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The Internet of Things (IoT) data management market size is estimated to grow at a CAGR of 14.1% between 2022 and 2027. The market size is forecast to increase by USD 69.28 billion. The growth of the market depends on several factors, including growth in industrial automation, large-scale benefits of using IoT devices, and growing demand for smart homes.
This Internet of Things (IoT) data management market report extensively covers market segmentation by component (solutions and services), deployment (private/hybrid and public), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for smart homes is notably driving the market growth, although factors such as low awareness of efficient management of IoT initiatives and investments may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for smart homes is notably driving market growth. The idea of a smart home is rapidly gaining traction as consumers seek to increase domestic convenience with the help of technology. This is an evolutionary development in the residential real estate market with the main goal of improving the standard of living by making it more cozy, safe, practical, enjoyable, and sustainable. The average household can connect appliances like heating units, lighting systems, air conditioning units, computers, television sets, entertainment systems, security devices, and camera systems with the help of smart home technologies that use high-tech sensors at a reasonable cost. With the help of a smartphone or tablet, the homeowner can manage these appliances. Additionally, home appliances employ artificial intelligence to precisely predict customer preferences based on past purchases.
The rise in working couples with dual incomes in urban areas around the world is responsible for the rise in demand for smart homes. The financial ability to own a smart home increases when both spouses are employed. The smart home market is primarily prominent in North America and Europe, though it is also gaining traction in APAC's emerging economies (India, China, and Singapore). Furthermore, governments from various regions are also creating urban infrastructure that combines various information and technological solutions. Thus, such factors will positively impact the growth of the Internet of Things data management market in focus during the forecast period.
The growing importance of data-driven business outcomes in the industrial sector is an emerging trend in market growth. The introduction of cutting-edge technologies like sensors, RFID, scanners, and digital gauges has caused a massive amount of data to be generated. The amount of data generated keeps growing as more and more industrial IoT devices are connected. Industry managers can use the data produced by these devices to increase productivity by ensuring resource optimization and decreasing downtime. Real-time data analytics has increased the likelihood of using the collected data in new ways.
In order to increase efficiency and throughput, many providers of IoT data management services and solutions are currently planning to launch data-driven goods, services, and solutions for industrial end users. The need for IoT data collection and device management platforms has increased as the importance of data-driven business outcomes in various industries grows. IoT data management platforms' primary duties are data collection and analysis. In the upcoming years, there will be a greater need for IoT data management services and solutions globally due to the growing reliance of industries on the data produced by various processes. Hence, such factors will contribute to the growth of the Internet of Things data management market during the forecast period.
The low awareness of efficient management of IoT initiatives and investments is a major challenge impeding market growth. Although the use of loT data management solutions and services is expanding, businesses still have a difficult time managing, securing, and maximizing their investments in IoT. The first task that industries take on is the implementation of IoT in industrial facilities. The next step is to provide workers with training on using the IoT platform so they can become more proficient and quick at adjusting to the IoT. IoT capabilities can only be fully utilized with the right training and understanding of IoT systems. Also, employee training on IoT systems necessitates the presence of qualified professionals as well as greater end-user investment.
The majority of end-user industries are reluctant to adopt IoT systems because they lack the skilled workforce needed to handle the associated technicalities. End users are also aware that investing heavily in employee training is necessary. These factors make it difficult for industries to adopt IoT and IoT data collection and device management platforms, which will restrain the expansion of the global Internet of Things data management market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global IoT Data Management Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
InfluxData Inc. - The company offers IoT solutions, cloud, security, and data analytics solutions. The key offerings of the company include IoT Data Management called Data management for Industrial IoT or IIoT.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the solutions segment will be significant during the forecast period. In terms of market size, the solutions segment, which includes software and hardware solutions, dominated the global market in 2022. This was largely because of growing globalization and the expansion of the geographic reach of IT and retail companies, which results in the production of a lot of data.
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The solutions segment was valued at USD 30.61 billion in 2017 and continued to grow until 2021. In order to conduct data collection and analysis and produce actionable insights into business operations, vendors in the global market offer software solutions to organizations in a variety of end-user industries. This software combines data that has been gathered through the use of various technologies from numerous real-time input sources and enriches it so that it can be examined in order to produce insightful conclusions. The software IoT data management segment's growth momentum is accelerating rapidly. The main forces behind this enormous growth are the emergence of SMEs, innovations in data collection technologies, and the inherent cost-effectiveness, flexibility, and integration of software IoT data management solutions in existing systems of organizations. Furthermore, a variety of hardware components, such as sensors and industrial robots, are used to build a system of interconnected devices that provide real-time analytics data. Real-time data collected from numerous devices and sensors are made available by these hardware devices, which are then used to inform decision-making. Smart meters, industrial robots, sensors, and radio-frequency identification (RFID) are a few examples of IoT hardware. Sensors are used most frequently in IoT data management because they are the most important hardware components used alongside machines in a variety of industry verticals. Moreover, in order to improve the ability of industrial machinery to be integrated with IoT, sensors are also gaining popularity. Hence, owing to the steady growth of the segment, the Internet of Things data management market is expected to witness growth during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For loT data management, North America has always been a lucrative market. As a result of the region's early adoption of cutting-edge technologies in the manufacturing, retail, and BFSI sectors, there is a higher demand for loT data management. The market in the region is also expanding due to the substantial presence and penetration of leading vendors like Microsoft Corp. and Oracle Corp. Moreover, North America is home to some of the most developed economies in the world, which raises the demand for loT data management services like infrastructure, outsourcing, data processing, and Internet services. Additionally, the region is developing new IoT data management due to the integration of cloud-based services, automation tools, and AI with operational and supply chain processes.
The industrial, automotive, and healthcare sectors' explosive growth in addition to their adoption of IoT data management to improve operational efficiency and gain competitive advantages are important factors driving the market in North America. IoT in the manufacturing sector, for instance, offers a range of software and services, such as IoT data management, that allows manufacturing businesses to offer IoT-based solutions like predictive maintenance, supply chain management, and quality management. Thus, the growing deployment of IoT in the region will drive the regional market during the forecast period.
In 2020, the outbreak of COVID-19 had a significant impact on the regional Internet of Things data management market. Major corporations and business organizations in the area were forced to switch to remote working models as a result of the outbreak. Hence, during the pandemic, businesses began implementing digital and other business management solutions to streamline operations. Therefore, the need for loT data management increased in 2020. Additionally, the growth of remote work increased the frequency of cyberattacks. As a result, vendors of loT data management solutions saw opportunities as malicious attacks increased, which in turn fueled the regional market growth. Furthermore, the major players in the regional market are also growing their operations owing to the increasing demand for such solutions. Hence, such factors drive the growth of the regional Internet of Things data management market substantially during the forecast period.
The Internet of Things (IoT) data management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global Internet of Things (IoT) data management market as a part of the global application software market within the global IT software market. The global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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IoT Data Management Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.1% |
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Market growth 2023-2027 |
USD 69.28 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
13.19 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 39% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Avnet Inc., Cisco Systems Inc., Dell Technologies Inc., EUROTECH Spa, Fujitsu Ltd., Hewlett Packard Enterprise Co., InfluxData Inc., International Business Machines Corp., LogFuze Inc., Oracle Corp., PTC Inc., Robert Bosch GmbH, Salesforce.com Inc., SAP SE, SAS Institute Inc., Siemens AG, Singapore Telecommunications Ltd., Teradata Corp., and Striim International Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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