IoT Data Management Market: USD 94.79 billion Growth from 2021 to 2026, High Competition Among Vendors - Technavio
NEW YORK, Aug. 5, 2022 /PRNewswire/ -- IoT data management is the process of taking the overall available data and refining it down to important information. It summarizes data online while providing storage, logging, and auditing facilities for offline analyses.
Technavio estimates that the IoT data management market size is expected to grow by USD 94.79 billion from 2021 to 2026. However, the growth momentum of the market will decelerate at a CAGR of 13.68% during the forecast period.
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Porter's Five Forces Analysis
The competition among vendors is high. Vendors find it challenging to leave the IoT data management market due to high exit barriers. Significant capital and high fixed costs are required to set up and operate IoT data management companies. These factors increase the rivalry among vendors. Moreover, buyers incur moderate costs while switching between vendors. The market is growing at a significant rate and offers equal opportunities to vendors. These two factors stabilize the rivalry in the market. Hence, the threat of rivalry was moderate in 2021, and it is expected to remain the same during the forecast period.
The IoT data management market is becoming highly competitive. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the key vendors operating in the market include Alphabet Inc., Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., and Hewlett Packard Enterprise Co.
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The IoT data management market has been segmented by deployment into private/hybrid and public. Among these, the private/hybrid segment will account for the highest market growth.
By geography, the market has been segmented into North America, Europe, APAC, South America, and the Middle East and Africa. North America will have the highest market growth during the forecast period. This growth is attributed to factors such as the strong presence and penetration of top vendors such as Microsoft Corp. and Oracle Corp.
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Key Drivers and Trends
The growth in industrial automation will drive the growth of the IoT data management market during the forecast period. Industry 4.0 defines the life cycle of products, wherein manufacturing processes by smart machines are carried out on their own. In addition, smart robots coordinate with humans to assemble products, and driverless transport vehicles operate logistics on their own. The integration of cyber systems and physical systems in the industrial manufacturing industries leads to higher efficiency, greater safety, predictive maintenance of machines, and increased profitability. Therefore, industries across the world are implementing Industry 4.0 to optimize material flow and detect errors at the early stages of the life cycle of a product.
Apart from the growth in industrial automation, many other drivers and trends are also shaping the future of the market. View FREE PDF Sample Report to learn about these trends
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Table of Contents
Five Forces Analysis
Market Segmentation by Deployment
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