According to a new market research report” IoT Analytics Market by Application (Energy Management, Predictive Maintenance & Asset Management, Inventory Management, Remote Monitoring), Component, Analytics Type, Deployment, Organization Size, & Vertical - Global Forecast to 2022", published by MarketsandMarkets™, The IoT Analytics market size is expected to grow from USD 7.19 Billion in 2017 to USD 27.78 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 31.0%.
The key forces driving the IoT Analytics market include tremendous growth of Internet of Things (IoT) data and need for advanced analytics and automation of businesses.
Browse and in-depth TOC on “IoT Analytics Market”
67 - Tables
31 - Figures
135 - Pages
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The manufacturing vertical is expected to have the largest market share during the forecast period
In terms of industry vertical, the manufacturing vertical is expected to continue to have the largest market share throughout the forecast period. Manufacturing companies from heavy machinery and construction, industrial machinery, oil and gas, and transportation and logistics are using IoT Analytics for effective utilization of their assets from remote locations and to enhance their lifecycle. In the era of Industry 4.0 revolution, the manufacturing organizations are rapidly moving toward predictive maintenance solutions, especially cloud-based solutions. The latter have seen tremendous adoption among Small and Medium-Sized Enterprises (SMEs) also. Manufacturers have the chance to monetize the insights obtained from the IoT generated data. IoT Analytics innovates manufacturing processes; improves interoperability across a large set of assets; and links machines, products, computers, people, and analytical resources into a single ecosystem.
The cloud deployment model to grow at a high CAGR during the forecast period
The cloud-based deployment models are witnessing increasing demand due to their cost-effectiveness and easy availability. Cloud-based solutions require little physical set-up, incur low maintenance costs, and provide 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies and increase in data generation from various constituents and customers, cloud-based deployments are expected to exceed on-premises deployments. Cloud solutions support real-time visibility of the sourcing and procurement activities, enabling organizations to interconnect with employees and customers anytime, before, during, and after each appointment.
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North America is expected to constitute the largest market share; APAC to grow at the highest CAGR
In terms of market share, North America is expected to continue its dominance throughout the forecast period. Early adoption of new and emerging technologies and a large number of IoT Analytics vendors in the region would help consolidate the majority of revenues in the market. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. Growing technology expenditures in countries such as China and India and the demand for cost-effective analytical software and services among SMEs are expected to drive the market growth during the forecast period.
The major vendors providing IoT Analytics software and services are IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), SAP SE (Germany), Cisco Systems, Inc., (US), Dell Technologies, Inc. (US), Google, Inc. (US), Amazon Web Services, Inc. (US), Hewlett Packard Enterprise Company (US), PTC, Inc. (US), Hitachi, Ltd. (Japan), Teradata Corporation (US), Salesforce.com, Inc. (US), and Greenwave Systems, Inc. (US).
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