Richmond, Feb. 15, 2024 (GLOBE NEWSWIRE) -- According to a research report "IoT Analytics Market”, by Component (Software, Services), Deployment Model (Cloud, On-Premises), Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, Prescriptive Analytics), Application (Manufacturing and Industrial, Energy Management, Predictive Asset Management, Healthcare, Inventory Management, Sales Customer Management, Building Automation, Supply Chain, Security and Emergency Management, Infrastructure Management, Remote Monitoring, Others) and Region - Global Forecast to 2030.
Global IoT Analytics Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 29 Billion |
| Market size value in 2030 | USD 127.8 Billion |
| CAGR (2023-2030) | 23.6% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Component, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on IoT Analytics Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Internet of Things (IoT) Analytics Market has experienced substantial growth recently, driven by the rising use of IoT devices across various industries. IoT analytics involves analyzing the large amounts of data produced by IoT devices to extract useful insights for informed business decisions. Industries like manufacturing, healthcare, energy, and transportation are adopting IoT analytics to improve operations and gain a competitive advantage as the number of connected devices continues to increase.
One major driver for the IoT analytics market is the increasing demand for real-time data analytics. The growing number of IoT devices is due to organizations facing the challenge of managing and making sense of the massive data generated by these devices in real time. IoT analytics solutions enable the processing and analysis of data on the go, allowing organizations to respond quickly to changing conditions and make timely decisions. Additionally, the focus on predictive analytics and machine learning in the IoT ecosystem boosts the demand for advanced analytics solutions. Companies invest in IoT analytics platforms to identify patterns, detect irregularities, and predict future trends, helping them optimize processes, reduce downtime, and enhance overall operational efficiency. As the IoT landscape expands, the IoT analytics market is set for continuous growth due to the need for actionable insights from the vast data generated by interconnected devices.
Major Vendors in the Global IoT Analytics Market:
- Amazon Web Services, Inc.
- Cisco Systems, Inc.
- GE DIGITAL
- Hewlett Packard Enterprise Development LP
- Hitachi, Ltd.
- HQSoftware
- Huawei Technologies Co., Ltd.
- IBM
- IoT Analytics GmbH.
- MachineMetrics
- Microsoft
- Oracle
- PTC
- SAP SE
- ScienceSoft USA Corporation
- Teradata
- The MathWorks, Inc.
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Increasing Demand For Diagnostic Analytics In Healthcare
One of the primary drivers for the global IoT Analytics market is the increasing demand for diagnostic analytics in healthcare. The growing need for diagnostic analytics in healthcare in the IoT analytics market can be attributed to several important factors. The healthcare industry is moving towards personalized and data-driven medicine. Diagnostic analytics is crucial for making sense of the vast amounts of data collected by IoT devices, such as wearable sensors and medical equipment. These devices continuously gather real-time patient data, providing an opportunity for in-depth analysis. Diagnostic analytics helps healthcare professionals gain actionable insights from this information, enabling early disease detection, predictive modeling, and personalized treatment plans. Diagnostic analytics, utilizing IoT data, improves disease management, optimizes treatment strategies, and enhances patient outcomes. As the healthcare system continues to use digital transformation, the demand for diagnostic analytics with IoT analytics is set to grow, transforming how healthcare is delivered and experienced.
Market Dynamics
Drivers:
- Rise in the number of devices for IoT analytics platforms
- Continuous advancements in sensor technologies
- Adoption of advanced computing to process data
- Increasing focus on resource optimization through IoT analytics solutions.
Opportunities:
- Enhanced operational efficiency through real-time data insights
- Growing adoption of IoT devices across diverse industries
- Rising of IoT applications due to smart cities and infrastructure projects
- Increased demand for predictive analytics and machine learning applications in IoT.
Rising Awareness Of Cybersecurity
The increasing awareness of cybersecurity is creating an important opportunity in the IoT Analytics Market. As the use of Internet of Things (IoT) devices continues to grow across various sectors, the vulnerabilities in these interconnected systems become more evident. The heightened awareness of cybersecurity emphasizes the critical need to protect the substantial data generated by IoT devices, ensuring the confidentiality, integrity, and availability of sensitive information. With the interconnected nature of devices forming the basis of IoT ecosystems, the potential for cyber threats, such as data breaches and unauthorized access, becomes a pressing concern. The increased awareness of cybersecurity risks in the context of IoT analytics presents an opportunity for the development and implementation of advanced security solutions. These solutions include encryption protocols, authentication mechanisms, and intrusion detection systems customized specifically for IoT environments. The growing emphasis on regulatory compliance and data protection further drives the demand for cybersecurity solutions within the IoT Analytics Market.
North America dominates the market for IoT Analytics.
North America stands out as the dominating region in the global IoT analytics market. This region has grown strongly due to the widespread use of IoT technologies in various industries. The region's advanced technological infrastructure, combined with a high level of awareness and investment in IoT, has driven market growth. Key sectors such as healthcare, manufacturing, and smart cities have played an important role in adopting IoT analytics solutions to improve processes and boost operational efficiency. The United States and Canada, with their significant presence of major IoT analytics solution providers and a strong focus on innovation and research, contribute to the market's expansion.
In the Asia Pacific, the IoT analytics market is experiencing dynamic growth driven by the region's rapid economic development and increasing digitization. The diverse industrial landscape and large-scale IoT deployments in sectors like manufacturing, agriculture, and healthcare create a favorable environment for the expansion of the IoT analytics market. Government support for smart city projects and Industry developments contributes to the market's upward path in the Asia Pacific region.
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The Diagnostic Analytics Segment is anticipated to hold the Largest Market Share during the Forecast Period
In the global IoT analytics market, the type segment comprises various categories such as descriptive analytics, diagnostic analytics, predictive analytics, prescriptive analytics, and others. The Diagnostic Analytics segment within the IoT Analytics Market plays an essential role in extracting valuable insights from the vast volumes of data generated by interconnected devices. Diagnostic analytics focuses on identifying and analyzing patterns, irregularities, and correlations within the data to understand the root causes of issues or disruptions. This segment is essential for providing a reconsidering view of the IoT data, helping organizations gain a comprehensive understanding of historical trends and events. The diagnostic analytics segment is necessary for organizations looking to enhance operational efficiency, minimize downtime, and improve overall performance by gaining actionable insights from historical IoT data. As industries continue to utilize the power of IoT, diagnostic analytics remains a vital component for organizations looking to extract meaningful intelligence and optimize their processes based on a thorough analysis of past data patterns and trends.
Segmentations Analysis of IoT Analytics Market: -
- By Component
- Software
- Services
- By Deployment Model
- Cloud
- On-Premises
- By Type
- Descriptive analytics
- Diagnostic analytics
- Predictive analytics
- Prescriptive analytics
- Others
- By Application
- Manufacturing and Industrial
- Energy Management
- Predictive Asset Management
- Healthcare
- Inventory Management
- Sales Customer Management
- Building Automation
- Supply Chain
- Security and Emergency Management
- Infrastructure Management
- Remote Monitoring
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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