Rockville , Jan. 18, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the global IoT Analytics Market is expected to reach US$ 2,50,333.8 million by 2034, expanding at a CAGR of 22.2% from 2024 to 2034. The Internet of Things (IoT) has spurred unprecedented growth in the analytics industry, transforming various sectors such as manufacturing, healthcare, and agriculture.
Real-time data streaming in multiple formats has made advanced analytics tools critical in proactively making decisions and optimizing processes. The desire to extract actionable insights, ensure compliance, and drive operational efficiency across diverse sectors is caused by a surge in the adoption of IoT analytics.
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Key Segments of IoT Analytics Market Research Report
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The manufacturing industry is experiencing a revolution with IoT applications providing real-time insights and predictive maintenance capabilities. Through sensors that monitor equipment health, predictive models are created via IoT analytics, which optimize processes and significantly reduce downtime.
This proactive approach results in substantial cost savings, increased efficiency, and a paradigm shift in manufacturing operations. However, manufacturers must still work on IoT analytics implementation, including high costs, complex data integration, regulatory compliance, skills gaps, and resistance to change. SMEs need help justifying upfront expenses, and the skills gap poses challenges in finding qualified talent.
The expansion of IoT use cases, including smart homes, industrial automation, and augmented reality, propels the growth of the market analysis industry. However, security vulnerabilities and data privacy concerns are critical challenges, necessitating standardized protocols and security measures. China's status as a manufacturing and industrial hub has accelerated the integration of IoT devices, optimizing processes and creating a substantial demand for analytics insights to enhance operational efficiency.
“The advancements in the IoT analytics market are expected to be driven by various factors, including the increasing need for enhanced security measures, the push toward industrial digital transformation, the growing influence of AI, and the demand for real-time operational optimization,” says an analyst at Fact.MR.
The United Kingdom's market is poised to reach a value of US$ 35.8 Billion by 2033, reflecting an absolute dollar growth of US$ 30.2 Billion. Notably, the market in the country demonstrated a robust compound annual growth rate (CAGR) of 23.6% from 2018 to 2022 and is anticipated to continue growing at a CAGR of 20.4% from 2023 to 2033.
Prominent companies within the automotive sector are forging partnerships with artificial intelligence providers to pioneer advanced driving experiences for consumers. A noteworthy example is the collaboration between Jaguar Land Rover and NVIDIA, a leading AI and computing company. Together, they aim to develop and deliver cutting-edge automated driving technologies and AI-enabled services, enhancing the overall experience for their customers. This strategic cooperation is expected to contribute to the increased production of AI-enabled vehicles, positively influencing the U.K. market.
Key Takeaways from the Market Study
- The global IoT analytics market is expected to reach a valuation of 22.2% CAGR in the forecast period.
- The IoT analytics market in North America is predicted to expand at a phenomenal CAGR of 28.6% through 2034.
- The United States IoT analytics market valuation is predicted to rise from US$ 9,610.1 million in 2024 to US$ 72,847.1 in 2034.
- The industry for IoT analytics in East Asia, especially in China, is projected to grow at a CAGR of 22.9% until 2034.
- During the forecast period, the SaaS component is estimated to grow at a CAGR of 24.5%, segmented by market.
Competitive Landscape
Collaborations, technological advancements, and proactive risk mitigation are recommended strategies for successful IoT analytics adoption. Integrating AI, machine learning, and 5G networks presents significant market opportunities, fostering a more intelligent and interconnected IoT ecosystem. Predictive analytics and automation enhance decision-making, optimize resource allocation, and contribute to overall operational efficiency.
Transformative shifts in the cellular IoT industry, emphasizing heightened flexibility and advanced data insights, are making strategic developments. As companies invest strategically in manufacturing, IoT, and edge analytics, the market expects continued growth and innovation in this rapidly evolving market.
Manufacturers benefit from SaaS models by eliminating upfront investments, increasing flexibility, enabling global collaboration, and improving efficiency and cost savings.
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| Report Attribute | Details |
| Value Projection (2034) | USD 2,50,333.8 Million |
| Growth Rate (2024-2034) | 22.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
Checkout More Related Studies Published by Fact.MR Research:
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Location Analytics Market: HLocation analytics market is estimated to be valued at US$ 17.9 Billion in 2022, and increasing at a CAGR of 14.1% to reach US$ 66.5 Billion by 2032.
Automotive IoT Market: Automotive IoT market analysis report by Fact.MR reveals that global sales of Automotive IoT in 2022 were held at US$ 82.7 Billion. With a 21.3% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of US$ 712 Billion.
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