A network of networks in which large number of devices, objects and
sensors are connected to provide value-added services, is what
defines IoT. With the advent of IoT and the technologies emerged from
it, such as connected devices and the way they communicate, hosts a
huge amount of data that needs to be managed. From traffic management
system or equipment in a factory to energy meters in a home, smart
devices create a large volume of data which demands for data storage,
processing, networking, and analytics.
IoT enables the virtualization of physical world through
interconnection of sensors, smart devices and machines. It embraces
simple tags that convey location & identity, devices with sensors
& capacity to communicate results, internetworking to distribute
that data and infrastructure to store & present the data.
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Traditionally, most transactional systems handle data every few
minutes, but with IoT it’s a totally different scenario. A device
or sensor that monitors humidity, temperature or any other variables,
generates data that is required to be handled every millisecond by
backend systems. The convergence of IoT Platforms, data management,
cloud, and solutions is enabling the further advancement in data
analytics which signifies various intangible and tangible benefits
from IoT data. The capability to sort data in one format, store it in
different format, and successively release it for further analytics,
is of vital importance for industry verticals.
The market is defined by data analytics, data integration, metadata
management, and data security. The key factors driving the growth of
the market include rise in need for data traffic management, growing
importance of automation and transformation of data warehouse
architectures. The value of connected devices is in the data that
these device collect. The growth of the IoT ecosystem increasingly
drives platforms and to analyze real-time data streams coming from
multiple data sources that helps to predict & optimize business
processes, resolve threats and improve efficiency &
profitability. Growing data intrusion threats and the rising adoption
of data encryption techniques for IoT device security are also some
of the factors that are driving IoT data management market growth in
the forecast period. Various government initiatives, such as
telematics programs and smart city projects, are also favoring the
implementation of IoT data management solutions.
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However, digital & physical security and privacy continue to
hinder the adoption of IoT data management market. The requirement
for interoperability on different systems for storing, managing and
analyzing data has further restricted adoption of this market.
The global IoT data management market is segmented on the basis of
component, deployment type, organization size and application area.
Based on the component, the market is segmented into solution and
services. The solution component is further segmented into data
integration, data analytics, metadata management, data security, data
migration and others. The service component is categorized into
managed services, consulting services and support & maintenance
services. On the basis of deployment type, the IoT
management market is segmented into private cloud, public cloud,
and hybrid cloud. The organization size is categorized into small &
medium-sized enterprises (SMEs) and large enterprises. Moreover on
the basis of application, area the market can be segmented into smart
energy & utilities, smart manufacturing building & home
automation, smart healthcare, smart retail, smart mobility &
transportation, connected logistics and others.
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