IoT Analytics Market Analysis, Growth, and Forecast Report

The Global IoT Analytics market is estimated to grow at a significant CAGR of 33.39% over the forecast period as the scope and its applications are rising enormously across the globe. IoT Analytics is a technology of data analysis that helps industries or organizations to understand Internet of Things (IoT) data at their disposable, with an aim toward improving business operations, reducing maintenance cost, and avoiding equipment failures.

The factors that are playing a major role in the growth of market are growing need for enhanced analytics and automation and the marvelous growth of IoT. However, data privacy and security concerns may restrain overall market growth in the years to come. IoT analytics market is segmented based on analytics type, component, deployment model, organization size, end user, application, and region.

Descriptive analytics, predictive analytics, and prescriptive analytics are the analytics type that could be explored in IoT analytics in the forecast period. Descriptive analytics sector is estimated to grow at significant CAGR in the years to come, as rising acceptance of digital technologies and analyzing past data.

Support and maintenance, software, consulting services, services, and other components could be explored in IoT analytics in the forecast period. Software sector comprises network management, sensor data analytics, and IoT gateway analytics. Whereas, services sector comprises professional services and managed services.

Cloud and on-premises are the two different deployment modes that could be explored in IoT analytics in the forecast period. Cloud deployment model accounted for a significant market share of IoT analytics and is estimated to continue its dominance in the years to come.

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Based on organization size the IoT analytics could be classified into large enterprises, and small and medium enterprises (SMEs). Large enterprises sector accounted for the significant market share of IoT analytics and is estimated to lead the overall market in the years to come. This may be because of the presence of several operating units. Transportation and logistics, manufacturing, telecommunications and IT, retail and e-commerce, energy and utilities, government and defense, healthcare and life sciences, and other end-users could be explored in IoT analytics in the forecast period.

The IoT analytics market may be categorized based on applications like remote monitoring, energy management, IT infrastructure management, predictive maintenance and asset management, building automation, inventory management, sales and customer management, security and emergency management, and others could be explored in IoT analytics in the forecast period.

Globally, North America accounted for the substantial market share of IoT analytics and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, early acceptance of developing and novel technologies, and developed industrial infrastructure.

Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise rising acceptance of cost-efficient IoT analytics services and software.

The key players of IoT analytics market are Greenwave Systems, Inc., IBM Corporation, Teradata Corporation, Microsoft Corporation, Hitachi, Ltd., Oracle Corporation, PTC, Inc., SAP SE, Salesforce.com, Inc., Cisco Systems, Inc., HP Enterprise Company, Dell Technologies, Inc., and Google, Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

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