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A dynamic and quickly changing environment characterizes the Internet of Things (IoT) analytics market, which is being driven by the growing use of IoT technologies across several sectors. Organizations are realizing the necessity of utilizing the massive volumes of data created by connected devices in order to obtain insightful information and facilitate well-informed decision-making, as the number of linked devices continues to rise. The increasing need for real-time data analysis is a major factor propelling the IoT analytics market. Real-time data inundation from sensor readings to user interactions is caused by the proliferation of IoT devices.
Companies are using IoT analytics tools to examine this data in real-time so they can see trends and react quickly to changing circumstances. In sectors where prompt decision-making is essential, including manufacturing, healthcare, and transportation, there is a special need for real-time insights. Furthermore, the market dynamics of IoT analytics are being significantly shaped by the growing usage of cloud computing. Scalability, flexibility, and affordability are what make cloud-based IoT analytics tools appealing to enterprises that need to handle and examine massive amounts of IoT data. Additionally, cloud solutions offer a centralized platform for controlling and tracking IoT analytics operations in addition to facilitating smooth connection with other company applications.
One major issue affecting the IoT analytics market dynamics is security concerns. The number of gadgets that are linked to the internet increases the potential attack surface for cyber threats. To protect sensitive Internet of Things data and guarantee the integrity of their interconnected ecosystems, businesses are investing in sophisticated analytics solutions with strong security measures. In sectors like healthcare and finance, where data privacy and regulatory compliance are crucial, there is an especially strong need for safe and compliant IoT analytics solutions. The market dynamics of IoT analytics are significantly influenced by standards and interoperability. Establishing industry standards and protocols to facilitate smooth communication and integration across various devices and platforms is becoming increasingly important as the Internet of Things (IoT) ecosystem grows.
IOT Analytics Market Highlights:
IoT Analytics Market Overview
The IoT Analytics Market is projected to grow from USD 23.60 billion in 2024 to USD 110.26 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.25% during the forecast period (2024 - 2032). Additionally, the market size for IoT analytics was valued at USD 18.94 billion in 2023.
Increased health concerns and challenges have led to more expensive operations, and more bariatric procedures are the key market drivers enhancing the market growth.
Figure 1: IoT Analytics Market Size, 2023-2032 (USD Billion)
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.
Figure 2: 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.
Figure 3: 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
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Amazon Web Services Inc.
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Google Inc.
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IBM Corporation
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Microsoft Corporation
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SAP SE
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Oracle Corporation
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Dell Technologies Inc.
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Cisco Systems Inc.
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HP Enterprise Company PTC Inc.
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
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Software
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Service
IoT Analytics Deployment Outlook
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On-Premise
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On-Cloud
IoT Analytics Type Outlook
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Predictive Analytics
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Prescriptive Analytics
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Descriptive Analytics
IoT Analytics Type Outlook
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Predictive Analytics
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Prescriptive Analytics
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Descriptive Analytics
IoT Analytics Application Outlook
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Energy Management
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Predictive Maintenance
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Asset Management
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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
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