New York, NY -- (SBWIRE) -- 03/04/2021 -- The global IoT analytics market is forecast to reach USD 70.07 Billion by 2026, according to a new report by Reports and Data. IoT analytics is the application for analyzing the data generated from the connected IoT devices. The growing adoption of IoT devices from different industries for sharing of data and enhancing their productivity with real-time monitoring is driving the global IoT analytics market.
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Leading Players Profiled in the Report Include:
Microsoft Corporation, IBM, Cisco, Amazon Web Services, Oracle, Dell Technologies, Hitachi, Salesforce.Com, PTC, Mnubo, and Google, among others.
Governments across the globe are investing highly in the development of smart cities, which is also increasing the demand for IoT devices, and with the rise in the number of IoT devices, the need for analysis of data is also required to predict the demand of the users. Benefits of IoT analytics is that it can analyze the productivity of the machines and can also track the issues in a particular part or equipment of the devices.
Retail shops and hospitals are using IoT analytics to predict and understand the customers or patients' behaviors and plan a strategy accordingly to engage the customers. The IoT analytics are used in industries such as e-commerce, healthcare, retail, manufacturing, and others by analyzing the functionality of the systems or products from the data generated from these systems or devices.
Further key findings from the report suggest
Software component held a market share of 58.9% in the year 2018. Companies are using IoT analytics software tools to track the performance of devices/machinery, provide predictive maintenance recommendations, and have a better understanding of the unique data related to their devices such as motion, temperature, and sound.
The deployment of IoT platform on cloud offers flexibility, high intensity, and sharing Cloud is forecasted to hold a market share of 60.4% in the year 2026. The amount of data generated from the implementation of IoT is massive, and it demands sophisticated internet infrastructure to store and analyze data due to which cloud-based sector is gaining traction.
Predictive analytics is forecasted to hold 50.6% of the market share in 2026. The IoT analytics model capture relationships among several factors to assess the risk associated with a set of conditions.
Large enterprises held a larger market share of 63.2% in the year 2018. Large enterprises have several operating units, and IoT analytics helps these enterprises to integrate historical and real-time data.
IoT analytics is gaining significant traction in the retail sector with the boom in e-commerce and an increase in the number of supermarket and hypermarkets. Increase in disposable income and change in the standard of living are also propelling market growth.
North America held the largest market share of 33.5% in the year 2018. The region has the most established and promising sectors such as retail, manufacturing, healthcare, and e-commerce, among others. Growth of these industries and increasing application of the internet in these sectors are driving the market for IoT analytics.
Cisco in June 2019, announced its software innovation for the security of networks and simplified management. The company also introduced machine learning and artificial intelligence capabilities to aid its IT team to function efficiently.
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For the purpose of this report, Reports and Data have segmented into the global IoT Analytics market on the basis of component, analytics time, organization size, deployment mode, end-users, and region:
Component Outlook (Revenue: USD Billion; 2016-2026)
Software
Services
Analytics Time Outlook (Revenue: USD Billion; 2016-2026)
Predictive Analytics
Prescriptive Analytics
Descriptive Analytics
Organization Size Outlook (Revenue: USD Billion; 2016-2026)
Small and Medium enterprises
Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)
On-Premises
Cloud
End Users Outlook (Revenue: USD Billion; 2016-2026)
Retail
Manufacturing
Healthcare
Government and Defense
Energy and Utilities
Transportation & Logistics
Telecommunications & IT
Others
Regional Outlook (Revenue: USD Billion; 2016-2026)
North America
Europe
Asia Pacific
MEA
Latin America
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. IoT Analytics Market Segmentation & Impact Analysis
4.1. IoT Analytics Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growth in IoT data
4.2.2.2. Increase in demand for Advanced Analytics and Automation for Businesses
4.2.3. Market restraints analysis
4.2.3.1. Lack of Real-Time Algorithms
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Continued….
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