-- 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.
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IoT Data Management Market
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.
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Security Solutions to Witness the Fastest Growth
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 is expected to Have Highest Share in IoT Data Management Market
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.
Key Developments in the IoT Data Management Market
Jul 2017 - IBM announced the launch of two new security testing practice areas, focused on automotive security and the Internet of Things (IoT). The new services are expected to be delivered via an elite team of IBM X-Force Red researchers, focused on testing backend processes, apps, and physical hardware, used to control access and management of smart systems.
Feb 2017 - IBM opened its Watson IoT headquarters in Munich, Germany, which is an advanced center for Watson cognitive computing and IoT capabilities. The center serves as the new global ecosystem for collaborative innovation, bringing together clients and partners to work with IBM’s 1,000 Munich-based IoT experts to tap into the latest design thinking and push the boundaries of possibilities with IoT.
IoT Data Management Market Major Players:
IBM Corporation
PTC Inc.
Teradata Corporation
Dell Technologies Inc.
Cisco Systems Inc.
SAS Institute Inc.
Hewlett Packard Enterprise Company
Fujitsu Limited
Reasons to Purchase IoT Data Management Market Report
Impact of growth of big data in the market
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares, and strategies employed by the major market players and key innovators
3-month analyst support, along with the Market Estimate sheet (in excel)
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Companies Mentioned:
IBM Corporation
PTC Inc.
Teradata Corporation
Dell Technologies Inc.
Cisco Systems Inc.
SAS Institute Inc.
Hewlett Packard Enterprise Company
Fujitsu Limited
SAP SE
Oracle Corporation
Logmein Inc.
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