IoT Data Management Services Market to Touch $42.9 Billion by 2026

IoT

The IoT data management services are currently a rapidly evolving market, and are projected to reach $42.9 billion by 2026 – claims a study.

As the IoT data-enabled services market continues to grow, it is approaching the stage of data democratization. This is where real-time analytics is sought after. As of now, data integration, analytics services, and real-time stream processing fall under the branch of data management services.

Within the IoT value chain, each of the components has been found with economic growth
as well. In the latest study by ABI Research, the IoT data management services are fast-
growing market. It is estimated to grow to $42.9 billion by 2026 – from $10.1 billion in 2020.

The materialization of analytics and stream processing solutions offered the momentum for
data-enabled decision making and insights to businesses. Two major supplier groups are
dominating the discussion of analytics and stream processing – cloud-first and edge-first.

Basically, the AWS, Azure, Microsoft, IBM, Cloudera, Software AG Apama, Informatica, and TIBCO are centering the data management services aligned to the cloud-centric approach. This complements their existing product as well as capabilities into the full-stack end-to-end IoT portfolios.

Similarly, the other vendors, including ScaleOut, SWIM.ai., Crosser, and ClearBlade, are serving the immediate streaming analytics market by putting together an edge-centric approach. In addition, they are teaming up with cloud vendors to offer industry-specific data management applications.

According to Kateryna Dubrova, Research Analyst at ABI Research, as mentioned in the company blog post – “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.”

Data Analytics – the Force Behind the IoT Evolution

As per the report, most businesses are attempting to move from a service market into a productized out-of-the-box SaaS effectively – concerning the streaming technologies. However, data management and streaming services have been profoundly affected by the Apache Project open source technologies, including Spark and Flink.

For instance, IBM, AWS, Confluent, and Azure have already adopted an open-source technology in their IoT portfolio. This adoption process is primarily driven by the cost incentive to trim down the capital investment – especially for the end-users and an appeal to organizations with the active open-source legacy infrastructure. On the other hand, many tech enterprises are only offering streaming analytics services reliant on proprietary technology.

By focusing on the streaming and data management technologies, cloud vendors are ceding the modern analytics market to different suppliers. As a result, the advanced analytics market is in cooperative competition in the IoT ecosystem – wherein the cloud vendors are collaborating with the superior analytics suppliers. This initiative allows them to support the end-to-end IoT technology stack. For instance, Azure and AWS have united with Seeq for leveraging advanced analytics capabilities.

Kateryna Dubrova also mentioned, “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.”