IoT Data Management Market size to grow by USD 69.28 billion from 2022 to 2027

The global IoT data management market size is estimated to grow by USD 69.28 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 14.1% during the forecast period.

North America is estimated to account for 39% of the global market growth. For loT data management, the region has always been a lucrative market. And as a result of the region's early adoption of cutting-edge technologies in the manufacturing, retail, and BFSI sectors, there is a higher demand for loT data management.

The market in North America expands owing to the substantial presence and penetration of leading vendors like Microsoft Corp. and Oracle Corp. Furthermore, North America is home to some of the most developed economies in the world, which raises the demand for loT data management services like infrastructure, outsourcing, data processing, and Internet services.

In addition, the region is developing new IoT data management due to the integration of cloud-based services, automation tools, and AI with operational and supply chain processes.