Latest News- Internet Of Things (Iot) Data Management Market: Solutions are expected to lead the Component segment during 2024-2028

The Internet Of Things (Iot) Data Management Market is being driven by Growth in industrial automation

The Internet Of Things (Iot) Data Management Market is expected to grow at a CAGR of 15.72% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 90.3 billion. The IoT data management market has experienced significant growth due to the increasing requirement for data collection and analysis to optimize complex maintenance tasks in industries. IoT-enabled devices, such as wireless acoustic transmitters and steam trap monitors, play a crucial role in monitoring plant operations by providing real-time data on machine and system performance. By utilizing this data, industrial operators can compare the efficiency of various machines, identify potential issues, and plan maintenance activities proactively. Predictive maintenance, facilitated by IoT technology, is increasingly preferred by end-users as it minimizes production downtime and enhances operational efficiency. Industries with a vast array of automation control solutions and instruments particularly benefit from IoT-enabled devices to streamline their maintenance processes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Solutions
  • Services
• Deployment
  • Private/hybrid
  • Public
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in industrial automation
• Large-scale benefits of using IoT devices
• Growing demand for smart homes

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness of efficient management of IoT initiatives and investments
• High cost of implementing IoT and ensuring its security
• Low awareness of efficient management of IoT initiatives and investments

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Market Scope in Internet Of Things (Iot) Data Management Market Research Report

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Research Analysis Overview

The IoT (Internet of Things) data management market is experiencing exponential growth, driven by the increasing adoption of intelligent devices in various industries, including smart homes, wearables, gadgets, and transportation systems. Companies like Actian and Avast are at the forefront of this trend, providing solutions for data integration, management, and security. At Stanford University, researchers are exploring new ways to manage and analyze the zettabytes of data generated by IoT devices. In the automotive market, fleet management and self-driving ecosystems are generating massive amounts of data, making cloud services essential for data storage and analysis. However, with the increasing use of IoT devices comes the risk of data breaches and cyberattacks. Hackers are targeting IoT botnets, and the Shared Assessments Program is helping organizations assess and mitigate these risks. Data security and data warehouse architecture are critical components of IoT data management, along with storage solutions and wireless technologies. In conclusion, the IoT data management market is a dynamic and complex landscape, requiring innovative solutions for data integration, management, and security. Companies like Actian and Avast are leading the way, helping organizations navigate the challenges and opportunities of this rapidly evolving market.

Market Research Overview

The IT software market encompasses businesses specializing in the development and production of application and system software. This sector comprises application software companies, which create software for specific business or consumer needs, encompassing enterprise, technical, and cloud-based solutions. Notably, it excludes interactive home entertainment software providers and those producing database or systems software. According to Technavio, the IT software market size is determined by the consolidated revenue of all software providers, including those offering cloud-based applications. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/