According to a new market research report” IoT Analytics Market by Application (Energy Management, Predictive Maintenance & Asset Management, Inventory Management, Remote Monitoring), Component, Analytics Type, Deployment, Organization Size, & Vertical - Global Forecast to 2022", published by MarketsandMarkets™, The IoT Analytics market size is expected to grow from USD 7.19 Billion in 2017 to USD 27.78 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 31.0%.
The key forces driving the IoT Analytics market include tremendous growth of Internet of Things (IoT) data and need for advanced analytics and automation of businesses.
Browse and in-depth TOC on “IoT Analytics Market”
67 - Tables
31 - Figures
135 - Pages
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Major Key Companies:
The major vendors providing IoT Analytics software and services are IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), SAP SE (Germany), Cisco Systems, Inc., (US), Dell Technologies, Inc. (US), Google, Inc. (US), Amazon Web Services, Inc. (US), Hewlett Packard Enterprise Company (US), PTC, Inc. (US), Hitachi, Ltd. (Japan), Teradata Corporation (US), Salesforce.com, Inc. (US), and Greenwave Systems, Inc. (US).
The report provides detailed insights into the global IoT Analytics market, which is segmented by application, component, analytics type, deployment model, organization size, industry vertical, and region. In the component segment, the IoT Analytics software segment is expected to have the larger market share during the forecast period. The demand for IoT Analytics software is rising as organizations are looking for solutions to generate business-related insights and plan the next steps accordingly based on the insights gathered. Vendors provide software and solutions that assist companies with data collection and data analysis for generating meaningful insights. IoT Analytics software filters the aggregated and enriched data so that it can be analyzed to provide a high throughput from multiple live input data sources.
Among applications, the predictive maintenance and asset management application is expected to continue its dominance during the forecast period. Asset management integrated platforms assist users in managing physical assets and tracking equipment performance. The platforms also provide service assurance by enabling real-time alerts and providing automated corrective actions.
The cloud deployment model is expected to exhibit a higher adoption compared to the on-premises deployment model. Cloud-based solutions are gaining a firm hold on the market, due to growing demands for improved service and cost-effectiveness, and the increasing needs of organizations to keep track of operational processes for maintaining productivity.
The manufacturing industry vertical is expected to have the largest market share and lead the market during the forecast period. IoT Analytics can be exploited by manufacturers to create smarter products; connect and integrate with customers; streamline innovations, planning, and pre-manufacturing processes; and improve post-manufacturing support and services.
Large enterprises are expected to dominate the market in terms of market share because they have various operating units, and IoT Analytics helps integrate the real-time and historical data obtained from these units to generate insights from it. However, Small and Medium-sized Enterprises (SMEs) are expected to exhibit a higher CAGR, owing to easy availability and scalability of cloud-based deployments.
The descriptive analytics type is expected to grow at the highest CAGR, due to the increasing adoption of digital technologies and the use of descriptive analytics for analyzing past data and gaining insights to improve efficiencies in strategic sourcing.
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