The IoT data management solutions are a rapidly evolving market, which is projected to reach around $42.9 billion by 2026.
With the IoT data-enabled services market continuing to grow, it is approaching the stage of data democratization, where real-time analytics will play a critical role. At present, analytics services, data integration, and rapid stream processing fall under the branch of data management services.
Surrounded by the IoT value chain, each element has been found with economic growth. A new report by ABI Research titled “Business Intelligence 2.0: IoT Stream Processing, Analytics, and Data Management Services” showed that IoT data management services are a fast-growing market estimated to rise to $42.9 billion by 2026.
This new valuation is up from $10.1 billion in 2020. Indeed, the materialization of analytics and stream processing tools offered insights and the momentum for data-enabled decisions- to businesses. Two primary supplier sects dominating the discussion of analytics and stream processing are cloud-first and edge-first.
Principally, AWS, IBM, Microsoft, Azure, Cloudera, Software AG Apama, TIBCO, and Informatica are centering the data management services linked with the cloud-centric approach. It balances its current product and capabilities into the full-stack end-to-end IoT solutions.
Likewise, the other vendors like ScaleOut, Crosser, SWIM.ai., and ClearBlade are serving the unexpected streaming analytics marketplace with the help of an edge-centric approach. Furthermore, they are collaborating with cloud vendors to provide industry-specific data management applications.
In the company blog, Kateryna Dubrova, Research Analyst at ABI Research, explains – “Edge vendors are expanding their Streaming as a Service (SaaS) offering toward hardware-agnostic systems. The embedded event streaming and ingestion capabilities packaged as purpose-built, off-the-shelf SaaS has pre-built application logic and an industry-specific “way” to handle data.”
As per the study, most companies are now successfully moving from a service market into a productized out-of-the-box SaaS concerning streaming technologies. Yet, the Apache Project open source technologies have profoundly impacted streaming and data management services, counting Spark and Flink.
In fact, AWS, Azure, IBM, and Confluent already adopted an open-source technology in the IoT portfolio. This adoption process is primarily fueled by the cost incentive to trim down the capital investment, particularly for the end-users. It appeals to companies with active open-source legacy infrastructure.
In contrast, many technology companies are only offering streaming analytics services subject to proprietary technology. Cloud vendors are ceding the latest analytics market to different suppliers focusing on streaming and data management solutions. Thus, the advanced analytics market is in cooperative competition with the IoT ecosystem.
In such a case, the cloud vendors cooperate with superior analytics suppliers. This initiative sets them aside to maintain the end-to-end IoT tech stack. For instance, Azure and AWS have partnered with Seeq in order to leverage advanced analytics capabilities.
Kateryna concluded, “The vendors are branching into industry-driven solutions, and holistic-horizontal platforms with vertical enabled applications, all and all, the competitive market landscape remain in a state of flux. Subsequently, it is vital to understand each vendor offering and placement in the IoT analytics value chain to gain insight.”