IoT Analytics Market Research Report – Global Forecast till 2025
The Market Research Future (MRFR)’s report states detail on growing IoT analytics market during the forecast period (2016-2022). The penetration of connected devices and upsurge of data processing from IoT enabled devices ignited the IoT analytics market growth substantially. The reports include that the global IoT analytics market is set to achieve and exceed 25% CAGR from 2016-2022.
The internet of things (IoT) is extensively used in various sectors which includes healthcare, energy, and utilities, retails and many others. The tools used for analytics such as IoT-enabled smart connected devices and sensors releases heterogenous data is one primary factor for the growth of the market.
Business enterprises are now shifting interests towards deployment of cloud-based technology, coming up with predictive analytics for business mechanisms, end-to-end automation, and at last consumer-friendly IoT analytics platform. These are also some engaging factors that are driving the IoT analytics market and creating substantial valuation on a global level.
Growth Factors and Top Barriers
IoT analytics is majorly defined as an application that is used for analysing the data generated from the connected IoT devices. In the latest, the surging adoption of IoT devices from various industries for enhancing efficiency with the real-time monitoring and sharing of data is majorly driving the global IoT analytics market.
IoT analytics is being used in various industrial verticals such as healthcare, e-commerce, manufacturing, and retail. Therefore, the rising adoption of smartwatches, smart TVs, smart speakers, toys, and appliances among the consumers all over the world has generated a large amount of data regularly for analysis, which increases the requirement of IoT analytics. Such factors are also considered to be one of the prime factors boosting the market further.
At the same time, various benefits of IoT analytics as analysing the productivity of the machines and tracking issues in a particular part or equipment of the machines have also gained much traction. Additionally, various manufacturing companies are using smart sensors to collect the data from multiple work-related activities throughout the facilities, and with the help of IoT analytics, they are easily able to extract the information from the data collected to improve their working efficiency. Apart from this, the analytics also allows the user to optimise operations in the facilities, and improve decision making, which is also boosting the market for IoT analytics market to expand rapidly in the coming years.
On the other hand, the rising development of smart cities, smart homes, and smart factories are also fuelling in the growth of the global IoT analytics market. Several, governments at a worldwide level, are also investing highly in the development of smart cities, which also increase the need for IoT devices. As the number of IoT devices is increasing, the requirement for analysis of data is also essential for predicting the demand of the users, which leads to the growth of the IoT analytics market.
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The global market for IoT analytics is segmented on the basis of component, analytics type, deployment, organization size, industry vertical, and application.
The type of component includes software and services as segments.
The type of deployment includes on-premise and on-cloud segments.
The type of analytics includes predictive analytics, prescriptive analytics, and descriptive analytics segments.
The type of organization size SMEs and large enterprises segments.
The type of application includes energy management, predictive maintenance and asset management, security and emergency management, sales and customer management, infrastructure management, inventory management, and remote monitoring segments.
The industry vertical includes manufacturing, retail and e-commerce, healthcare and life sciences, energy and utilities, transportation and logistics, telecommunications and IT, government and defence segments.
The regional outlook of the global market for IoT analytics is for the regions of North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Among these, the North America region likely to lead the IoT analytics market during the forecast period owing to the existence of various industries, such as retail and e-commerce, manufacturing, healthcare & life sciences, and telecommunications & IT. With this, the region also has a well-developed infrastructure, which includes smart homes and smart factories and allows companies to develop new solutions and technology for its compatibility with the IoT analytics. The companies and factories in the region are using IoT analytics to improve their working efficiency and solve the issues related to any system in real-time, which surges the overall productivity of the work. These factors are actively contributing to the market’s growth and will continue with it in the coming years.
Asia-Pacific region can also be the fastest-growing region during the assessment period owing to rising development in the infrastructure, adoption of IoT devices, cloud solutions, and other technology and solutions by various organization and manufacturers. Therefore, to analyse this data, there is a need for IoT analytics in the region.
The leading contenders active in the global market of IoT Analytics are listed as Hitachi, Ltd. (Japan), Accenture PLC (Ireland), IBM Corporation (US), Teradata Corporation (US), Oracle Corporation (US), Microsoft Corporation (US), HPE Company (US), Amazon Web Services (US), Dell Technologies Inc. (US), Greenwave Systems (US), Siemens AG (Germany), SAP SE (Germany), Google LLC (US), Cisco Systems Inc. (US), PTC Inc. (US), Salesforce.com, Inc. (US), and Mnubo (Canada).
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IoT Analytics Market Research Report: Information by Component (Software and Service), Deployment (On-Premise and On-Cloud), Analytics Type (Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics), Application (Energy Management, Predictive Maintenance and Asset Management, Inventory Management, Security and Emergency Management, Sales and Customer Management, IT Infrastructure Management, Remote Monitoring, and Others) — Forecast till 2025
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