IoT Data Management Market to Record 18.50% Y-O-Y Growth Rate in 2022 | Evolving Opportunities with Alphabet Inc. and Cisco Systems Inc. |17000+ Technavio Reports
NEW YORK, Jan. 12, 2022 /PRNewswire/ -- 35% of the growth will originate from North America for the IoT data management market. The US is the key market for IoT data management in North America. Market growth in North America will be faster than the growth of the market in other regions. The strong presence and penetration of top vendors such as Microsoft Corp. and Oracle Corp. will facilitate the IoT data management market growth in North America over the forecast period. The IoT data management market is expected to grow by USD 94.79 billion from 2021 to 2026. However, the growth momentum is likely to decelerate at a CAGR of 13.68% as per the latest market report by Technavio. The IoT data management market to record an 18.50% Y-O-Y growth rate in 2022.
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IoT data management market -Driver
IoT data management market -Challenge
The lack of awareness of efficient management of IoT initiatives and investments will be a major challenge for the IoT data management market during the forecast period. Though the adoption of industrial IoT is on the rise, enterprises continue to face a considerable challenge in managing, securing, and optimizing their IoT investments. The implementation of IoT in industrial facilities is one of the primary tasks undertaken by industries. The next step is to train the employees on working on the IoT platform so as to allow workers to adapt better and faster to IoT. The lack of skilled employees to handle the intricacies of IoT systems is a major problem encountered by end-user industries. Without proper training and knowledge of IoT systems, the capabilities of IoT can be exploited only partially. Such factors act as a challenge for the adoption of IoT and IoT data collection and device management platforms in industries, thereby hampering the growth of the market.
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Some of key IoT Data Management Players:
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IoT Data Management Market Deployment Outlook (Revenue, USD bn, 2021-2026)
IoT Data Management Market Geography Outlook (Revenue, USD bn, 2021-2026)
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