Global Internet of Things Analytics Market Overview:
The global Internet of Things Analytics market is expected to witness high demand in the forecasted period due to the upsurging requirement for real-time data as well as the increasing penetration of automation in various businesses. The Internet of Things (IoT) has been gaining momentum in both the industry and research communities due to an explosion in the number of smart mobile devices and sensors and the potential applications of the data produced from a wide spectrum of domains. According to the expertise, growth in connected IoT devices in the last five years and the potential economic impact of the IoT at USD 2.7 trillion to USD 6.2 trillion annually by 2025. IoT-based healthcare solutions have the potential to improve the quality and efficiency of treatments. With connected healthcare solutions, leveraging IoT and analytics, it would lead the way for a model that is proactive, digitally-enabled, and patient-centric in turn boosting the market growth over the forecast period. This would really help the COVID-19 pandemic. Social media & rapidly changing technologies, mobile utility, and the internet are boosting the use of analytics of things. Additionally, declining costs of sensors and reduced processing power are among the key trends triggering the market growth.
As per latest study released by AMA Research, the Global Internet of Things Analytics market is expected to see growth rate of 30.31%Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
High Growth Market | Asia Pacific |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
The Growing Requirement of Advanced Analytics and Automation for Businesses and Introduction of Connected Cars as well as Smart Cities
Market Growth Drivers:
Increasing Volume of the Data and The Rising Emphasis on Time and Cost Management
Challenges:
The Increasing Concern of Data Privacy and Security and Heterogeneous Data Processing
Restraints:
Dearth in Real-Time Algorithms and Ownership and Control of IoT Data
Opportunities:
High Adoption due to Emergence of Edge Analytics and Technological Advancement in Platform-as-a-service (PaaS)
Competitive Landscape:
The global IoT analytics market shows competitive rivalry due to the presence of some big market players. The key players in the market have been gradually implementing various technologies including Artificial intelligence that permit them to upsurge the functional abilities of their offerings. Their capability to frequently modernize their offerings by conducting wide research and development activities has allowed them to gain a competitive advantage over other players.
Some of the key players profiled in the report are IBM Corporation (United States), Microsoft Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Cisco Systems, Inc., (United States), Dell Technologies, Inc. (United States), Google, Inc. (United States), Amazon Web Services, Inc. (United States), HP Enterprise Company (United States), Hitachi, Ltd. (Japan), Salesforce.com, Inc. (United States) and Accenture PLC (Ireland). The Players having a strong hold in the market are IBM Corporation (United States) Microsoft Corporation (United States) Oracle Corporation (United States). Additionally, following companies can also be profiled that are part of our coverage like Teradata Corporation (United States), PTC, Inc. (United States), Greenwave Systems, Inc. (United States), Vitria Technology, Inc.(United States), Larsen & Toubro Infotech Limited (India) and Greenwave Systems (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Internet of Things Analytics market by 2028. Considering Market by Industry Vertical, the sub-segment i.e. Healthcare will boost the Internet of Things Analytics market. Considering Market by Organization Size, the sub-segment i.e. Small & Medium Enterprises (SMEs) will boost the Internet of Things Analytics market. Considering Market by Analytics Type, the sub-segment i.e. Predictive Analytics will boost the Internet of Things Analytics market. Considering Market by Deployment Model, the sub-segment i.e. On-Premise will boost the Internet of Things Analytics market.
Latest Market Insights:
On 15th June 2020, Microsoft Corp. and SAS announced an extensive technology and go-to-market strategic partnership. The two companies will enable customers to easily run their SAS® workloads in the cloud, expanding their business solutions and unlocking critical value from their digital transformation initiatives. and On 28th October 2019, Microsoft Corp. announced new capabilities that further simplify the customer journey and deliver highly secured IoT solutions.
On 23rd October 2019, Verizon and SAP developed next-generation IoT Analytics Solutions. and On 16th January 2019, Oracle announced the general availability of Java Card 3.1, the latest version of one of the world’s most popular and open application platforms used to secure some of the world’s most sensitive devices. This extensive update provides more flexibility to help meet the unique hardware and security requirements of both existing secure chips and the emerging Internet of Things (IoT) technologies.
On 4th June 2019, Analytics firm SAS and Octo Telematics, an insurance IoT company, entered into a global partnership agreement to enable property and casualty insurance carriers to gain deeper business insights through the power of IoT.
What Can be Explored with the Internet of Things Analytics Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Internet of Things Analytics Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Internet of Things Analytics
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Internet of Things Analytics market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Internet of Things Analytics market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Internet of Things Analytics Providers, Government Regulatory Bodies, Government Research Organizations, Private Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.