IoT Analytics Market: Global Industry Analysis And Forecast (2023-2029)

IoT Analytics Market was valued at USD 28.81 Billion in 2022, and it is expected to reach USD 145.28 Billion by 2029, exhibiting a CAGR of 26 % during the forecast period (2023-2029)
IoT Analytics Market Overview:
The Global IoT Analytics Market is segmented by Type, Analytics Type, Application, Deployment Model, Industry Vertical. by Type, the market is segmented into Software (Sensor Data Analytics, IoT Gateway Analytics, and Network Management) and Services (Deployment and Integration, Support and Maintenance, Consulting Services, and Managed Services). Based on Analytics Type, the market is segmented into Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics).

Based on Application, the market is segmented into Energy Management, Predictive and Asset Management, Inventory Management, Security and Emergency Management, Sales and Customer Management, Building Automation, Infrastructure Management, Remote Monitoring, and Others.

Based on Deployment Model, the market is segmented into On-Premise and Hosted. Based on Industry Vertical, Healthcare, the market is segmented into Government and Defense, Manufacturing, Energy and Utilities, Telecommunication and IT, Transportation and Logistics, Retail, and Others (Outsourcing services, travel and hospitality, and education). Based on region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America.To know about the Research Methodology :- Request Free Sample Report

IoT is positioned to take centre stage in the rapidly evolving world where there are more machines than humans. The proliferation of machines, the fastest-growing man-made phenomena, is increasing the addressable market opportunity for IoT. Machine and mobile device growth is accelerating at a rate that is five times faster than population growth. The fastest increase is being seen in IoT devices that connect to other machines and mobile devices like smartphones, tablets, and other hand-held gadgets. Other machines include automobiles, industrial machinery, smart metres, etc.

Today, the majority of IoT activity is focused on consumer, smart city/utility, transportation/logistics, and manufacturing applications. Demand response, distributed energy generation and storage, smart metres, and fleet management will become the top IoT investment categories during the next two years. Predictive equipment maintenance and automated inventory management are two applications with medium-term potential.

Because so many workers now work from home and so many students are studying digitally, corporate virtual private network (VPN) servers have become essential for businesses and educational institutions, and their security and availability will be a top priority moving ahead. Unpreparedness on the part of an organisation may result in VPN security configuration errors. Denial of Service (DoS) attacks may then be used to access sensitive data on the internet and on devices as a result. Additionally, some people use personal computers to carry out official tasks, which might also provide a significant risk to businesses.
IoT Analytics Market Dynamics
Growing demand for predictive analytics by businesses: IoT device proliferation has increased the importance of predictive analytics. It forms the foundation of intelligent decision-making that is independent of human users. The Global Positioning System (GPS), for instance, is used by a self-driving vehicle to deliver the package on schedule and over the shortest distance. The truck is controlled by the GPS, which also uses predictive analytics to determine the fastest route. Predictive analytics forecasts outcomes by using historical data, statistical algorithms, and M2M learning.

Since predictive analytics refines the IoT data already being utilised by IoT devices to provide inferences and predictions. The capacity to analyse IoT data and create real-time dashboards mapped on several criteria is provided by IoT Analytics. The IoT Analytics solutions help customers make crucial business choices by evaluating both recent and historical data to forecast results. Because of this, the IoT Analytics market will be greatly influenced by the need for predictive analytics among enterprises.

The emergence of edge analytics: IoT Analytics has had a significant increase in its entire market thanks to the development of edge analytics. In essence, edge analytics is the same as video or image analytics, except that instead of combining all the data in a centralised company data warehouse, analysis capabilities are enabled on local devices. It involves more than simply scalability and operational effectiveness.

The data gathered, processed, and analysed on or near the edge can be used to drive automated choices because many business operations do not need intensive analytics. For instance, a local valve might be closed when a leak is found. IoT Analytics has benefited greatly from this as it uses IoT devices and places less of a burden on network bandwidth and storage needs. In the near future, it will make it possible to analyse huge amounts of data with greater performance and scalability.

Lack of real-time algorithms: The absence of effective real-time algorithms is the main factor preventing the IoT Analytics industry from expanding quickly. With no delays, real-time algorithms are designed to handle data and support real-time applications. Being a new field, IoT Analytics lacks the reliable platforms and algorithms needed to manage the growing volume of IoT data.

Data analysis and data creation are separated by an incredibly wide distance. As a result, new platforms and algorithms have a short lifespan and become obsolete quickly, making it difficult for systems to handle the massive amounts of data produced by IoT devices. Many businesses should be concerned about this since it eventually causes them to lose money. This is an acute issue which will gradually subside with technological innovation in the coming years.

Heterogeneous data processing: A significant quantity of data is being compiled from a variety of sensors, including those in cars, on cameras, in people, in drivers, and in medical equipment. It produces diverse and related data, including text, audio, and video. A system for IoT analytics may contain several types of sensor data with various data formats. Like traffic sensor data, hydrological sensor data, geological sensor data, meteorological sensor data, and biological sensor data, the IoT Analytics system may also incorporate other types of sensor data.

Each category can be further divided into many types of sensor data. Data from traffic sensors, for instance, can come from sensors that scan RFID tags, use GPS, analyse traffic flow using video, monitor road conditions, use traffic loop sensors, and more. The sampling data from various sensors may have dissimilar semantics and data structures that fundamentally raise the inconveniences in data processing.
IoT Analytics Market Segment Analysis
Predictive Analytics to account for the largest market size during the forecast period. Data is transformed into insightful knowledge through predictive analytics, enabling businesses to streamline operations, boost productivity, and improve client happiness. To predict future consequences before the actual event occurs, predictive analytics uses both historical and real-time data. Due to its capacity to gather data and forecast future events and trends, predictive analytics is expected to have the highest share of the IoT Analytics market. A collection of suggested actions that will add value to the business are created from the predictions that result from predictive analytics. This helps procurement specialists analyse the business environment and develop operational plans for the future.

Utilizing multiple regression models, predictive analytics may also be used to estimate demand, which aids firms in projecting demand and supply for various product categories. These projections might be useful for estimating the growth of the company's budget and revenue. To understand the device repair time, reduce downtime, and take prompt remedial action, businesses are concentrating on offering predictive maintenance and asset management using predictive analytics. By applying asset maintenance, predictive analytics helps a manufacturing unit assure continuous operations. It also helps a government organisation shut down its servers if suspicious online activity is discovered.
IoT Analytics Market Regional Insights:
Amid rising demand for IoT devices, mobile computing, and social media, Asia-Pacific is estimated to grow at the fastest rate. Due to their rapidly expanding usage of social media and the Internet, China and India are estimated to lead the global market growth. With a CAGR of 30.9 percent over the course of the research, China is estimated to drive growth and take the lead as the fastest expanding regional market. The emphasis is now turning to delivering on ROI against the backdrop of IoT sweeping through several industries and continuing to draw more and more investors.

Currently, monetizing the technology and assuring ROI on investments made into IoT projects are the primary goals and areas of attention for businesses implementing IoT. Theoretically, IoT may provide advantages and produce ROI through cost savings, the development of new revenue models, the facilitation of disruptive innovations, the reduction of inefficiencies, the improvement of operational efficiency, and the shortening of time to market.

However, the successful installation and use of the data produced by IoT-connected devices is crucial for the fulfilment of these benefits. IoT big data is created by the continuous flow of real-time data produced by networked equipment and processes, which businesses must gather, store, filter, and analyse to provide insightful data. The IoT's enormous amounts of big data accelerate the need for data management tools to produce practical IoT advantages.

Due to the existence of numerous well-known iris recognition providers there as well as the region's early adoption of IoT technology across multiple industries, North America is expected to witness significant market growth. To monitor the effectiveness of their products, the majority of the businesses in this region are progressively using IoT.

In the United States, the increasing adoption of IoT technology is mostly due to regulatory compliance. The US Energy Act's introduction has sped up the process of keeping tabs on sustainable energy usage. Due to the growing acceptance of the technology across several end-use industries, such as retail, manufacturing, IT, telecom, life sciences, and healthcare, the US is the greatest region for IoT analytics. Over the coming years, this is estimated to drive the expansion of the IoT analytics market.

Some of the biggest merchants are based in the US. The market is growing further as a result of this and the government sector's usage of IoT. The widespread use of cloud-based platforms, the introduction of edge computing, the expansion of business application domains, and the development and progress of Platform as a Service (PaaS) technology are further significant growth drivers. In order to gather information and take action on vehicle sensor data as well as the environment surrounding it, companies like Airwire Technologies are collaborating with IBM to integrate its connected car and IoT services platform. This interaction will be with the driver, not simply the vehicle. These elements are furthermore anticipated to fuel the region's adoption of IoT analytics.

Leading firms are making significant investments to support ongoing research and development and build an IoT ecosystem. Over the course of the projection period, this is anticipated to propel IoT Analytics' development. For instance, Microsoft said in April 2018 that it will invest USD 5 billion in IoT over the following four years to support ongoing research and innovation in the field.
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Global IoT Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US 28.81 Bn.


Forecast Period 2023 to 2029 CAGR:
26 %
Market Size in 2029:
US 145.28 Bn.


 Segments Covered:
by Type
Software
Sensor Data Analytics
   IoT Gateway Analytics
   Network Management
Services
Deployment and Integration
     Support and Maintenance
     Consulting Services
     Managed Services


by Analytics Type
Predictive Analytics
Prescriptive Analytics
Descriptive Analytics


by Application
Energy Management
Predictive and Asset Management
Inventory Management
Security and Emergency Management
Sales and Customer Management
Building Automation
Infrastructure Management
Remote Monitoring
Others


by Deployment Model
On-Premise
Hosted


by Industry Vertical
Healthcare
Government and Defense
Manufacturing
Energy and Utilities
Telecommunication and IT
Transportation and Logistics
Retail
Others (Outsourcing services, travel and hospitality, and education)



IoT Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
IoT Analytics Market, Key Players are
1. Hitachi, Ltd. (Japan)
2. PTC, Inc. (US)
3. IBM Corporation (US)
4. Oracle Corporation (US)
5.Microsoft Corporation (US)
6. SAP SE (Germany)
7. Dell Technologies, Inc. (US)
8. Cisco Systems, Inc., (US)
9. Google, Inc. (US)
10. HP Enterprise Company (US)
11. Amazon Web Services, Inc. (US)
12. Greenwave Systems, Inc. (US)
13. Teradata Corporation (US)
14. Salesforce.com, Inc. (US)
15. Intel Corporation
16. Aeris Communication
17. Tableau Software
18. Cumulocity GmbH
19. Accenture PLC

Frequently Asked Questions:

1] What segments are covered in the Global IoT Analytics Market report?
Ans. The segments covered in the IoT Analytics Market report are based on Type, Analytics Type, Application, Deployment Model and Industry Vertical.

2] Which region is expected to hold the highest share in the Global IoT Analytics Market?
Ans. The Asia Pacific region is expected to hold the highest share in the IoT Analytics Market.

3] What is the market size of the Global IoT Analytics Market by 2029?
Ans. The market size of the IoT Analytics Market by 2029 is expected to reach USD 145.28 Bn.

4] What is the forecast period for the Global IoT Analytics Market?
Ans. The forecast period for the IoT Analytics Market is 2023-2029.

5] What was the market size of the Global IoT Analytics Market in 2022?
Ans. The market size of the IoT Analytics Market in 2022 was valued at USD 28.81 Bn.