Global Sensor Data Analytics Market Research Report- Forecast 2030

Impact of COVID-19 on the Sensor Data Analytics Market

The world is striving to cope with the current economic downturn amidst the coronavirus pandemic. Several industry verticals have fallen prey to harsh financial losses due to the lockdowns enforced by the government authorities across the globe to prevent the further spread of the infection. However, with the use of the right technology, such as the Internet of Things (IoT), computer vision, artificial intelligence, and machine learning, various industry sectors have managed to survive during the COVID-19 crisis. The industrial internet of things (IIoT) has played a vital role in business continuity. Where humans cannot carry out business operations physically at their workplaces, machines are operating seamlessly. Sensors cautiously monitor the working environment and report with the required parameters. The heartbeats and other physiological parameters in people, production flows in manufacturing units, contact tracing of patients and their movement, and so on are helping generate data sets that provide meaningful insights. These might be used to optimize performance, minimize costs, predict the failure of equipment, and boost transformation in day-to-day operations. For instance, a Swedish hedge fund—Volt Capital Management AB, surpassed the expected return on investment (ROI) by 10% (from 14% to 24%) in the current year. According to the company, it achieved superior results mainly due to the predictions which turned out to be accurate owing to the permutations and combinations of conventional economic principles along with the use of artificial intelligence considering the impacting parameters that comprise of volatile market trends, slump in oil prices, and fluctuating currency exchange rates. This case is one among numerous others that prove the benefits of data analytics during this crunch.

Furthermore, data science and AI experts believe that this is the correct time for technology developing companies and innovative startups to raise capital even though there exists an economic crunch in the industry, considering the demand for technology reaching its heights during the pandemic. For example, the education industry has adopted newer technology solutions to cater to their need for providing video conferencing, voice and speech recognition systems, language translators, and so on. Among several other applications in the healthcare sector, sensor informatics utilizes wearable devices to monitor the data emitted from the set of sensors in real-time, which enables the monitoring of the asymptomatic as well as patients with mild symptoms isolated in their homes, providing critical care to the patients with major symptoms as well as severe health complications at the hospitals’ intensive care units. Furthermore, the use of advanced informatics and sensor-based data sets is being encouraged to expedite the discovery of medicines required to fight against COVID-19.