According to a new market research report “IoT Analytics Market by Application (Energy Management, Predictive Maintenance & Asset Management, Inventory Management, Remote Monitoring), Component, Analytics Type, Deployment, Organization Size, & Vertical – Global Forecast to 2022″, published by MarketsandMarkets, the IoT analytics market growing adoption of Internet of Things (IoT) devices across verticals, such as aerospace, energy and utilities, and insurance, and the tremendous volume of data generated by them are expected to drive the Analytics of Things (AoT) market between 2017 and 2022. The AoT market size is expected to grow from USD 7.2 billion in 2017 to USD 27.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 31.0% during the forecast period.
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The manifold benefits of IoT analytics; for example, in healthcare—the analysis of medical device data can help predict the onset of serious health problems in humans or animals and automate injections of certain drugs; in insurance—sensor data analysis from a car-based telematics system can be used to price insurance based on the way customers drive; are expected to boost the growth of the AoT market.
The manufacturing industry vertical to have the highest market share during the forecast period
Among industry verticals, the manufacturing industry vertical is expected to continue to have the highest market share during the forecast period. Manufacturing companies from heavy machinery and construction, industrial machinery, oil and gas, and transportation and logistics are using AoT for effective utilization of their assets from remote locations and to enhance their life cycle. In the era of Industry 4.0 revolution, the manufacturing organizations are rapidly moving toward predictive maintenance solutions, especially cloud-based solutions. The latter has seen tremendous adoption among Small and Medium-Sized Enterprises (SMEs) also. Manufacturers have the chance to monetize the insights obtained from the IoT-generated data. AoT innovates manufacturing processes; improves interoperability across a large set of assets; and links machines, products, computers, people, and analytical resources into a single ecosystem.
The cloud deployment model to grow at a higher CAGR during the forecast period
The cloud-based deployment models are witnessing a higher demand than on-premises models due to their cost-effectiveness and easy availability. Cloud-based solutions require little setup cost, incur low maintenance costs, and provide 24/7 accessibility from any time, anywhere. Due to advancements in cloud technologies and increase in data generation from various constituents and customers, cloud-based deployments are expected to exceed on-premises deployments.
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North America to constitute the largest market size during the forecast period
In terms of market size, North America is expected to continue its dominance throughout the forecast period. Early adoption of new and emerging technologies and a large number of AoT vendors in the region would help consolidate the majority of revenues in the market. Exponential growth in data gathered through IoT devices, stringent laws and policies for safeguarding data, and the presence of 2 major economies – the US and Canada, in the region are the factors contributing to the largest market size of the North America AoT market among all regions.
The major vendors providing AoT software and services are IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), SAP SE (Germany), Cisco Systems, Inc. (US), Dell Technologies, Inc. (US), Google, Inc. (US), Amazon Web Services, Inc. (US), Hewlett Packard Enterprise Company (US), and PTC, Inc. (US).
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