Structured Data Management Software Market Trends

Growth Drivers

• Rising Use of Internet of Things (IoT) Devices –With the emergence of IoT connected devices, there is a lot of real-time sensitive data, that can be managed by this software. By 2023, there will be 14.4 billion IoT devices, an 18% growth, and by 2025, there may be 27 billion connected IoT devices. IoT devices are predicted to number 25.4 billion by 2030.

• Growing Need for Centralized Data Storage – In a survey of almost 500 professionals, over 63% of respondents stated their business intended to increase its use of customer data in the next year. Moreover, around 57% indicated they'll employ centralized data storage, such as a customer data platform (CDP).

• Rising Need to Reduce the Churn Rate – Structured data management software helps to increase the employee retention. The churn rate of energy and utility suppliers is around 11%. Moreover, the churn rate of IT sector is nearly 12%.

• Growing Volumes of Data– the software increases the life span of the data irrespective of its time of generation. Over 64 zettabytes of data were produced, collected, transferred, and used globally in 2020. For the ensuing five years, up until 2025, it is predicted that the amount of data generated worldwide would rise to more than 180 zettabytes.

• Rising Use of Cloud Storage – the software helps companies to store the on public cloud platforms. Almost 60% of corporate data was stored in the cloud by 2022. This represents a considerable increase from 2015, when only 30% of data was stored in the cloud.

Challenges

• Rising Concerns Associated with Data Security and Privacy – the data present in the structured data management contains sensitive information, therefore, in case of any cyber-attacks, the privacy of these data is at high risk. Threat to data privacy is the major roadblock in the market growth.
• Rising Instances of Cyber Attacks on Enterprises
• There are Limited Options to Save the Structure Data