IoT Analytics Market Research Report growth will reach USD 92.46 billion by 2030 at a CAGR of 24.63%.
With the rising uncertainty due to the COVID-19
outbreak, the global economy is not in the state to deal with a long-term
lockdown. Meanwhile, businesses worldwide are trying to cut costs and are
adopting digitization as the only way to ensure uninterrupted operations.
Sadly, SARS-CoV-2 has also led to downsizing and cutting down of staff. The
main focus of businesses has been on finding ways that can help them continue
with the workflow, and this is where IoT analytics has emerged as a prominent
solution. Data shows that the since the advent of the novel coronavirus, there
has been increased spending on IoT analytics solutions, be it manufacturing,
healthcare or retail and e-commerce.
The IoT analytics market has been esteemed at USD 9.1
billion in 2018 and required to develop at a CAGR of 24.63% by 2030, to arrive
at USD 92.46 Billion by 2030. We will provide COVID-19 impact analysis with the
report, offering detailed market developments following the coronavirus disease
outbreak.
Key Boosters and Primary Challenges
Healthcare
professionals are on the lookout for ways to cater to every patient while also
addressing the challenges of the pandemic. Telemedicine seems to be gathering
momentum in these times, with more and more medical workers pre-screening
people via apps. Likewise, the retail and e-commerce sector is increasingly
adopting IoT analytics to analyze the customer’ behavior to strategize ways to
keep them engaged. In a way, COVID-19 is proving to be a lucrative opportunity
for the IoT analytics market, given the rising use across diverse industries
for various applications.
The
global market also profits from the escalating demand for smart TVs, smart watches,
smart toys, smart appliances and smart speakers and the consequent increase in
the data volume, which boosts the need for IoT analytics. Since the advent of
SARS-CoV-2 and the curfews following it, smart payment technologies have noted
a dramatic rise in order to reduce human contact and the work from home model
has also observed a sharp uptake among business, which can be favorable for the
IoT analytics market in the long run. Given the surge in working from home
model, leading innovators are launching new products that can help homebound
employees to work better and more efficiently.
For
instance, InvenSense SmartBug, a wireless tiny multi-sensor gadget with a range
of consumer and business IoT applications, was introduced by TDK Corporation in
July 2020. SmartBug efficiently collects data from several intelligent sensors,
including pressure, magnetometer, humidity, ultrasonic, and temperature
sensors, as well as highly accurate algorithms.
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Segmentation:
IOT
analytics market can be considered for component, analytics type, deployment,
organization size, industry vertical as well as application.
The
primary components of IoT analytics are services and software.
The key
segments depending on deployment can be on-cloud and on-premise.
The
analytics types covered in the study are prescriptive analytics, descriptive
analytics and predictive analytics.
The
organization size-based ranges listed in the report are SMEs/small and medium
enterprises as well as large-scale enterprises.
The
applications of IoT analytics are inventory management, energy management,
security and emergency management, predictive maintenance and asset management,
infrastructure management, remote monitoring and sales and customer management.
The
main industry verticals outlined in the global market study include retail and
e-commerce, manufacturing, transportation and logistics, healthcare and life
sciences, government and defense, telecommunications and IT, energy and
utilities, and more.
Regional Insight
The
geographic analysis of the global IoT analytics market has been conducted for
North America, Europe, Asia-Pacific, the Middle East & Africa, and South
America.
North
America can soon emerge as the biggest gainer in the IoT analytics market, due
to the well-developed industries, such as manufacturing, retail and eCommerce,
telecommunications & IT and healthcare & life sciences. The high
prevalence of smart factories and smart homes prompts vendors to build advanced
technology and solutions that are compatible with IoT analytics. Microsoft
Corporation (US), Oracle Corporation (US) and IBM Corporation (US) are some of
the market leaders in the region that are constantly innovating and launching
or collaborating to gain higher traction in the region. To cite an instance, in July 2020, IBM Corp. collaborated with Verizon
Communications Inc. to boost the development of 5G powered IoT analytics that
can enhance worker safety, production quality as well as operations within the
industrial sector.
The
highest expansion rate will be attained by the APAC market in the coming years,
mainly because of the fast expanding IT infrastructure, rising use of IoT
devices as well as cloud solutions across various industries that has led to
massive data generation. The growing need to analyze the increasing data volume
across sectors has catapulted the demand for IoT analytics in the APAC market. Besides,
the increasing technological innovations and the surge in digitization in India
and China can also ensure steady demand for IoT analytics in major industries
such as utilities, healthcare, and more.
Top Industry Contenders
The top
industry contenders profiled in the study include Salesforce.com, Inc. (US),
PTC Inc. (US), Greenwave Systems (US), Dell Technologies Inc. (US), Google LLC
(US), SAP SE (Germany), HPE Company (US), Teradata Corporation (US), Cisco
Systems Inc. (US), IBM Corporation (US), Hitachi, Ltd. (Japan), Mnubo (Canada),
Oracle Corporation (US), Accenture PLC (Ireland), Amazon Web Services (US),
Siemens AG (Germany), Microsoft Corporation (US), and many more.
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