, and the Indian IoT Data Management market was the fastest-growing market in Asia-Pacific region.
IoT Data Management Key Market Players & Competitive Insights
Leading market players are investing hugely in research and development in order to expand their product lines, which will help the IoT Data Management market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including new product launches, mergers and acquisitions, higher investments, contractual agreements, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the IoT Data Management industry must offer cost-effective items.
Manufacturing locally to reduce the operational costs is one of the key business tactics utilized by manufacturers in the global IoT Data Management industry to benefit the clients and increase the market sector. In recent years, the IoT Data Management industry has offered some of the very significant advantages to data security. Major players in the IoT Data Management market, including Aruba Networks, Cisco Systems Inc., Ericsson, Actian, Cisco Systems Inc, Google Inc, IBM Corporation, Hewlett Packard Enterprise, Dell Technologies, Fujitsu Limited, Oracle Corporation, SAP SE, and others, are trying to increase market demand by investing in the research and development operations.
Cisco Systems Inc, headquartered in San Jose, California, is an American-based multinational digital communications technology conglomerate corporation. The company develops, produces and markets networking hardware, telecommunication and software equipment and other high-technology services and products. The company specializes in specific tech makers like IoT, domain security, and energy management with leading products inclusive of OpenDNS, Webex, Jabber, Jasper, and Duo security. In February 2022, the company announced improvements to its Internet of Things (IoT) portfolio in order to help its service supplier clients by offering a simpler way in order to manage LPWAN/4G/5G IoT connectivity for novel and emerging utilization cases.
Aruba Networks, founded in the year 2002, is a globally leading company in wireless, wired, and SD-WAN solutions that utilize AI in order to automate and protect the network from edge-to-cloud. Aruba is a Hewlett-Packard Enterprise company, a leading provider of next-generation network access the solutions for the mobile enterprise. In March 2023, the company declared a partnership with reelyActive, which is an open-source software specialist, in order to speed up and simplify IoT data migration into Microsoft Azure. The development of a data converter to rapidly migrate IoT workloads to Microsoft Azure will assist these companies in moving from project to project nearly in a cookie-cutter manner, which was impossible earlier. This is also expected to help clients with a low-cost solution in order to allow their digital transformation without worrying about the roadblocks that they have processed so far when trying to migrate to the cloud.
Key Companies in the IoT Data Management market include
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Aruba Networks
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Cisco Systems Inc.
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Ericsson
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Actian
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Cisco Systems Inc
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Google Inc
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IBM Corporation
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Hewlett Packard Enterprise
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Dell Technologies
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Fujitsu Limited
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Oracle Corporation
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SAP SE
IoT Data Management Industry Developments
December 2022: An Internet of Things solutions supplier, Aeris, signed an agreement with Ericsson in order to obtain the Connected Vehicle Cloud business and IoT Accelerator of Ericsson. Both companies together will offer software for IoT connection for several enterprises in 190 countries and more than 100 million IoT devices globally.
February 2018: Xively from LogMeIn was acquired by Google for USD 50 million, providing Google Cloud with an established IoT platform to add to its product portfolio as it expects to utilize this as a springboard in the growing IoT market.
August 2019: A pioneer in hybrid data management, data integration technology, and cloud data warehouse, Actian announced the launch of a novel Actian ZenTM integrated database for both the IoT and mobiles.
IoT Data Management Market Segmentation
IoT Data Management Category Outlook
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Solution
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Services
IoT Data Management Organization Size Outlook
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Large Enterprises
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Small & Medium Enterprises
IoT Data Management Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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