IoT Analytics Market Research Report – Forecast till 2032

IoT Analytics Market Research Report: Information By Component (Software, Service), By Deployment (On-Premise, On-Cloud), By Type (Predictive Analytics, Prescriptive Analytics ,Descriptive Analytics), By Application (Energy Management, Predictive Maintenance, Asset Management, Inventory Management, Security) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

ID: MRFR/ICT/1225-HCR | 110 Pages | Author: Shubham Munde | September 2023         

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IoT Analytics Market Overview


IoT Analytics Market Size was valued at USD 15.2 billion in 2022. The IoT Analytics market industry is projected to grow from USD18.94376 Billion in 2023 to USD 110.2673514 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.63% during the forecast period (2023 - 2032). Increased health concerns and challenges have led to more expensive operations, and more bariatric procedures are the key market drivers enhancing the market growth.


Iot Analytics


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


IoT Analytics Market Trends


Growing demand for predictive analytics by businesses is driving the market growth


Forecasting has become more important due to the increasing number of devices in the supply chain. It is an important part of determining the intelligence of human users. For example, self-driving cars use the Positioning System (GPS) to deliver packages on time and by the shortest route. GPS uses a predictive algorithm to control the vehicle and choose the shortest route. It determines future results using predictive metrics, historical data, statistical methods, and M2M learning.


Predictive analytics uses the same IoT data that IoT devices use and tunes it to generate forecasts and forecasts. IoT Analytics can handle large amounts of data and create real-time dashboards that render many unusable. Therefore, the need for predictive analytics in business will be a major driver for the loT Analytics Market CAGR.


Additionally, with the evolution of edge analytics, the overall market for IoT Analytics is gaining momentum. Edge analytics differs from video or image analytics, where analytics are applied to smaller devices rather than all data integrated into the enterprise data center. It's not just about performance and scalability. Many business processes do not require extensive analysis; therefore, data collected, processed, and analyzed at the edge or edge can enable automated decision-making. For example, local valves can be closed when a leak is detected. Thus, driving the IoT Analytics market revenue.


IoT Analytics Market Segment Insights


IoT Analytics Component Insights


The IoT Analytics market segmentation, based on components, includes software and services. The software segment dominated the market because software is essential for collecting, storing, and processing IoT data, and software is essential for collecting, storing, and processing IoT data.


Figure1: IoT Analytics Market, by Component, 2022&2032(USD billion)


 IoT Analytics Market, by Component, 2022&2032(USD billion)


 


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


IoT Analytics Deployment Insights


Based on deployment, the IoT Analytics market segmentation includes on-premise and on-cloud. The on-cloud segment led the market in 2022. Cloud-based business management software solutions have many advantages over on-premises solutions, such as scalability, flexibility, and cost-effectiveness. The cloud-based solution can scale up or down as needed, making it ideal for businesses with ever-changing IoT data requirements.


IoT Analytics Type Insights


The IoT Analytics market segmentation, based on type, includes predictive analytics, prescriptive analytics, and descriptive analytics. The descriptive analytics segment dominated the market because descriptive analytics is the most basic type of IoT analytics and is used to understand what has happened in the past. And Descriptive analytics is widely used in various industries, including manufacturing, healthcare, and transportation. This makes it a mature market with a large pool of vendors and solutions.


IoT Analytics Application Insights


The IoT Analytics market segmentation, based on Application, includes energy management, predictive maintenance, asset management, inventory management, and security. The energy management segment controls the business because IoT analytics can monitor and improve energy efficiency, resulting in significant benefits. Rising energy costs have made it more interesting for businesses to find ways to reduce their energy use.


IoT Analytics Regional Insights


Segmented by Region, the study provides market insights for North America, Europe, Asia Pacific, and the rest of the world. The North American IoT analytics market will lead due to the growing customer base for cloud-based platforms. Also, cloud platforms are gaining popularity across the Region due to the proliferation of IoT-enabled devices; Increasing R&D investments in this technology will lead to economic growth.


Also, major countries reviewed in the market report include the United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, Korea, South Korea, and Brazil.


Figure2: IOT ANALYTICS MARKET SHARE BY REGION 2022 (%)


IOT ANALYTICS MARKET SHARE BY REGION 2022 (%)


 


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's IoT Analytics market accounts for the second-largest market share due to the industry becoming increasingly linked to big databases. The Internet of Things, in conjunction with big data analytics, can provide various insights, such as diagnostic, descriptive, predictive, and prescriptive analytics. Further, the German IoT Analytics market held the largest market share, and the UK IoT Analytics market was the highest-growing market in the European Region.


The Asia-Pacific IoT Analytics Market is expected to grow fastest from 2023 to 2032. This is due to the increasing number of smart city projects and rising initiatives, such as Smart Wellington (New Zealand).Moreover, China’s IoT Analytics market held the largest market share, and the IndianIoT Analytics market was the highest-growing market in the Asia-Pacific region.


IoT Analytics Key Market Players& Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the IoT Analytics market, grow even more. Market participants are also undertaking different strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The IoT Analytics industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the IoT Analytics industry to benefit clients and increase the market sector. In recent years, the IoT Analytics industry has offered some of the most significant advantages to medicine. Major players in the IoT Analytics market, including Amazon Web Services Inc., Google Inc., IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Dell Technologies Inc., Cisco Systems Inc., HP Enterprise Company, PTC Inc., and others, are attempting to rising market demand by investing in research and development operations.


Deloitte Touche Tohmatsu Limited (commonly known as Deloitte) is a British multinational professional services network headquartered in London, England. Deloitte announced Olympus with AWS (Amazon Web Services). Olympus is the world's leading investment provider of cloud solutions and advanced technologies such as IoT, AI, machine learning, 5G, quantum computing, and AR/VR, all in the cloud. Plans to address issues related to food waste, clean energy, access to finance, and more.


Siemens AG is a German multinational technology group. Its activities include automation and digitization of processes and production, smart devices for buildings and distributed energy systems, railway solutions, consumer health technology, and digital health services. With intelligent design capabilities, Siemens has updated the NX software in its Xcelerator portfolio. The update allows the app to use advanced simulation and artificial intelligence to give users an immersive experience.


Key Companies in the IoT Analytics market include



IoT Analytics Industry Developments


December 2022: AWS and Slalom expanded their strategic partnership to provide innovative, high-tech, and industry-precise solutions to the expanded customer base. The two firms collaborate to launch AWS | Shalom Launch Centers to help organizations modernize IT services and accelerate business renovations. These centers enable customers to access the AWS professional service with cloud solutions and Slalom expertise in software mechanics, analytical capabilities, and business transformation.


December 2022: Deloitte announced the launch of Olympus with AWS (Amazon Web Services). Olympus is a worldwide investment fund for building industry cloud solutions along with advanced technologies such as IoT, Al, machine learning, 5G, quantum computing, and AR/VR, everything on the cloud. The initiative aims to solve the issues related to food waste, clean energy, financial product access, and many such problems.


IoT Analytics Market Segmentation


IoT Analytics Component Outlook




  • Software




  • Service




IoT Analytics Deployment Outlook




  • On-Premise




  • On-Cloud




IoT Analytics Type Outlook




  • Predictive Analytics




  • Prescriptive Analytics




  • Descriptive Analytics




IoT Analytics Type Outlook




  • Predictive Analytics




  • Prescriptive Analytics




  • Descriptive Analytics




IoT Analytics Application Outlook




  • Energy Management




  • Predictive Maintenance




  • Asset Management




  • Inventory Management




IoT Analytics Regional Outlook


·         North America


o    US


o    Canada


·         Europe


o    Germany


o    France


o    UK


o    Italy


o    Spain


·         Rest of Europe


·         Asia-Pacific


o    China


o    Japan


o    India


o    Australia


o    South Korea


o    Australia


o    Rest of Asia-Pacific


·         Rest of the World


o    Middle East


o    Africa


o    Latin America



Report Scope:

Report Attribute/Metric Details
Market Size2022 USD 15.2 billion
Market Size 2023 USD 18.94376 billion
Market Size2032 USD 110.2673514 billion
Compound Annual Growth Rate (CAGR) 24.63% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Deployment,Type, Application, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered USA, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Amazon Web Services Inc. Google Inc. IBM Corporation Microsoft Corporation SAP SE Oracle Corporation Dell Technologies Inc. Cisco Systems Inc. HP Enterprise Company PTC Inc.
Key Market Opportunities The lot analytics market opportunities for this market are related to various industries.
Key Market Dynamics Significant developments in the IoT analytics industry include the rising popularity of Internet of Things (IoT) data and the need for analytics and automation in organizations.


Frequently Asked Questions (FAQ) :

The IoT Analytics market size was valued at USD 15.2 Billion in 2022.

The market is growing at a CAGR of 24.63%during the forecast period, 2023-2032.

The major players in the market are Amazon Web Services Inc., Google Inc., IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Dell Technologies Inc., Cisco Systems Inc., HP Enterprise Company PTC Inc.

The Descriptive Analytics category dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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