IoT Analytics Market: Industry Analysis and Forecast (2024-2030) by Industry Vertical, Organization Size, Deployment and Region

IoT Analytics Market Overview:                                                                                                  

Developments in technology have led to rapid growth in adopting and applying IoT Analytics across segments such as private, commercial, and industrial applications. Significant factors that led to this integration were reduced costs of sensors for data collection, developments in communication and IoT Network Security, and the advantages of applying the same to new sectors such as smart cities, smart agriculture, and cold storage monitoring systems. With the increased implementation of Cloud-Based technologies such as Amazon Redshift for Data processing, Analytics, and Insight generation, the cost of implementation and adaptation has opened the doors for easy implementation across a wide variety of applications.

 

IoT Analytics Market report examines the market's growth drivers and segments (Industry Vertical, Organization Size, Deployment, and Region). Data has been provided by market participants, and regions (North America, APAC, Europe, MEA, and South America). This market study takes an in-depth look at all of the significant advancements occurring across all industry sectors. Statistics, infographics, and presentations are used to provide key data analysis for the historical period (2017-2020). The report examines the IoT Analytics market's Drivers, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the IoT Analytics market.

 

 

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The worldwide COVID 19 pandemic has led to a paradigm shift in the IoT Analytics market, with increased adoption of the solutions offered by the technology in areas such as home automation and increased automation in the operations of commercial and industrial sectors. Therefore, there is a rise in emphasis on reducing turn-around times with hybrid and adaptive storage management strategies at reduced costs. The hybrid applications of the same in terms of edge and node computing further the scope of implementational opportunities in the IoT Analytics Market.

 

With the slowdown in hardware production, the onus is now on the software solutions to bridge the gap between processing using advanced methods such as artificial intelligence and machine learning. The hybrid applications of the same in terms of edge and node computing further the scope of implementational opportunities in the IoT Analytics Market.

 

IoT Analytics Market Dynamics:

Post pandemic IoT Analytics market size is expected to grow at a CAGR of 29.8%. From USD 22.25 Billion in 2021 to USD 106.40 Billion in 2027. The increased application of the technology in sectors such as agriculture, healthcare, robotics and automation, transportation, and logistics have accelerated the growth of the IoT Analytics market. There is an increased need for reliability and reduced operational errors in specialized sectors such as healthcare and space and aeronautics.

 

 

The lack of communication infrastructure and Information Technology Expertise prove to be the biggest obstacles in the IoT Analytics market. Developing countries struggle to meet the bandwidth criteria required for data transmission. The limited exhaustive capacity of central processing power pushes the industry to look for other options, such as localized computing in the form of edge and node computing.

 

The global shortage of silicon chips, exacerbated by global lockdowns caused by the COVID-19 pandemic, has further tipped the software side's responsibility to mediate the hardware shortage caused. Delay in the arrival of chips means constant delays in the SDLC cycles of IoT developers. Therefore there is a manifold increase in utilizing the available infrastructure to be optimized.

 

Another driver in the IoT Analytics market is deploying 5G networks across the major players of IoT in the North America and Asia Region. Owing to manifold increase in the available bandwidth, 5G networks provide relaxation in the overall bandwidth available for communication for multiple devices over the same network through an advanced network sharing method known as network slicing. Once implemented, the technology will allow multiple devices to communicate over a single shared network and find many commercial applications. An example of the same could be commercial settings such as shopping malls, where customers can be targeted with customized ads.

 

The need for increased computational prowess with infrastructural bottlenecks plays a vital part in the onus of being on advanced analytical and processing practices to match up to the increased load.

 

Key players such as Amazon and Cisco are offering customizable platforms that need to be implemented using services that can be then applied to the customer.

 

Further, the implementation of Artificial Intelligence and Machine Learning on IoT devices has opened the doors for advancing the integration of humans with machines in the form of Intelligence of Things. Because of the greater need for real-time processing, there will be an increased need for Analytics and Data Processing solutions that will be needed to make the technology available to the larger population.

 

IoT Analytics Market Segment Analysis:

By Industry Vertical, the IoT Analytics market is segmented into Healthcare, Government & Defense, Manufacturing, Energy & Utilities, IT & Telecom, Logistics & Transportation, Retail, and Others. The manufacturing segment held the largest market share of xx% in the IoT Analytics Market in 2021. The number of IoT devices used in the manufacturing industry, owing to the large number of sensors used in monitoring the manufacturing environments such as temperature, humidity, atmospheric pressure, luminescence, etc., is the reason why it is the leading sub-segment in the number of sensors deployed and therefore increased need for analytics. Energy and Utilities follow this because of the widespread nature of different sensors required, and then Retail and E-Commerce. Healthcare and Life Sciences use specialized IoT devices such as implants and critical life-saving equipment such as defibrillators and other monitoring equipment requiring advanced, sophisticated data analysis techniques.

 

By Deployment, IoT Analytics Market is segmented into Cloud and On-Site. On-site analytics is done by companies that want to safeguard critical information of the data that is generated by their IoT Sensors. Examples of the same could be critical chipset manufacturing industries or aerospace Research and Development labs, for which the security of the data is of the utmost importance. The second segment is the cloud-based application of analytics, where services such as Amazon Redshift are used to analyze the aggregated data. Some examples of these could be Amazon Alexa, Google Home, etc.

 

 

IoT Analytics Market Regional Outlook:

North America leads the overall market share owing to IoT Analytics market leaders such as Amazon Web Services, Google, Hitachi, HP, etc. Early adapters' demographic buying behavior helps fuel the implementation of new solutions and acts as an incentive for early deployment. As a result, there is a prediction of increased Analytics demand in the region because of the increase in IoT devices, mobile computing, and social media.

 

Countries such as India, China, and Japan are the leaders in development in the APAC region. Because of their large populations, India and China have turned to IoT-based solutions to optimize their Agricultural, Infrastructure, and Security applications and are therefore to increase their implementation of the technology with the deployment of the recently launched 5G network in India.

 

Countries such as Israel and European Countries are leading the way in advancing IoT technologies with humans in Smart Prosthetics, Smart Infrastructure, and Crowd Monitoring and Control technologies. Data aggregation, analysis, and processing in real-time would need the research and development of new algorithms and techniques to predict an increased activity in the IoT Analytics market.

 

The Asia Pacific and Australia are witnessing the fastest growth rates owing to the increased capabilities of networks because of the deployment of 5G networks in countries such as India and China. Growth in North America and Europe seems to have slowed and stabilized, whereas South America and Africa are witnessing low growth rates.

 

The report provides Porter’s Five Forces Model that will aid enterprise decision makers to develop their long-term strategies and marketing positions. It identifies the key competitors, their positioning and how their products perform and are perceived by the customers. Through expert analysts’ opinion, the report provides consultation on the difficulty of entering the market for new players.

 

Further the report provides PESTEL Analysis which will help the company tailor the overall strategies for market activities. The analysis takes into consideration various environmental variables that are crucial for the development of the market position of the company such as government funding and other political variables. Therefore, this analysis helps the stakeholder evaluate the challenges and opportunities in a holistic way.

 

IoT Analytics Market Scope:

IoT Analytics Market
Market Size in 2023	USD 48.64 Bn.
Market Size in 2030	USD 301.99 Bn.
CAGR (2024-2030)	29.8%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Industry Vertical Healthcare Government & Defense Manufacturing Energy & Utilities IT & Telecom Logistics & Transportation Retail Others
	By Deployment Cloud Based On-Site
	By Organization size SME’s Large Enterprises
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

IoT Analytics Market Key Players:

• Microsoft Corporation (US)
• Amazon Web Services
• Accenture PLC
• Cisco Systems, Inc
• Oracle Corporation
• IBM Corporation
• Salesforce.com Inc
• Siemens AG
• General Electric Company
• Vitria Technology, Inc.
• Larsen & Toubro Infotech Limited
• C3, Inc.
• Dell Technologies Inc.
• Google LLC
• The Hewlett Packard Enterprise Company