Global Internet of Things (IoT) Analytics Industry

Global Internet of Things (IoT) Analytics Industry

  • July 2020 •
  • 484 pages •
  • Report ID: 5798950 •
  • Format: PDF
The global market for Internet of Things (IoT) Analytics is projected to reach US$51.7 billion by 2025, driven by growing investments in IoT across industries and the resulting focus on return on investments (ROI) delivery. Following the over US$156 billion spent on IoT across industries such as Automotive, Construction/Infrastructure, Consumer Electronics, Energy & Utilities, Healthcare & Lifesciences, Industrial/Manufacturing, and Retail, companies are now aiming at getting their money`s worth from the technology. And in this regard, "Analytics" is the tool that will help companies get the biggest bang for the technology buck. Key promised benefits of IoT include enhanced asset utilization, increase in organizational productivity, high cost savings, improved safety and security, reduced idle inventory, faster time-to-market, and creation of new revenue streams, among others. Realization of these benefits determines the ROI generated on IoT investments, which in turn depends on optimum use of IoT big data, which is defined as data generated from all IoT connected devices. With the IoT ecosystem expanding rapidly worldwide from 6.7 billion IoT connected devices in 2018 to over 20.8 billion devices by 2025, the deluge of big data generated by these devices is becoming a challenge to reckon with. Gleaning actionable insights from this data is becoming a top priority for companies with IoT projects. Data analytics, in this regard, is growing in popularity given their value in finding meaningful patterns and knowledge in IoT big data. Analytics help produce rapid insights needed to make fact-based decisions; they bring context to events on a continuous basis; descriptive, predictive & prescriptive analytics answer questions such as what happened?, how or why did it happen?, what`s happening now?, what is likely to happen next?, and what is the solution to the problem?. Most importantly, analytics produces data based on which decisions can be automated to help optimize processes, which is the ultimate goal of IoT.

Few of the trends in the market influencing growth include growing preference for cloud based solutions as compared to on-premise solutions supported by the many benefits of cloud computing; rise of hybrid IoT analytics; developments in sensor data analytics; rise of smart cities, focus on smart energy management and the ensuing opening up of opportunities for IoT analytics; growing deployment of IoT in the retail and ecommerce industry; and growing pressure on manufacturers to capitalize on advanced data processing technologies and analytical forecasting models to emerge competitive in an industry ravaged by disruptive innovation and smart factory technologies.  The United States and Europe represent the largest markets worldwide with a combined share of 64.4%. China ranks as the fastest growing market with a 32.7% CAGR over the analysis period supported by the Chinese government`s massive backing of 5G, Artificial Intelligence (AI) and data analytics in an attempt to transform the IIoT market. The country remains focused on intelligent manufacturing to close the gap with other developed countries. Asia-Pacific excluding China follows next with a 31.5% CAGR led by India, and other Southeast Asian countries.