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Numerous variables impact the Internet of Things (IoT) Analytics market, which in turn shapes its dynamics and direction. The increasing use of IoT devices in a variety of sectors is one of the main factors driving this market's expansion. The amount of data created rises significantly as businesses incorporate IoT-enabled devices into their operations more and more. The need for IoT analytics is fueled by the need for advanced analytics solutions to extract useful insights from this explosion of data. Furthermore, the market for IoT analytics is growing at a substantial rate due to the constant improvements in technology.
Businesses are now able to extract important insights from the vast datasets created by Internet of Things devices in a more sophisticated and effective manner thanks to the ongoing evolution of analytical tools and algorithms. This advancement in technology not only makes the current generation of IoT analytics solutions more powerful, but it also creates new opportunities that draw in capital and stimulate market innovation. Enterprises' growing recognition of the strategic value of data-driven decision-making is another important driver influencing the IoT Analytics market. Businesses are realizing more and more how they can use IoT data to boost productivity, spur innovation, and obtain a competitive advantage. As a result, there is a noticeable increase in the need for reliable analytics systems that can handle and analyze IoT data to support well-informed decision-making. The need for digital transformation on a worldwide scale also significantly influences the direction of the IoT Analytics market. Businesses in a variety of industries are aggressively utilizing digital technology to update their processes and remain competitive in landscape.
The foundation of this shift is IoT analytics, which gives companies the means to use the potential of networked devices and derive useful information for strategic planning. The market for IoT analytics is also shaped by standards and regulatory activities. Governments and regulatory agencies are intervening to create frameworks that control data security, privacy, and interoperability as the Internet of Things (IoT) grows in maturity. Businesses using IoT solutions must adhere to these rules, which affects their decision-making when selecting analytics systems that meet these changing requirements.
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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