Sensor Data Analytics Market: Global Industry Analysis and Forecast (2023-2029)

Global Sensor Data Analytics Market was valued nearly US$ 12.38 Bn. in 2022. Global Sensor Data Analytics Market size is estimated to grow at a CAGR of 15.84 %.
Sensor Data Analytics Market Overview:
The Sensor data analytics (SDA) is the analytics of data over wired sensors or wireless. Sensor data analytics provides a scalable framework, generates useful insights, reduces data management costs, improved processing time, and relates multiple data formats from many sensors.

The SDA merges and plans the data through the different sensor and intensify the information by boosting the data with additional insights. Sensor data analytics have many applications such, as in healthcare biosensors are now used to enable more efficient patient care with telemedicine and telehealth. SDA has the capability to analyse detected data collected from oil drilling stages to confirm safety requirements.To know about the Research Methodology:- Request Free Sample Report
Sensor Data Analytics Market Dynamics:
The global market for sensor data analytics is growing thanks to the quick adoption of the concept of IoT and Industrial IoT. The basic growing demand for various visualized real-time sensor data and information is very much driving the SDA market spread in the future years. There are major advancements and development in the field of consumer electronics products. This has enhanced the demand for SDA Market Forecast.

Very strong and major demand in the primary automation industry (Industry 4.0) has definitely fuelled the global market growth. There are rising trends and growth in the powerful automotive sector, which are the primary drivers of the global sensor data analytics market insights. There is also developing demand for wearables.

The main failure in a variety of machines in industrial is fully hindering the growth of the global sensor data analytics market. SDA has been very popular currently and booming. There are lots of developing markets related to sensor data analytics all across the globe and major economies like India, Brazil, and China that are expected to grow fast over the projected years.

Intelligent Data Analytics for IoT-Based Applications:

The emergence of IoT-based applications has increased the challenges faced in intelligent data analytics in such constrained IoT devices. The massive volume of collected data cannot be efficiently analysed in IoT devices because of their limited resources, so there is a growing need for data mining techniques and advanced learning to effectively and efficiently understand, learn, and reason with these big volumes of information.
Component Overview:
The hardware segment held the largest market share of 59.32% in 2022 and is projected to grow at the highest CAGR of 16% to reach US$ xx Bn. by 2029. The hardware segment is further divided into camera, satellite, mike and others. The technological development in hardware technology for sensor processing is resulting in larger access owing to the availability of sensor data from an extensive variety of applications. Such as, the commodity mobile devices contain a variety of sensors like accelerometers, GPS, and other kinds of data.
Industry Vertical Overview:
Healthcare & life science segment dominated the market, with a market size of US$ xx Bn. in 2022 and to reach US$ xx Bn. by 2029, with a CAGR of 16.34%. The main goal of sensor analytics is to detect anomalies. The insight of the sensor data analytics in the healthcare industry is gained by inspecting deviations from an established point of reference such as predicting and proactively preventing analysis. IoT-based healthcare & life science solutions have the potential to improve the efficiency and quality of treatments.
Regional Overview:
North America is anticipated to account for the largest nearly 39.10% share of the sensor data analytics market in 2022. This growth is attributed to the continuous technological developments in the region. North America SDA market is mainly driven by the U.S. and Canada thanks to the huge developments in the field of technology and the presence of giant technology organizations. Moreover, significant investments in the R&D sector from the major companies in North America are acting as a tailwind supporting the market to grow widely.

Europe occupied the second largest market share of 24% in 2022. This growth is driven by the increased adoption of cloud technology and major technological advancements alongside the rising number of SMEs in the region.

APAC is developing as one of the lucrative markets for the SDA, globally. Major factors such as growing urbanization and developing sectors like manufacturing, healthcare, retail, and telecommunication backed by the improving economy in Asia foster the market growth. Thanks to the presence of foreign players where SDA is being deployed, the Asia Pacific sensor data analytics market is expected to post a noteworthy CAGR during 2023-2029.
Industry Developments:
The research study includes the profiles of leading companies operating in the global sensor data analytics market. Such as, In Nov 2021, IBM launched Maximo Asset Monitor, an AI-powered monitoring solution built help maintain and better understand and expand the performance of their important physical assets. The new solution is also projected to unravel essential insights through its AI-powered capability for anomaly detection and proposal visibility across enterprises into critical equipment performance.

The objective of the report is to present a comprehensive analysis of the global Sensor Data Analytics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Sensor Data Analytics Market dynamic, structure by analyzing the market segments and projecting the Sensor Data Analytics Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Sensor Data Analytics Market make the report investor’s guide.
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Sensor Data Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 12.38 Bn.


Forecast Period 2023 to 2029 CAGR:
15.84 %
Market Size in 2029:
US $ 34.66 Bn.


 Segments Covered:
by Component
Hardware
Camera
Satellite
Mike
Others
Software


by Service
Consulting
Maintenance
Operation Services
Others


by Industry Vertical
Aerospace & Defense
Healthcare & Life Science
Manufacturing
Transportation & Logistics
Energy & Utilities
BFSI
Public Sector
Others



Sensor Data Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
South America (Brazil, Argetina and Rest of South America)
Sensor Data Analytics Market Key Players are:
1. Tata Consultancy Services
2. SAP SE
3. AGT International Inc.
4. HP Company
5. IBM Corporation
6. Cisco Systems
7. Qualcomm Inc.
8. Verizon Communications
9. Microsoft Corporation
10. Hewlett-Packard Development Company, L.P.
11. Schneider Electric
12. GENERAL ELECTRIC
13. Huawei Technologies Co., Ltd.
14. Google LLC
15. Juniper Networks, Inc.
16. Talend
Frequently Asked Questions:
1] What segments are covered in the Sensor Data Analytics Market report?
Ans. The segments covered in the market report are based on Component, Service and Industry Vertical.

2] Which region is expected to hold the highest share in the Sensor Data Analytics Market?
Ans. North America region is expected to hold the highest share in the market.

3] What is the market size of the Sensor Data Analytics Market by 2029?
Ans. The market size of the market by 2029 is US$ 34.66 Bn.

4] What is the forecast period for the Sensor Data Analytics Market?
Ans. The forecast period for the market is 2023-2029.

5] What was the market size of the Sensor Data Analytics Market in 2022?
Ans. The market size of the market in 2022 was US$ 12.38 Bn.