IoT Analytics Market Size, Share, Growth Analysis, By Analytics Type(Descriptive Analytics, Diagnostic Analytics), By Organization Size(Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Application Area(Energy Management, Predictive Maintenance and Asset Management) - Industry Forecast 2024-2031

Report ID: SQMIG45B2099 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 91 | Figures: 76

IoT Analytics Market Insights

Global IoT Analytics Market size was valued at USD 1.62 billion in 2022 and is poised to grow from USD 1.71 billion in 2023 to USD 2.63 billion by 2031, growing at a CAGR of 5.52% during the forecast period (2024-2031).

The global Internet of Things (IoT) Analytics market is witnessing strong boom driven through the growing adoption of IoT across industries. Key drivers include the exponential growth of IoT-generated records, fostering the want for advanced analytics to derive actionable insights. Businesses leverage IoT analytics to decorate operational efficiency, optimize useful resource utilization, and make data-driven selections. However, demanding situations along with information safety worries and the complexity of integrating various IoT datasets pose restraints.

The marketplace sees a various range of analytics solutions, inclusive of predictive analytics and real-time analytics. North America dominates due to technological improvements, whilst the Asia-Pacific vicinity showcases rapid growth with growing IoT deployments. Key developments consist of the integration of AI and device getting to know in IoT analytics, fostering greater state-of-the-art records processing and predictive abilties.

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IoT Analytics Market size was valued at USD 1.62 billion in 2022 and is poised to grow from USD 1.71 billion in 2023 to USD 2.63 billion by 2031, growing at a CAGR of 5.52% during the forecast period (2024-2031).

The competitive surroundings of the IoT Analytics marketplace is dynamic and is characterised via excessive opposition among key gamers striving for market share and innovation. Established organizations and emerging entrants make contributions to the range of the market, imparting a variety of IoT analytics answers. Key gamers often engage in strategic partnerships, collaborations, and acquisitions to enlarge their product portfolios and worldwide attain. 'Microsoft Azure', 'Amazon Web Services (AWS)', 'Google Cloud Platform (GCP)', 'IBM Watson IoT Platform', 'SAP Leonardo', 'Cisco Kinetic for', 'Siemens MindSphere', 'Bosch IoT Suite', 'PTC ThingWorx', 'GE Predix', 'Software AG Cumulocity', 'SAS Viya', 'Oracle IoT Cloud', 'FogHorn Systems', 'ThingSpeak', 'StreamSets', 'Actility ThingPark', 'HiveMQ', 'TheThingsNetwork', 'Losant'

The exponential proliferation of Internet of Things (IoT) gadgets generates big volumes of records, necessitating advanced analytics to extract meaningful insights. Organizations throughout industries leverage IoT analytics to derive actionable intelligence from this facts, enhancing selection-making approaches. The increasing demand for operational efficiency, predictive protection, and actual-time insights propels the adoption of IoT analytics, especially in sectors like manufacturing, healthcare, and logistics.

Rising emphasis on edge analytics: The growing emphasis on aspect analytics, where facts processing takes place towards the source of era, enhancing actual-time insights and decreasing latency. Another vast fashion is the integration of artificial intelligence (AI) and Machine learning (ML) into IoT analytics answers, making an allowance for greater advanced and predictive statistics evaluation.

North America is poised to dominate the IoT Analytics marketplace due to its advanced technological landscape. The vicinity, specially the United States, is a hub for innovation and early adoption of emerging technology, supplying a conducive surroundings for the substantial deployment of IoT analytics answers.

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IoT Analytics Market Insights

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