Innovative Change of Internet of Things (IoT) Analytics Market Industry : Size, Share, Trends and Analysis 2017-2025
Internet of Things (IoT) technology provides mechanized tools for pulling machine data into data warehouses and other big data platforms for analysis. IoT analytics extracts significant information from the huge amount of IoT data generated by smart devices and sensors. Moreover, IoT analytics additionally helps in business process optimization. Consequently, the IoT analytics solutions plays an exclusive role in numerous industry verticals such as healthcare, manufacturing, retails, energy and utilities and others.
At present, the cloud-based solutions are witnessing growing demand owing to their easy availability and cost-effectiveness. Furthermore, increase in data generation from various customers & constituents and developments in cloud technologies is also expected to drive the IoT analytics market in forthcoming years. Cloud-based solutions support real-time visibility of the procurement and sourcing activities, allowing businesses to communicate with customers and employees anytime.
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The global IoT analytics market is witnessing growth owing to the factors such as growing requirement of advanced analytics and automation tools for businesses and terrific growth of IoT data. Furthermore, predictive analytics for industry, the shifting consumers interest in cloud deployment, consumer-friendly IoT analytics platform and end-to-end automation are also the major factors which are anticipated to fuel the demand for IoT analytics tools in forthcoming years.
The demand for IoT analytics is unceasingly growing in large enterprises as they have data support systems and adequate capital that enable them to spend in business optimizing field. However, ownership and control of IoT data and need for highly skilled resources for complex software are the major factors which is expected to hinder the growth of IoT analytics market.
Technological advancement in Platform as a service (PaaS) and emergence of edge analytics are the major factors which is expected to create new opportunities for the global IoT analytics market across the world. However, privacy concerns and data security and heterogeneous data processing are the major challenge for IoT analytics market.
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The global IoT market can be segmented on the basis of component, application platform, deployment and industry. By component, the global IoT analytics market is segmented into software and services. On the basis of software, the market is further categorized into network management, sensor data analytics and IoT gateway analytics. By services, the market is further categorized into managed services, maintenance & support services and consulting services.
Based on application platform, the global IoT analytics market is segmented into energy management, building automation, inventory management, remote monitoring, security and emergency management and infrastructure management. Based on deployment type, the market is segmented into cloud-based and on-premise deployment. Further, the industry based segmentation includes manufacturing, transportation and logistics, IT & telecommunication, government, energy & utilities, healthcare, retail & ecommerce and others.
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