With the remarkable amount of data traversing networks now and in the future, it’s no wonder that the partner opportunity for managing it is almost endless. That assumption gets even more support from a new study.
A new report published by MarketsandMarkets says the global market for Internet of Things (IoT) data management is poised to grow from $27.5 billion this year to $66.4 billion by 2022. That’s more than 19 percent per year.
The researcher says security is one major driver. More businesses are adopting data encryption for IoT device security, not to mention the obvious — the growing threat of intrusion into IoT networks.
Also significant are the modernization of data warehouse architectures and the basic need for all of this new data to be managed, MarketsandMarkets notes.
A big part of IoT data management is data integration. IoT data-integration solutions allow organizations to securely connect, manage, analyze and integrate real-time IoT data between connected data and enterprise apps. For companies focused on improving routine procedures such as predicting asset performance and monitoring for outages, data integration plays a key role. These types of services also are critical for data mining, machine learning and deep learning.
Look for manufacturing to be the largest vertical for IoT data management in the coming years. Data analytics can make these types of businesses highly efficient and give leaders of these businesses more flexibility in decision-making. MarketsandMarkets warns that it is essential for smart manufacturing companies to include an “intelligence layer” on their operation floors in order to provider real-time analytics; this way, they’ll get instant feedback from product monitoring as well as back-office information that can be turned into productivity improvements.
By region, North America will have the largest market share due to the strength of its economy. The continued adoption of bring-your-own-device strategies and government initiatives such as smart-city projects and telematics programs will keep the implementation of IoT data management strong in the U.S. and Canada.
The report recognizes IBM, Cisco, HPE and Google as major vendors in IoT data management. Also listed are PTC Inc., Teradata Corp., Dell Technologies, SAS Institute Inc., Fujitsu, Oracle, SAP, LogMeIn, Striim, Zebra Technologies, LogFuze, InfluxData, Trustwave and MuleSoft.
Securiity, as noted above, is a key part of the future of IoT. Earlier this year, MarketsandMarkets drilled down on the IoT security market, predicting even larger growth — a whopping 34 percent annual increase in value. PTC, which also made the list of major IoT data manaement vendors, was among those ID’d in that report. Symantec, Trustwave, Check Point, IBM, Infineon Technologies, Gemalto NV, Trend Micro and Digicert also got props from the research firm.