Global IoT Analytics Market - Segmented by Type (Solution, Service), Deployment (On-Premise, Cloud), End Users (Agriculture, Energy & Utility, BFSI, Retail, Manufacturing, Public Sector), and Region - Growth, Trends and Forecast (2018 - 2023)
The IoT analytics market has been valued at USD 7.16 billion in 2017 and is expected to grow at a CAGR of 29.8% during the forecast period (2018 - 2023), to reach USD 34.1 billion by 2023. The scope of the report is limited to type including solution and service, deployment including on-premise and cloud, and end-user vertical such as BFSI, healthcare, IT and telecommunication, retail, utilities, government, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Internet of things (IoT) is one of the paradigms altering the evolution in internet-based computing which is having a positive impact on the market including healthcare, manufacturing, smart cities, and sustainable living. IoT analytics refers to the analysis of diverse set of data from several sources such as actuators, sensors, and smart devices. The rapid increase of the connected devices across the globe is expected to ascend the utilization of IoT data analytics. Furthermore, with every device digitally connected, the amount of amount of data generated is rapidly increasing. This is making a requirement for analysis of generated data to understand a user’s pattern or behavior which will help in enhancing the user experience. The businesses leveraging internet of things (IoT) are focusing on their competencies owing to which the organizations are rapidly adopting and integrating analytics to understand and develop long-term customer relationships.
Increasing Volume of IoT Data
With the increasing number of connected devices, internet of things, artificial intelligence, and blockchain technology, the volume of big data generated is on a rapid growth. The companies are focusing more on their core business competencies requiring understanding of user’s behavior which is likely to boost the utilization of IoT analytics, thereby propelling the market growth over the forecast period. Moreover, the concept of smart devices are emerging among consumer, the generation of data is ascending which is, in turn, expected to fuel the market growth.
Cloud Segment Expected to be the Fastest Growing
The implementation of IoT platform on cloud provides high intensity of scalability, flexibility, and sharing capabilities with defined authority. The industry players into internet of things (IoT) are penetrating the opportunity to tap the market. The data generated from IoT is humungous and demands high-end internet infrastructure to store and analyze data owing to which the utilization of cloud-based infrastructure is gaining traction. The companies are now migrating their data to the cloud and industry players are offering cloud-based solution which is likely to boost the market growth over the forecast period.
Asia Pacific to Witness the Highest Growth
The increasing penetration and utilization of artificial intelligence in various industries such as BFSI which will ascend the demand for IoT analytics. In addition, the blockchain concept has been taking over few sectors and integrated with diverse applications in Asia Pacific region, primarily in banking is projected to have a positive impact on the market growth in the region.
Key Developments in the Market
March 2018: IBM launched private IoT analytics cloud platform which encompasses the same features of public cloud for the data center. This is likely to foster the number of consumers for the company and bring high influx of revenue.
Major Players: IBM CORPORATION, SAP SE, SIEMENS AG, MICROSOFT CORPORATION, GENERAL ELECTRIC COMPANY, VITRIA, LARSEN & TOUBRO INFOTECH LIMITED, AMAZON WEB SERVICES, INC., ACCENTURE PLC, and CISCO SYSTEMS, INC., amongst others.
Reasons to Purchase this Report
The future prospect of the IoT analytics market and opportunities
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regional analysis of the market
Identify the latest developments, market shares and strategies employed by the major market players
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