Global IoT Analytics Market is forecast to reach $8.2 Billion by 2025, growing at a CAGR of 23.7% during the forecast period from 2020 to 2025. Rising Growth of IoT data as well as growing adoption from medical sector areacting as major drivers towards significant market growth of IoT analytics. Moreover, rising automation across industries as well as growing demands towards real time data is also propelling the demands towards IoT analytics market. Technological advancements and growth of connected devices are also driving the market demands for efficient IoT analytics.
IoT Analytics Market Segment Analysis – By Deployment Type
On the basis of deployment type, IoT analytics has been segmented under cloud and on premise. Cloud analytics is anticipated to have a major growth in the IoT analytics market during the forecast period 2020-2025. Deployment of cloud analytics have been rising rapidly across major industry verticals such as healthcare, Information technology, Banking sector and many others due to its capability of offering high scalability along with an efficient and faster data accessing, thus improving the business productivity. Moreover, cloud deployed analytics acts as a cost efficient solution unlike the on premise models, thus driving its market growth. Since the industries generates massive amounts of data, there is high demands towards a solution capable of ensuring efficient and faster data handling, maintenance as well as management, thus leading to high adoption towards cloud analytics market. The rising growth of cloud based services globally has been also helping in fuelling the market demands towards IoT analytics.
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IoT Analytics Market Segment Analysis – By Geography
North America is expected to have a major growth in the global IoT analytics market during the forecast period from 2020 to 2025. Presence of some key players such as Amazon Web Services, Microsoft Corporation and Google Inc.are acting as major drivers for the growth of IoT analytics market. High investments towards research and development activities along with growing adoption of advanced technologies such as cloud, IoT and many others have been fuelling the market growth for IoT analytics in this region. Moreover, Microsoft and SAS recently entered into a strategic partnership to help their customers accelerate the business growth through combing of SAS analytics offerings within Microsoft Azure. Such partnerships have also been creating major opportunities towards IoT analytics market.
IoT Analytics Market Segment Analysis Drivers
Rising demands due to growing IoT data
The rising growth of IoT data has been acting as one of the major driving factor towards the high growth of IoT analytics market. Since the connected devices generate massive amounts of unstructured data, which leads to creating major need towards a tool for efficient data analysis. Growing IoT data has been helping in tracking performance metrics for connected devices such as automobiles, smart home gadgets and many others thus causing higher demands towards an faster defect predictions. Such factors are helpful in creating high market demands for IoT analytics which helps in faster predictive analysis of the products, saving the company’s expenses in the long run. The rising consumer demands towards connected devices which provide connectivity with smart phones, laptops and many others to improve the productivity standards are causing dominance for IoT analytics across industries. Moreover, major industries such as automotive, healthcare, manufacturing and many others have been using connected devices in order to monitor their production processes. Usage of IoT analytics have been helping such industries in verifying the machinery used during production more accurately as well as identifying the problems hampering the plant productivity, thus improving business operations.
Growing adoption from medical sector
The rising adoption of IoT in medical sector has been acting as one of the major driving factor towards the growth of IoT analytics market. Rising technological advancements have caused the medical industry to upgrade as well as make use of advanced technology based devices to ensure more productivity. Healthcare sector have been widely deploying IoT based wearable, sensors as well as health equipment to provide efficient and more flexible monitoring of patients along with developing smart healthcare based mobile options. Such factors have been the helping to drive automation across the industry as well as provide real time monitoring of data through IoT analytics. Deployment of IoT analytics has been widely growing in the healthcare sector as the use of smart health devices as well as platforms are growing rapidly creating bulks of data. IoT analytics helps the medical sector to categorize their medical data histories efficiently as well maintaining records become more efficient, thus driving the market growth and causing reduction in expenses.
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IoT Analytics Market Segment Analysis Challenges
Data privacy and security related concerns
High concerns regarding data privacy and security have been acting as a major challenge towards hampering the growth of IoT analytics market. With growing rates of cyber-attacks and security breaches, security and privacy have become the most important aspects for an organization. Since the major industries generate massive amounts of data due to use of connected devices, IoT analytics are highly adopted by the industries to boost their business growth and productivity. Since IoT analytics tools makes use of sensitive data of the organizations to conduct predictive maintenance as well as data management, loss of such information can cause a negative impact on the business growth. Moreover, as technology has been advancing, cyber criminals have also deploying more advanced methods while causing damages such as data hacking, frauds as well as many such dangers ruining the organizations reputation, thus causing lesser adoption towards IoT analytics market.
IoT Analytics Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the IoT Analytics Market. The major key players in the IoT Analytics Market include IBM Corporation, Amazon Web Services, Oracle Corporation, SAP SE, Salesforce.com Inc., Microsoft Corporation, Cisco Systems Inc., Google LLC, PTC Inc. and Teradata Corporation.
In April 2020, SenRa announced the launch of an IoT analytics platform named Ginger 2.0 to help users in managing IoT data and devices more easily and securely. This platform offers features such as accelerating business decision making process, device management capabilities, real time data visualization along with user accessing management within shorter time intervals and low costs. This development will further help in providing users the ability to have immediate insights about business operations, overall return on investment and many others.
In November 2019, Verizon had announced collaboration with SAP in order to provide holistic IoT analytics solutions with directly data processing from assembly lines to retail stores within real time basis. This collaboration was made to combine the network and platform capabilities from Verizon with SAP’s Leonardo IoT solution, edge services and many others, thus creating a faster digital transformation for the enterprises.
Cloud analytics is expected to have a significant market growth during the forecast period in IoT analytics due to its capabilities of providing efficient data management and high scalability feature.
Key market players such as Microsoft Corporation and Amazon Web Services have been helping towards significant market growth of IOT analytics in North America.
Rising volume of IoT data along with high adoption from medical industry are some of the major driving factors towards significant growth of IoT analytics market.
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