Internet of Things (IoT) data governance is the management of data availability, usability, relevancy, integrity and security in an enterprise. IoT technology has the capacity to transfer data over a network with minimal interaction between human-to-computer and human-to-human.
IoT has evolved from machine-to-machine (M2M) communication for connecting a device to the cloud, managing it and collecting records. IoT data governance can be used for various industry to enhance both online and offline experiences including real-time offer management, improved behavior analytics, and automated checkout systems.
The continuous increase in number of cyber-attacks is one of the major factors which drives the growth of IoT data governance market. Further, some of the players such as Dell Technologies & Intel Corporation., involved in the global IoT data governance market are focusing on collaboration activities with end-users to create a more secure transfer of data and meet the needs of the consumer.
For instance, in February 2019, Mocana collaborated with Intel to integrate Mocana’s TrustCenter with the Intel secure device on-board provider. This new collaboration could simplify IoT device protection.
During the COVID-19 crisis, remote working brings productivity challenges and new security risks. Many private, as well as government organizations, have allowed their employees to work from home amid the lockdowns, which has created the need for monitoring the network connected resources proactively, as people are remotely connected consuming enterprise resources and sharing documents using collaboration tools.
For Instance, East Asia accounted for 42% of the total installed connected devices such as smart meters, and among others, in 2019, which is estimated to increase in the forecast period for remote monitoring of the infrastructure during times of such pandemic.
Business is increasingly adopting security solutions to manage such security risks in the new home-working environment, which has increased the demand for governance solutions for connected devices. Moreover, the growth of the IoT) data governance solutions will be profoundly impacted for different application, such as Machine-to-Machine (M2M) communication, Vehicle-to-Vehicle (V2V) communication, and among others.
Drivers
The major factor which is driving the IoT data governance market is the increasing demand for industrial IoT and machine learning approaches throughout the world.
Continuous developments and implementation of IoT data governance solutions in a secure and effective manner for reduce the impact of cybersecurity risks and ensure the privacy of data is creating opportunities for growth for the IoT data governance market.
The increasing need for technological development in data traffic management, wireless technologies, and modernization of data warehouse structure are the several key elements contributing to the growth of the IoT data governance market.
IoT data governance use cases in the healthcare industry include using data from medical connected devices to feed into clinical treatment efficiency and research processes and studies to improve patient outcomes.
Challenges
However, the data and privacy issues and integration of data from data silos are also some of the factors which hampers the growth of IoT data governance market.
Also, lack of interoperability standards and complexities in governing security across BYOD and cloud platforms, among other factors, are anticipated to restrict the growth of the IoT data governance market over the forecast period.
Some of the prominent players providing IoT data governance are Dell Technologies, IBM Corporation, Intel Corporation, Cisco Systems, Hitachi Vantara, SAS Institute Inc., and Oracle Corporation, among others.
By geography, the IoT data governance market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and Middle East & Africa. Among these regions, North America region is expected to dominate the global market for IoT data governance due to the highest presence of IoT data governance solution providers in this region followed by Europe.
East Asia and South Asia & Pacific are expected to witness double-digit growth, in terms of revenue, in the global IoT data governance market, due to the rising growth of smart cities and the proliferation of IoT devices, in this regions.
The IoT data governance market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The IoT data governance market report also maps the qualitative impact of various market factors on market segments and geographies.
The IoT Data Governance market has been segmented on the basis of component, deployment, verticals and region.
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IoT Data Governance Market
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