New research report on the Smart Data Management Market, found on the Qualiket Research website revealed a great deal about market dynamics. These dynamics influence the market growth from a very miniscule level to its holistic standard & can traverse limitations to assist the market achieve an impressive growth rate during the forecast period of 2020-2021.
Smart data describes data that has valid, well-defined, meaningful information that can expedite information processing. Smart Data is a new tool for business. Big Data gets turned into Smart Data when it is collected and optimized, using the specific needs of the industry and the individual organization.
Following areas are some of the use cases for Smart Data:
Big Data includes massive amounts of data, both unstructured and structured, that is collected by organizations on a daily basis. This Big Data can then be filtered, and turned into Smart Data before being analysed for insights, in turn, leading to more efficient decision-making. Smart Data can be described as Big Data that has been cleansed, filtered, and prepared for context.
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There are two primary kinds of Smart Data: One form is information picked up by a sensor, and then sent to a nearby collection point, and acted upon, before being sent to an Analytics platform. This data is sourced from Smart Sensors, especially within the Industrial Internet of Things (IIoT) systems. The other kind of Smart Data is Big Data that has been processed and is waiting to be turned into actionable information.
Market Drivers: Increasing awareness of Internet of Things (IoT) devices
The major growth factors of the smart data management market are rising awareness of Internet of Things (IoT) devices among organizations, increasing availability of data across the organization to gain deeper insights to remain competitive, and increasing government investments in various regions for enhancing digital technologies. Smart data management solution enables organizations to access to social media data from search engines and sites, such as Facebook, Twitter that enable organizations to fine tune their business strategies.
Market Restraints: Increasing cybersecurity threats
Rapidly increasing cybersecurity incidents and regulations requiring their reporting hampers the growth of global smart data management market. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of the global GDP.
The growing popularity of digitalization has compelled organizations to extensively rely on digitized information. Sharing of a vast amount of data in an external and internal environment as well as across the globe has made organizations to fall prey to cybercrime through different forms of attacks. In the wake of breaches and high-profile data theft, it becomes vital for an organization to determine future threats, signaling them to redesign their cyber safety stance. Thus, cyber safety is becoming a strategic imperative for an organization owing to an increased focus on preventing cybercrime activities, which can hamper the momentum of the business.
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Market Opportunity: Rising Adoption of Artificial Intelligence
Artificial Intelligence creates new opportunities in smart data management market. During the screening and filtering process of creating Smart Data, decisions are made as to which data should be blocked, and which should be presented. Machine Learning and Artificial Intelligence (AI) use specific criteria during this process. AI is an ongoing attempt to create intelligence within machines, allowing them to work and respond like humans. Artificial Intelligence has provided flexibility and can address unique goals. For example, financial services firms can use AI-driven Smart Data for customer analysis, fraud detection, market analysis, and compliance.
The Smart Data Management Market is segmented into component such as Data Anonumization, Data Streaming, Data Detection, and Others, by deployment type such as cloud, and on-premise. Further, market is segmented into industry such as Emergency Grids, and electric vehicles, Healthcare, Education, Retail, Manufacturing Government services, and others.
Also, smart data management market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report including NEC Corporation, Tracelink, Antares Vision, Optel, Rfxcel, Rfxcel, Adents, Averna, and Addovation
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