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The Analytics of Things (AoT) market is currently undergoing dynamic changes driven by technological advancements and the growing importance of data-driven decision-making across various industries. As organizations increasingly recognize the value of leveraging data to gain insights and improve operational efficiency, the demand for analytics solutions tailored for the Internet of Things (IoT) ecosystem is on the rise.
One of the key market dynamics shaping the Analytics of Things landscape is the continuous expansion of the IoT ecosystem. With an ever-growing number of connected devices, sensors, and systems generating massive amounts of data, there is a heightened need for advanced analytics tools to extract meaningful insights from this wealth of information. This surge in data volumes has prompted businesses to adopt AoT solutions that can provide real-time analytics, predictive modeling, and prescriptive analytics to enhance decision-making processes.
Moreover, the increasing adoption of cloud computing has significantly influenced the Analytics of Things market. Cloud-based analytics platforms offer scalability, flexibility, and cost-effectiveness, enabling organizations to efficiently handle the vast amounts of data generated by IoT devices. This shift towards cloud-based AoT solutions has democratized access to analytics capabilities, making them more accessible to businesses of all sizes. As a result, the market has witnessed a proliferation of analytics tools and platforms catering to diverse industry needs.
Another noteworthy factor driving market dynamics is the emphasis on data security and privacy. As the IoT ecosystem expands, concerns regarding the protection of sensitive information have become paramount. Analytics of Things solutions that prioritize robust security measures, including encryption, authentication, and compliance with data protection regulations, are gaining traction. Organizations are increasingly prioritizing solutions that not only deliver powerful analytics but also ensure the confidentiality and integrity of the data being analyzed.
The Analytics of Things market is also witnessing a shift towards industry-specific applications. As businesses seek more tailored and specialized analytics solutions, vendors are developing industry-focused AoT platforms that address the unique challenges and requirements of sectors such as healthcare, manufacturing, energy, and agriculture. These industry-specific analytics solutions are designed to deliver targeted insights and drive innovation within specific verticals.
Furthermore, the market dynamics of AoT are influenced by the integration of artificial intelligence (AI) and machine learning (ML) technologies. The combination of AoT with AI and ML capabilities enables organizations to gain deeper insights, automate decision-making processes, and uncover hidden patterns within complex datasets. This convergence of technologies enhances the overall effectiveness of Analytics of Things solutions, making them invaluable for organizations seeking a competitive edge in today's data-driven business landscape.
Analytics of Things Market Highlights:
Analytics of Things Market Research (MRFR Insights)
The analytics of things market size is projected to reach approximately USD 120.4 billion by 2030, at a CAGR of 33.40% from 2022 to 2030. Analytics of things is used to analyze the data generated by the Internet of things devices. It further helps to provide the required data and insights for different devices and organizations. As per the market research, the growth of the analytics of things market can be attributed to the constant introduction of innovative smart watches, smart glasses, and smart cities worldwide. In addition, the growing emphasis on real-time data, time and cost management, and soaring demand for automation in various industries is further impacting the market's growth in the forecasted years.
COVID-19 Impact Analysis
The market analysis suggests that the COVID-19 pandemic has positively impacted the market because of giant players' rapid adoption of online solutions in numerous countries. Additionally, due to strict lockdown measures, a paradigm shift was observed from offline to online platforms, subsequently influencing the adoption of analytical solutions across the globe.
Analytics of Things Market Dynamics
The growing number of connected devices, technological advancements in the analytics of things system, and increasing need for data analytics services are boosting the market for analytics of things in the upcoming years. Moreover, rapidly expanding real-time viewing services and the cost-efficiency of the market for analytics of things is further escalating the market's growth in the forecasted years.
Market Drivers
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The increasing reliance on big data management
The market for analytics of things is the growing adoption of big data management in the wake of continuously growing digitalization. Effective data management is becoming increasingly important for businesses in this technology-driven world. IoT Big Data analytics, a crucial sub-field of AI that works with many sets of intricate real-time data analytics, has emerged as a result of the development of AI. Several well-known Big Data technologies have been deployed in the current computer systems to enable this data to be transformed into business insights.
Market Restraints
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Complex Software and a lack of trained professionals
The key restraint for the market is the software complexity and lack of trained professionals. The rapidly developing software, hardware, and system integration require trained and specialized resources to collate and handle complex data, predictive modeling, and system integration.
Market Opportunities
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Rising number of connected devices
Analytics of things adoption is predicted to increase during the forecast period due to the increasing power of digital technologies, further stimulating the rapidly growing connected devices across different regions. The growing adoption of smart healthcare devices and other technology-enabled gadgets is creating several opportunities in the market for analytics of things. Moreover, autonomous driving, controlled and monitoring infrastructure, wireless sensing, and location tracking services are enabling market growth in the upcoming years.
Analytics of Things Market Segmentation
Type Inisghts
Based on type, the analytics of things market segmentation is descriptive analytics, predictive analytics, and prescriptive analytics. Predictive analytics accounted for a significant share in the analytics of things market growth in 2021 and is expected to remain the fastest-growing segment in the forecasted years. The continuous deployment of predictive analytics across various industries such as banking, healthcare, supply chain, marketing, and sales for informed decision-making and real-world situations.
Application Insights
Based on the application, the analytics of things market segmentation is sales & customer management, predictive maintenance & asset management, energy management, inventory management, security & emergency management, building automation, IT infrastructure management, remote monitoring, and others. Predictive maintenance and asset management held a significant share in 2021 amongst all other applications on account of improving productivity and operational excellence, leading to increased sales and profits in various digitalized industries. Additionally, it enables predictive maintenance and minimizes downtime and expenditure in numerous verticals.
Component Inisghts
Based on component, the market is divided into software and services. The software segment accounted for a dominating share in 2021 owing to the rapid technological advancements and digitalization across various industry verticals. The analytics of things majorly operates numerous software implementations compared to the services offered in IoT devices.
Vertical Insights
The market has been segmented based on vertical into telecommunications & IT, manufacturing, transportation & logistics, healthcare & life sciences, retail & e-commerce, government & defense, energy & utilities, and others. Among them, the healthcare & life sciences segment is augmented to have a significant share in 2021 and is expected to have the fastest growth during the upcoming years. The leading enterprises are continuously investing in the healthcare internet of things market that enables the storage, data recording, and further analysis impacting the healthcare segment in the market. It also reduces healthcare operational costs and errors, which helps enterprises utilize analytics of things as one of the competitive advantages.
Global Analytics of Things Market Share, by Region, 2021 (%)
Analytics of Things Market Overview Regional Analysis
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
North America
North America held the largest share in the market for analytics of things in 2021 due to various prominent players such as Amazon Web Services, Cisco Systems, Google, Hewlett Packard Enterprise Development LP, Hitachi, and others since the historical period. In addition, regulatory compliance is further boosting the adoption of IoT technologies in the North American region. Moreover, the continued research and development activities and the growing investments by the prominent players are expected to propel the regional market for analytics of things.
Asia-Pacific
Asia-Pacific was the fastest-growing region in 2021 in the market for analytics of things. The growth can be attributed to the exponential increase in smart city projects across various countries such as China, Japan, and India. In addition, the increasing trend for highly secure connectivity enables numerous IoT-related investments, which subsequently impacts the market for analytics of things in the forecasted years.
Analytics of Things Market Competitive Landscape
The competitive landscape includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached with diverse product portfolios. Companies such as Amazon Web Services, Inc., Cisco Systems, Inc., Dell INC, Goolara, and Hewlett Packard Enterprise Development LP dominate the market owing to product differentiation, strategic developments, financial stability, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, including development, joint ventures, product establishment, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the analytics of things market research include Amazon Web Services, Inc., Cisco Systems, Inc., Dell INC, Goolara, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft, Oracle, Salesforce., SAP SE, Teradata Google, Inc., PTC, Hitachi, Ltd, Teradata, Salesforce, Greenwave Systems among other domestic and players.
Scope of the Analytics of Things Market Report
Type Outlook
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Application Outlook
- Sales & Customer Management
- Predictive Maintenance and Asset Management
- Energy Management
- Inventory Management
- Security and Emergency Management
- Building Automation
- IT Infrastructure Management
- Remote Monitoring
- Others
Component Outlook
- Software
- Services
Vertical Outlook
- Telecommunications & IT
- Manufacturing
- Transportation & Logistics
- Healthcare & Life Sciences
- Retail & E-commerce
- Government & Defense
- Energy & Utilities
- Others
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
Recent Developments
In October 2022: KTD SYNNEX unveiled Data-IoTSolv in the Americas, empowering partners with IoT and data analytics tools for business growth. The solution includes AI and advanced analytics technologies for resellers.
In August 2022: Amazon Web Services (AWS) revealed CEAT LTD's utilization of AWS for smart manufacturing. CEAT employs IoT, analytics, and machine learning to produce intelligent, sensor-equipped tires, enhancing manufacturing efficiency and enabling data-driven decisions with SAP on AWS. This development signifies CEAT's innovative strides in digitizing factories and launching new digital services.
In May 2022: Kajeet, a top wireless solutions provider, launched Sentinel Insights, a cloud-based analytics tool enhancing its IoT management platform, Sentinel. The product ensures secure and reliable IoT solutions for businesses, schools, governments.
In May 2020: Intel and SAS joined forces to enhance global analytics solutions, enabling rapid access to precise insights for users. This collaboration leverages advanced AI, machine learning, and IoT technologies.
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Analytics of Things Market Forecast and Size
To identify and estimate the market size for the analytics of things market report segmented by type, application, component, and vertical by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the analytics of things market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the analytics of things market growth
Market Influencing Factors:
To find out the factors which are affecting the analytics of things market size among consumers
Impact of COVID-19
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling
To provide a detailed market analysis of the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
- Analytics of things Manufacturer
- Raw Material Suppliers
- Retailers, Wholesalers, and Distributors
- Governments, Associations, and Industrial Bodies
- Investors and Trade Experts
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