Sensor Data Analytics Market Expected to Reach $45.2 Billion by 2031

Sensor data analytics is an analytics platform built to analyses the data streamed or collected from sensors and IoT devices. Furthermore, Rise in demand for wearables and increase in introduction of advanced sensors is driving the growth of sensor data analytics market. Moreover, rise in demand for various visualized real-time sensor data and information are boosting the sensor data analytics market size. However, high cost associated with installation and lack of skilled professionals and lack of awareness about sensor data analytics restrict the sensor data analytics market growth. On the contrary, increased usage of internet of things (IoT) and introduction of improved sensors are expected to offer remunerative opportunities for expansion during the sensor data analytics market forecast.

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KEY FINDINGS OF THE STUDY:

► By offering, the solution segment accounted for the largest sensor data analytics market share in 2021.

► By region, North America generated highest revenue in 2021.

► By industry vertical, the manufacturing segment generated the highest revenue in 2021.

Depending on industry vertical, manufacturing segment holds the largest sensor data analytics market share owing to monitor the performance of various processes and aspects of machine operation. However, healthcare is expected to witness growth at the highest rate during the forecast period due to increase demands for fitness trackers or wearables majorly health monitoring functionalities, like blood oxygen levels, heart rate, and so on, can influence its market demand further.

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Region wise, the sensor data analytics industry was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to growth in demand for adoption of IoT technology and faster network accessibility. Further, the technological advancements and deployment AI and ML helps to provide quality services. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to major existence of big manufacturing companies and adoption of IoT and advance technology sensor in Asia-Pacific encourages players to capitalize on R&D and to introduce innovative products to meet the growing needs of customers.

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The COVID-19 pandemic continues to transform the growth of different industry verticals, and the immediate impact of the COVID-19 outbreak is varied. Some of the industries are anticipated to register decline in growth, while others are expected to continue to remain unscathed and show promising growth opportunities in the upcoming years. For instance, according to survey conducted by SYSPRO in April 2022, 47% of manufacturers and distributors invested in sensors and IoT networks. Moreover, 69% of businesses considered a digitalization strategy aimed at enhancing existing business processes with digital technologies. For instance, in November 2021 STRATACACHE launched Walkbase TREQ to measure a consumer's specific movements throughout the physical space, using strategically placed sensors to accurately analyze movements with accuracy within one meter.

Key Market Players:

► IBM Corporation

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