The global IoT data management market is predicted to reach USD 123.83 billion in 2024 and USD 241.58 billion by 2029, growing at a CAGR of 14.30% during the forecast period.
IoT data management refers to the process that enables users to track, monitor, and manage devices to ensure they work correctly and securely after deployment. The IoT refers to the vast network of devices and physical networks integrated with an internet connection to recognize and communicate with other devices and objects. This process of integration generates data that must be captured and managed. So, to implement IoT solutions safely and effectively, business leaders must create an IoT data management strategy. These IoT data management solutions or strategies offer business leaders a way to reduce costs and efficiently implement IoT solutions. Additionally, IoT management solutions help organizations to ensure that the problems faced by IoT infrastructure do not outweigh its benefits. These IoT data management solutions are applicable in energy and utilities, smart manufacturing, building, as well as home automation, smart healthcare, smart retail, smart mobility and transportation, and connected logistics areas.
Combining physical and digital technology has improved HMI and enabled machine-to-machine communication. Moreover, the rising Industry 4.0 has defined the entire life span of products, where the manufacturing processes are performed on their own, smart robots organize with humans to assemble products, and driverless transport vehicles have started to operate logistics independently. The combination of cyber and physical systems within the industrial manufacturing industries provides higher efficiency, greater safety, predictive maintenance of machines, also increased profitability. Therefore, industries worldwide implementing Industry 4.0 to optimize material flow and detect errors at the initial stages of the life cycle of a product.
The increasing adoption of IoT devices has led to large data traffic. In order to manage that traffic, the need for IoT data management solutions is increasing, which boosts the market's growth. Additionally, technological advances in wireless technologies are boosting the market's growth. The increasing adoption of smart homes in North America is also driving the growth of the IoT data management market. The lack of industrial operational standards and skills and expertise professionals is hampering the market's growth.
The COVID-19 outbreak has significantly impacted the Global IoT Data Management Market. New projects have stalled throughout the world, which, in turn, have led to a decline in demand for IoT data management solutions. Due to the pandemic, industries have gone through economic loss due to strict lockdowns. Therefore, demand for IoT device management solutions declined due to the decreasing adoption of IoT devices by industries during the pandemic, which has negatively affected the market growth. However, as the situation becomes normal, the demand for IoT devices again increases in the industry, which directly fuels the growth of the IoT data management market in the projected period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
14.3% |
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Segments Covered |
By Components, Deployment Type, Organization Size, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
International Business Machines (IBM) Corporation, PTC Inc., Teradata Corporation, Dell Technologies, Cisco Systems, Inc., SAS Institute Inc., Hewlett Packard Enterprise (HPE) Company, Fujitsu Limited, Oracle Corporation, Google Inc., SAP SE, and Others. |
Based on Components, the Global IoT Data Management is segmented into Solutions and Services. The Solution segment is bifurcated into Data Integration, Data Analytics and Visualization, Metadata Management, and Data Security. The Metadata management solution segment is expected to increase at the highest CAGR during the forecast period. Enterprises need to regularly manage the data generated by the sensor types, functions, locations, manufacturers, and serial numbers. Metadata management is very helpful for viewing device IDs, life cycle status, permissions, sensor readings, and forecasts
Based on the Deployment Type, the Global IoT Data Management is segmented into public, private, and hybrid clouds. The hybrid cloud segment is estimated to dominate the market over this period as the hybrid cloud deployment model utilizes both public and private clouds. Hybrid cloud has all the benefits of both public and private cloud that enable companies to have superior safeguards and controls for strategically essential workloads and data in the most cost and resource-effective way possible. The advantages of deploying a hybrid cloud include control, scalability, and cost-effectiveness, which drive the demand for hybrid cloud deployment and further fuel market growth.
Based on Organization size, the Global IoT Data Management is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. Large enterprises are expected to dominate the market as large enterprises have a significant amount of data traffic that has to be managed and secured effectively.
Based on Application, the Global IoT Data Management is segmented into Smart Energy and Utilities, Smart Manufacturing, Building and Home Automation, Smart Healthcare, Smart Retail, Smart Mobility and Transportation, Connected Logistics, and Others. The Smart Healthcare segment and Building and Home automation are compelling the growth of the market due to the adoption of smart wearable IoT devices, and the adoption of smart homes is increasing in the market. Also, the growing development and adoption of smart IT devices in the healthcare sector is fueling the growth of the market.
North America holds the largest share of the global IoT data management market due to the rapidly increasing automotive market, which is focusing on the complete self-driving ecosystem over the forecast period, along with the growing demand for fleet management and intelligent transportation systems by the courier delivery giants that will show positively impact the IoT data management market growth. The adoption of smart devices such as speakers, watches, smart wearables, and smart homes with integration of IoT devices is fueling the demand for IoT data management solutions, further boosting the market growth in this region. According to Sanford University & Avast research, North American homes have the maximum density of IoT devices around the globe, which increases the demand for IoT data management solutions that will again boost the market growth.
Due to rapid development in IT infrastructures, Asia-Pacific is expected to see the highest growth rate during this period. The growing adoption of new technologies such as big data and analytics, the Industrial Internet of Things, the BYOD concept, remote asset management, and the cloud is fueling industry market growth. Healthcare is booming in this region, and the government is focusing on digitalizing things. This sector is fueling the demand for IoT data management devices to manage data.
Europe is expected to show a healthy growth rate in this region due to the huge adoption of IoT in the healthcare, home, and finance sectors, which further fuels the demand for IoT data management solutions.
The major companies operating in the global IoT data management market include International Business Machines (IBM) Corporation, PTC Inc., Teradata Corporation, Dell Technologies, Inc., Cisco Systems, Inc., SAS Institute Inc., Hewlett Packard Enterprise (HPE) Company, Fujitsu Limited, Oracle Corporation, Google Inc., SAP SE.
In April 2021, Teradata and Antui.ai announced their partnership to deliver Pragmatic Artificial Intelligence Business Solutions for retail and consumer packaged goods.
In Feb 2021, Siemens, Red Hat has announced its collaboration in order to use hybrid cloud design to deliver open, flexible and more secure solutions for manufacturers and plant operators.
By Components
Solutions
Data Integration
Data Analytics and Visualization
Metadata Management
Data Security
Services
Managed
Consulting
Support and maintenance services
By Deployment Type
Public Cloud
Private Cloud
Hybrid Cloud
By Organization Size
Small and Medium-sized Enterprises (SMEs)
Large enterprises
By Application
Smart Energy and Utilities
Building and Home Automation
Smart Healthcare
Smart Retail
Smart Mobility
Transportation
Others (Connected Agriculture, Media and Entertainment, and Smart Education)
By Region
North America
Europe
Asia-Pacific
Middle East & Africa
Frequently Asked Questions
Industries such as healthcare and manufacturing are increasingly adopting IoT Data Management solutions to enhance operational efficiency. In healthcare, for instance, the use of IoT for remote patient monitoring is on the rise, while manufacturing relies on IoT for predictive maintenance and quality control.
One of the primary challenges is ensuring data security and privacy in the interconnected IoT ecosystem. Additionally, interoperability issues among diverse IoT devices and platforms pose a considerable hurdle to seamless data management.
Blockchain technology is increasingly being integrated into IoT Data Management solutions to enhance security and transparency. It helps in creating secure and tamper-proof records of transactions, reducing the risk of data manipulation or unauthorized access.
The IoT Data Management Market is poised for significant growth, driven by advancements in edge computing, 5G connectivity, and the increasing adoption of IoT across various industries. These factors, coupled with a growing emphasis on data analytics, are expected to shape the market landscape in the foreseeable future.
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