Press release
Internet of Things Analytics Market Valuation Could Reach USD 307.72 Billion by 2034 with a 24.7% CAGR
The global Internet of Things analytics market size was valued at USD 33.91 billion in 2024. It is anticipated to generate an estimated revenue of USD 307.72 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust CAGR of 24.7% over the forecasted timeframe of 2025-2034.
Market Overview
The Internet of Things (IoT) represents a digital ecosystem where various elements such as technologies, human resources, tools, and networks communicate and connect to achieve shared objectives. As more devices are connected to the internet, they create vast amounts of data that provide valuable insights and information from that specific data. IoT analytics involves collecting, processing, and analyzing data that are produced by IoT devices. IoT analytics enables enhanced decision making, improved efficiency, predictive maintenance, better resource allocation, and enhanced customer experiences.
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Market Drivers
• Surge in Cloud-based IoT Analytics Platform: Cloud-based IoT analytics platforms provide flexible, economical, and remote accessible solutions for handling and analyzing vast amounts of IoT-produced data. Unlike on-premises systems, cloud-based platforms permit businesses to access and store data efficiently, scaling resources up or down based on demand without notable capital investment. This scalability is propelling the Internet of Things analytics market growth.
• Growth of Smart City Projects: The expansion of smart city projects and interconnected infrastructures is creating substantial growth possibilities for market players by enabling efficient, data-based handling of urban systems. Smart cities rely on IoT and advanced technologies to improve functional productivity and sustainability, thus serving as a critical instrument for processing and inspecting massive aggregate of data produced by interlinked devices and sensors.
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Competitive Landscape
The aggressive landscape of the market is portrayed by the presence of several critical players spanning from established technology firms to emerging start-ups, all striving to seize a notable market share through inventive solutions. Key companies are mentioned below:
• Aeris
• Amazon Web Services, Inc.
• Cisco Systems, Inc.
• Dell Inc.
• Google (Alphabet Inc.)
• Hewlett Packard Enterprise Development LP
• Microsoft
• OpenText Web
• Oracle
• PTC
• Salesforce, Inc.
• SAP SE
• SAS Institute Inc.
• Software AG
Regional Analysis
North America accounted for the largest Internet of Things analytics market share in 2024, owing to the region's robust technological framework, extensive acquisition of IoT devices, and the presence of major market players.
Asia Pacific is projected to witness the fastest growth due to the rising adoption of IoT technologies covering several industries such as manufacturing, retail, and healthcare.
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Segmental Outlook
Polaris Market Research has segmented the Internet of Things analytics market report on the basis of component, organization size, deployment, type, application, and end use:
By Component Outlook
• Solutions
• Services
By Organization Size Outlook
• SMEs
• Large Enterprises
By Deployment Outlook
• On-Premises
• Cloud
By Type Outlook
• Descriptive Analytics
• Diagnostic Analytics
• Predictive Analytics
• Prescriptive Analytics
By Application Outlook
• Energy Management
• Predictive Maintenance
• Asset Management
• Inventory Management
• Remote Monitoring
• Others
By End Use Outlook
• Manufacturing
• Energy & Utilities
• Retail & E-commerce
• Healthcare & Life Sciences
• Transportation & Logistics
• IT & Telecom
• Others
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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