Press release
IoT Data Management Market is Projected to Grow at a CAGR of 18.45% to Reach US$ 131.27 Billion by 2032
IoT data management involves the collection, storage, processing, and analysis of the vast amounts of data generated by interconnected IoT devices. The IoT Data Management market industry is projected to grow from USD 33.87 Billion in 2023 to USD 131.27 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 18.45% during the forecast period (2023 - 2032).
Importance and Challenges:
The rapid proliferation of IoT devices has led to an exponential increase in the volume of data available for collection and analysis. However, managing this data presents challenges, as not all IoT devices organize and communicate data in the same way. Additionally, not all IoT platforms are engineered to understand or accommodate all data formats, making optimal data management crucial.
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Key Companies in the IoT Data Management market include,
Aruba Networks
Cisco Systems Inc.
Ericsson
Actian
Cisco Systems Inc
Google Inc
IBM Corporation
Hewlett Packard Enterprise
Dell Technologies
Fujitsu Limited
Oracle Corporation
SAP SE
Strategies and Solutions:
IoT Data Management strategies leverage existing Data Management infrastructure tools and technologies applied to more-traditional use cases, which can be repurposed to support IoT. For example, edge computing, where data is processed near the data source or at the edge of the network, helps save storage space, process information faster, and meet security challenges .
The OMA SpecWorks developed Lightweight M2M (LwM2M) protocol for machine-to-machine (M2M) or IoT, providing the ability to define data constructs and set parameters for object-associated data collection and storage.
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Industry Applications:
IoT data management enables organizations to optimize smart algorithms by analyzing sensory data and user interactions, leading to improved user experiences and product enhancements. Functions such as adaptive maintenance, predictive repair, security monitoring, and process optimization rely on effective IoT data management.
IoT data management is crucial for various industries, including manufacturing, retail, healthcare, and smart city initiatives, where data from a broad variety of sensors is gathered for analysis and decision-making.
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Technology Solutions:
Companies like Informatica offer Big Data Streaming solutions that provide AI-driven, end-to-end management for IoT and streaming data. These solutions leverage the Sense-Reason-Act framework for IoT data management, enabling customers to ingest data from IoT sources, apply business logic, and operationalize actions on a single platform with the power of CLAIRE, Informatica's intelligence engine.
IoT data management plays a critical role in harnessing the potential of IoT devices and the data they generate, enabling organizations to derive valuable insights and drive informed decision-making.
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