Technology

Rising Need To Handle Large Data Volumes Likely To Drive The Global IoT Data Management Market Growth

Global IoT data management market expected to reach approximately USD 94.47 billion in 2024, growing at a CAGR of slightly above 19.51% between 2018 and 2024

A network of networks wherein a huge count of objects, sensors, and devices are linked to offer value-added services is what characterizes IoT (Internet of Things). With the introduction of IoT along with the technologies surfaced from it, like connected devices, and the manner in which they correspond, hosts an enormous amount of data that requires to be handled. From a traffic management system or tools in an industrial unit to energy meters within a home, a huge data volume is generated by smart devices that require data storage, networking, processing, and analytics.

With IoT, the virtualization of the material world is possible via the interconnection of smart devices, machines, and sensors. It entails simple tags that communicate identity & location, devices with capacity & sensors to convey answers, internet working to dole out that data and framework to hoard & present the data. In recent years, the requirement for IoT data management has escalated as a result of the extensive implementation of end-to-end data management platforms to benefit from IoT data more proficiently. In addition, the growing requirement for data traffic management & data security, upgrading of data warehouse architecture, and increasing employment of IoT device security for encryption of data are few other reasons propelling the IoT data management market growth.

Furthermore, large volumes of data have been gathered across the globe during the last few years from a number of diverse platforms. Thereby, there is a pressing requirement to handle the rising quantity of data. In addition, the escalating number of data breaches and threats has augmented the requirement to keep this data safe. A noteworthy need for the encryption of data to protect the IoT-based devices and the rising count of smart city projects are also projected to drive the expansion of the global IoT data management market during the years to come. On the contrary, poor internet connectivity is the key reason anticipated to obstruct market growth, as high speed is required by IoT data management for transmitting data. Apart from this, poor or limited internet connectivity within the rural regions makes the task tricky for flawless IoT data management, which is also expected to restrict the expansion of the market.

To cite, recently, a P360 firm, Swittons, has rolled out the foremost completely customizable IoT-powered solution for physicians and pharmaceutical commercial organizations. Swittons improves the pharma-to-physician connection by assisting the representatives to capture more area and by prevailing over communication obstacles to professional consultations, product orders, and office visits. Also, the smart device can be organized for medical and biotech device sales organizations.

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