The IoT data management service are a rapidly evolving market and are anticipated to touch nearly $42.9 billion by 2026s – reveals ABI research.
IoT data-enabled services market is driving the stage of data democratization and this is where real-time analytics is growing fast. For the moment, analytics services, data integration, and instantaneous stream processing fall under the branch of data management services.
Surrounded by the IoT value chain, each of the components has been found to be a component of economic growth as well. A recent study by ABI Research showed that IoT data management services are a fast-growing market – which is estimated to grow up to $42.9 billion by 2026.
This valuation is up from $10.1 billion in 2020. Certainly, the materialization of analytics and stream processing tools offered insights and the momentum for data-enabled decision- to businesses. Two primary supplier groups dominating the discussion of analytics and stream processing are cloud-first and edge-first.
Principally, the AWS, Microsoft, IBM, Azure, Software AG Apama, Cloudera, Informatica, and TIBCO are centering the data management services associated with the cloud-centric approach. It balances its existing product and capabilities into the full-stack end-to-end IoT portfolios.
Similarly, the other vendors like Crosser, ScaleOut, SWIM.ai., and ClearBlade are serving the abrupt streaming analytics market with the help of an edge-centric approach. In addition, they are collaborating with cloud vendors to provide industry-specific data management applications.
As explained by Kateryna Dubrova, Research Analyst at ABI Research, in the company blog – “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.”
According to the report, most enterprises are now moving from a service market into a productized out-of-the-box SaaS successfully – concerning the streaming technologies. Yet, streaming and data management services have been profoundly impacted by the Apache Project open source technologies, counting Spark and Flink.
In fact, AWS, IBM, Confluent, and Azure have already adopted an open-source technology in the IoT portfolio. This adoption process is largely driven by the cost incentive to trim down the capital investment, particularly for the end-users, and an appeal to companies with the active open-source legacy infrastructure.
In contrast, many technology firms are only offering streaming analytics services subject to proprietary technology. With the focus on streaming and data management solutions, cloud vendors are ceding the current analytics market to different suppliers. Hence, the advanced analytics market is in cooperative competition with the IoT ecosystem.
In such a case, the cloud vendors collaborate with superior analytics suppliers. This initiative sets aside them to support the end-to-end IoT technology stack. For instance, AWS and Azure have united with Seeq in order to leverage advanced analytics capabilities.
Kateryna continued by saying “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.”