Fast Facts: IoT’s Data Management Market To Double In Value
In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.
The Internet of Things has become, well, just about everything. Connected devices and the way machines communicate with each other through wireless means is what defines IoT, but with that comes a host of data, and the need to manage that data.
According to a new report by Markets and Markets, the IoT Data Management Market is looking at a CAGR of 19.3% between 2017 and 2022. The overall value will rise from $27.54 million to $66.44 billion in that time period.
The market is defined by data integration, data analytics and visualization, metadata management, and data security. “The major factors driving the growth of the IoT data management market include the modernization of data warehouse architectures and rise in need for data traffic management,” the forecast said. “The increasing adoption of data encryption for IoT device security and growing data intrusion threats are also some of the factors that are driving market growth.”
In a recent survey fielded by Enterprise Mobility Exchange, just 12% of IT executives said IoT was among the top three priorities they were addressing in 2017. However, in that same survey, 48% of those executives said they were strategizing how to best address a connected enterprise. Another 20% claimed they had already begun initiatives that would enable a fully connected enterprise.
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