IoT Analytics Market Research Report – Global Forecast till 2025
The upsurge in connected IoT devices is estimated to direct the development of the IoT analytics market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A USD, 58.4 billion revenue level, is forecasted by 2025, with the support of a 30.9% CAGR.
The surge in demand for real-time monitoring and distribution of data is projected to motivate the market for IoT analytics globally. The market is estimated to develop exponentially as a result of the long term effect of the ongoing COVID -19 analysis.
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 segmental study of the IoT analytics market has been segmented into analytics type, deployment, component, organization size, application, and industry vertical. The component-based segmentation of the IoT analytics market has been bifurcated into software and services. The deployment based segmentation of the IoT analytics market comprises of on-premise and on-cloud. Based on analytics type, the IoT analytics market has been segmented into prescriptive analytics, descriptive analytics, and predictive analytics. On the basis of organization sizes, the IoT analytics market has been split into SMEs and large enterprises. The application basis of segmenting the IoT analytics market has been segmented into predictive maintenance & asset management, energy management, inventory management, security and emergency management, infrastructure management, sales & customer management, and remote monitoring. Based on the industry verticals, the IoT analytics market has been segmented into government & defense, telecommunications & IT, retail & e-commerce, healthcare & life sciences, energy & utilities, transportation & logistics, manufacturing, and others.
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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