IOT Analytics Market Size To Expand at a Notable CAGR of 24.63% During 2023 - 2032

Market Research Future has published a half-cooked research report on the Global IOT Analytics Market.

Market Analysis

The Market Research Future (MRFR)’s report states details on growing IoT analytics market during the forecast period (2023-2032). 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 24.63% CAGR from 2023-2032.

Factors Driving the Market Growth

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.

The demand in the IoT analytics market is expected to exhibit a steep rise through the assessment period, asserts MRFR. Analytics of things also help enterprises in gaining real-time insights and increase the effectiveness of their decision-making process for alluring profit.

A major challenge of this market comes to the market players is about controlling the amount of IoT data. Apart from this, major concerns spell related to ownership and processing of data which are expected to hinder the growth of the market. IoT analytics penetrated in developing regions where the companies have become the key contributors to the market by adopting the trend of analytics of things across the globe due to massive technology probe. Also, with the availability of better technology infrastructure and proper network connectivity is encouraging the growth of the IoT analytics market.

Market Segmentation

The global IOT analytics market can be segmented as application, solutions, developments, and vertical.

By solutions mode, the market is segmented into gateway analytics and sensors.

By deployment mode, the market is segmented on-premises and Cloud.

By vertical mode, the market is segmented into Government, healthcare, financial services, retail, manufacturing, energy and utilities, transportation and logistics, and others.

Regional Outlook

Regional outlook for the IoT analytics market is in regions such as Asia Pacific, North America, Europe and the rest of the world.

Of these, North America likely leads the market through the forecast period due to the emergence of IT and adoption of its services, an automated business process which is conventionally surging the IoT analytics market. The major IT industries are expected to grow with the highest revenue by 2022.

Next Asia Pacific follows the trends by expected to grow at a higher CAGR with high adoption of IoT enabled devices. India and China have the major hold in the growth of the global IoT analytics market.

Market Key Holders

Some of the major players in IOT Analytics Market include IBM corporation (U.S.), Intel Corporation (U.S.), SAP SE (Germany), AGT International (Switzerland), Accenture PLC (Ireland), Capgemini (France), PTC (U.S.), Mnubo Inc. (Canada), Cisco Systems (U.S.), Nokia Networks (Finland) and among others.

Competitive Outlook

EcoEnergy Insights is an IoT expert has developed a customized program for the American West Restaurant Group (AWRG) chain in California and Utah. The software had successfully reduced the energy consumption of the restaurant by 15% a month.

Verimatrix’s Verspective Intelligence is a program that is designed exclusively for video service providers for customer viewing experience and engagement. It has improved their video service delivery which can help them with increased revenue.

March 2018: IBM launched private IoT analytics cloud platform which involves the same features of public cloud for the data centre which is likely to foster the number of consumers for the company and bring high influx of revenue.