The term “Internet of Things (IoT) analytics” refers to the process of analyzing data acquired from the Internet of Things. The Internet of Things (IoT) is a network of devices or equipment that are linked by their ability to transport data over a network without the need for human interaction. Internet of Things analytics provides useful data that businesses may use to improve real-time decision-making. It entails the application of a variety of techniques and technologies in order to extract value from the massive amounts of data gathered from Internet of Things machines and devices.
A primary driver for the market is the growing number of interconnected devices and the sharing of information across a variety of industries. The market for IoT Analytics is rapidly expanding, owing to the growing demand for digitally accessible information from various industries. The need for real-time data monitoring and exchange is urgent, and it must be prioritized. It has gotten easier to share information as a result of recent technology advancements. In a variety of businesses, IoT analytics are applied. It is used in the healthcare business to improve treatment quality. It’s also utilized in e-commerce, retail, and manufacturing to keep up with current trends and consumer behavior so that future prospects and goods can be better. Smart sensors can also be used by manufacturers to track the use of specific products. All of these industries have a favorable impact on the market for IoT analytics.
The global IoT analytics market is forecast to reach USD 109.81 Billion by 2028, according to a new report by Reports and Data. The growing adoption of IoT devices from different industries for sharing of data and enhancing their productivity with real-time monitoring is driving the global IoT analytics market.
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Geographical Segmentation:
The report essentially evaluates the significant presence of the global IoT Analytics market across the world’s major regions. The global IoT Analytics market has been categorized into several key geographical regions. North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa are the leading IoT Analytics market regions. In this section of the report, the authors have examined the market share, market size, revenue contribution, sales network, distribution channels, and numerous other aspects of each geographical segment.
Reports and Data’s latest report sums up the significant changes in the global business sector that followed the COVID-19 outbreak. The pandemic has also had an enormous impact on the global IoT Analytics market, disrupting the market dynamics and trends. The global health crisis has gravely affected the IoT Analytics industry, disrupting the global supply chains and bringing about volatility in prices and product demand. However, industry experts believe that the global IoT Analytics market will regain traction in the post-COVID scenario. The report further offers a preliminary and a future assessment of the pandemic’s impact on this lucrative business space.
Key findings of the report:
Software component held a market share of 58.9% in the year 2018. Companies are using IoT analytics software tools to track the performance of devices/machinery, provide predictive maintenance recommendations, and have a better understanding of the unique data related to their devices such as motion, temperature, and sound.
Predictive analytics is forecasted to hold 50.6% of the market share in 2026. The IoT analytics model capture relationships among several factors to assess the risk associated with a set of conditions.
Large enterprises held a larger market share of 63.2% in the year 2018. Large enterprises have several operating units, and IoT analytics helps these enterprises to integrate historical and real-time data.
The deployment of IoT platform on cloud offers flexibility, high intensity, and sharing Cloud is forecasted to hold a market share of 60.4% in the year 2026. The amount of data generated from the implementation of IoT is massive, and it demands sophisticated internet infrastructure to store and analyze data due to which cloud-based sector is gaining traction.
IoT analytics is gaining significant traction in the retail sector with the boom in e-commerce and an increase in the number of supermarket and hypermarkets. Increase in disposable income and change in the standard of living are also propelling market growth.
North America held the largest market share of 33.5% in the year 2018. The region has the most established and promising sectors such as retail, manufacturing, healthcare, and e-commerce, among others. Growth of these industries and increasing application of the internet in these sectors are driving the market for IoT analytics.
Key participants include Microsoft Corporation, IBM, Cisco, Amazon Web Services, Oracle, Dell Technologies, Hitachi, Salesforce.Com, PTC, Mnubo, and Google, among others.
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For the purpose of this study, the global IoT Analytics market has been segmented on the basis of disease type, application, distribution channel, and region:
Component Outlook (Revenue: USD Billion; 2018-2028)
Software
Services
Analytics Time Outlook (Revenue: USD Billion; 2018-2028)
Predictive Analytics
Prescriptive Analytics
Descriptive Analytics
Organization Size Outlook (Revenue: USD Billion; 2018-2028)
Small and Medium enterprises
Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
On-Premises
Cloud
End Users Outlook (Revenue: USD Billion; 2018-2028)
Retail
Manufacturing
Healthcare
Government and Defense
Energy and Utilities
Transportation & Logistics
Telecommunications & IT
Others
Table Of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020 – 2028
Chapter 3. Indicative Metrics
Chapter 4. IoT Analytics Market Segmentation & Impact Analysis
4.1. IoT Analytics Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growth in IoT data
4.2.2.2. Increase in demand for Advanced Analytics and Automation for Businesses
4.2.3. Market restraints analysis
4.2.3.1. Lack of Real-Time Algorithms
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis.
Continued…
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