A network of networks in which large number of devices, objects and sensors are connected to provide value-added services, is what defines IoT. With the advent of IoT and the technologies emerged from it, such as connected devices and the way they communicate, hosts a huge amount of data that needs to be managed. From traffic management system or equipment in a factory to energy meters in a home, smart devices create a large volume of data which demands for data storage, processing, networking, and analytics.
IoT enables the virtualization of physical world through interconnection of sensors, smart devices and machines. It embraces simple tags that convey location & identity, devices with sensors & capacity to communicate results, internetworking to distribute that data and infrastructure to store & present the data.
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Traditionally, most transactional systems handle data every few minutes, but with IoT it’s a totally different scenario. A device or sensor that monitors humidity, temperature or any other variables, generates data that is required to be handled every millisecond by backend systems. The convergence of IoT Platforms, data management, cloud, and solutions is enabling the further advancement in data analytics which signifies various intangible and tangible benefits from IoT data. The capability to sort data in one format, store it in different format, and successively release it for further analytics, is of vital importance for industry verticals.
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The market is defined by data analytics, data integration, metadata management, and data security. The key factors driving the growth of the market include rise in need for data traffic management, growing importance of automation and transformation of data warehouse architectures. The value of connected devices is in the data that these device collect. The growth of the IoT ecosystem increasingly drives platforms and to analyze real-time data streams coming from multiple data sources that helps to predict & optimize business processes, resolve threats and improve efficiency & profitability. Growing data intrusion threats and the rising adoption of data encryption techniques for IoT device security are also some of the factors that are driving IoT data management market growth in the forecast period. Various government initiatives, such as telematics programs and smart city projects, are also favoring the implementation of IoT data management solutions.