Information and Communication Technology Internet of Things (IoT) Analytics Market is projected to grow up to 31.9% CAGR during the...

Internet of Things (IoT) Analytics Market is projected to grow up to 31.9% CAGR during the forecasting period 2021-2027.

Internet of Things (IoT) analytics is a term utilized to analyze the in-time information which is gained from the Internet of Things. The IoT can be described as a system of devices or machines which are correlated by their ability to transfer information over a network without the requirement of intervention of humans. The internet of things analytics offers valuable data that is used by the enterprises for enhancing real-time decisions.

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Key Driving Factors: Elevating demand for predictive analytics from businesses

Predictive analytics has gained importance owing to the rising number of IoT devices. It is an essential part of smart decision making, autonomous of human users. For example, a self-driven truck uses the GPS to deliver the parcel on time by the shortest possible route. The GPS makes use of a predictive analytics algorithm for controlling the truck and moreover for selecting the shortest path. By making use of past data, statistical algorithms and M2M learning, predictive analytics identifies future results.

Driver: The advent of edge analytics

With the emergence of edge analytics, IoT analytics has seen a huge boost in its overall market. Edge analytics is generally the same as video or image analytics where the analysis abilities are empowered in small devices as opposed to combine all the data in a centralized enterprise data warehouse. It is more than just about operational efficiencies and scalability.

The key competitors operating in the market are IBM Corporation , Cisco System Inc., Oracle Corporation, Microsoft Corporation, Cumulocity GmbH, Tableau Software, Aeris Communication, Intel Corporation, Accenture PLC, and Hitachi, Ltd.

By End User:

As per the end user, the healthcare & life sciences vertical segment is poised to be the rapidly growing segment over the forecast period. Few leading technology enterprises are constantly investing resources for tapping into the IoT healthcare market. Analytics of things assist in data recording, storage and analysis. It also assists in decreasing the healthcare operational errors and costs.

The Internet of Things (IoT) Analytics Market report has been categorized as below

By Type

  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics

By Component

  • Services
  • Software

By End User 

  • Manufacturing
  • Energy & Utilities
  • Retail & E-commerce
  • Healthcare & Life Sciences
  • Transportation & Logistics
  • Others

 By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : June-2021