New York, US, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global IoT Analytics Market information by Deployment, by Components, by Analytics Type and Region – forecast to 2025” market has been esteemed at USD 9.1 billion in 2018 and required to develop at a CAGR of 30.9% by 2025, to arrive at USD 58.4 billion by 2025.
IoT Analytics Market Scope:
The global IoT analytics market is witnessing vast demand. The rising demand for simple-to-use AI capabilities to get more value from IoT data drives the market growth hugely. IoT analytics infrastructures help in making sense of collected data. IoT analytics also takes care of harvesting and processing massive data volumes, data mining and building ML solutions by involving data storage capacities for structured and unstructured data.
Rising uses of instant ML technology and industrial IoT as a service solution to leverage IoT data and generate new insights without the need for complex model training and management create a substantial demand for IoT analytics. With advancements in technologies and digitization, there is a growing need to have IoT analytics platforms incorporated into every business system. A large number of manufacturing companies have already embraced industry 4.0 regulations, which define the growing landscape of IoT analytics.
Dominant Key Players on IoT Analytics Market Covered Are:
Amazon Web Services Inc.
Dell Technologies Inc.
Cisco Systems Inc.
HP Enterprise Company
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Market USP Exclusively Encompassed:
IoT Analytics Market Drivers
IoT technology is being increasingly implemented into complex industrial environments as part of digital transformation strategies. Manufacturing sectors' efforts to increase productivity across the value chain by streamlining operational efficiencies impact market growth positively. Additionally, rapid developments in industrial IoT solution environments, data analytics at the edge, remote health care, and robotics are major trends boosting the market size.
Domains such as facility remote monitoring, digital health, and connected, smart environments would continue to develop due to social distancing and health requirements. This, as a result, would benefit the IoT analytics market, ushering in greater human augmentation in work.
Connected devices would continue to define numerous industries in the coming year as basic health-and-safety needs as COVID-19 continues to take center stage. Furthermore, data-intensive experiences that IoT devices like self-driving cars and wearable devices are other trends projected to continue to garner momentum, fueling IoT's prominence.
With the COVID-19 crises expected to extend beyond 2021 and social distancing requirements bolstering remote work, the need for distributed computing resources close to devices and users and away from centralized locations such as the office, a data center and the cloud would be increased. These edge resources away from centralized clouds, particularly as employees continue to work from home, patients use digital health resources, and factories use more remote monitoring and automation.
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Segmentation of Market Covered in the Research:
The IoT analytics market is segmented into analytics types, components, deployments, applications, organization size, industry verticals, and region. The analytics type segment is sub-segmented into predictive analytics, prescriptive analytics, and descriptive analytics. The component segment is sub-segmented into software and services.
The deployment segment is sub-segmented into on-premise and on-cloud. The application segment is sub-segmented into energy management, predictive maintenance & asset management, inventory management, security & emergency management, and others.
The organization size segment is sub-segmented into large enterprises and SMEs. The industry vertical segment is sub-segmented into manufacturing, retail & eCommerce, government & defense, healthcare & life sciences, energy & utilities, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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North America is estimated to continue to dominate the global IoT Analytics market. The strong presence of major IoT analytics providers, alongside the proliferation of 5G, IoT technology, IoT analytics sensors, and IoT analytics security privacy, would drive the growth of the market in the region. Besides, increased demand for IoT analytics from major industry verticals and highly reliable Internet connectivity in this region would boost the market growth.
Europe is the second-largest market for IoT analytics. The market growth is driven by the rising adoption of 5G-enabled IoT systems across the manufacturing sector. Additionally, the rapid adoption of smart connected devices and the presence of key technology providers contribute to the market growth in the region.
Also, substantial R&D investments to advance IoT infrastructure and essential network connectivity
infrastructure propel the regional market growth. Vast developments in the automotive sector, such as driverless vehicles, advanced driver assistance systems (ADAS), boost the market demand.
Asia Pacific has emerged as a profitable market for IoT analytics solutions globally. High R&D investment and increasing focus on improving internet connectivity in the region are key factors estimated to influence market growth.
Furthermore, factors such as technical expertise, the strong presence of key players, and increased industrialization would foster the market's growth. Moreover, the rising demand for IoT Analytics services in emerging countries such as South Korea and Japan is likely to boost the region's IoT Analytics market share during the assessment period.
COVID-19 Impact on the Global IoT Analytics Market
The COVID-19 outbreak has impacted IoT analytics positively. The pandemic fostered automation, digitization, and industrial internet of things (IIoT), needing robust IoT analytics to counter increasingly complex opportunities. The IoT analytics market witnessed a constant uptick over the past few months. Besides, technology providers are making substantial investments to foster R&D activities to improve IoT services.
In 2021, the market is expected to witness continual growth due to the major emphasis on developing more comprehensive technologies. Many organizations would prioritize investments in IoT analytics due to stricter data privacy laws for consumer protection that regulatory bodies would impose beyond 2021. This would also boost investments in confidential computing, the virtual private cloud, and other security infrastructure.
The IoT analytics market is expected to witness significant product launches and several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players also make significant investments in research and development activities and expansions.
For instance, recently, on April 9, 2021, Glassbeam announced its partnership with Deloitte to meet the most urgent business needs of customers in the healthcare IoT analytics sector. This strategic ecosystem relationship is expected to drive rapid change in the healthcare IoT analytics sector, helping caregiving organizations to gain a higher return on assets.
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