Internet of things (IoT) analytics helps user by auto-generating operative and functional data with generation of intelligent analytics. Owing to its benefits including better efficiency, reduced operational costs and infrastructural optimization these technologies witnessing increased adoption of IoT based technologies.
Rapid growth in IoT adoption and collaborations between involved cutting edge systems for delivering its business applications are fuelling demand for Platform as a Service (Paas), to the large extent it is aiding implementation of IoT.
During the forecast period the global IoT analytics market is expected to exhibit an ever-growing 16.2% CAGR by 2017-2025 as per recent published report by RRI.
RRI’s report also projects increased global IoT analytics market from US$ 19,415 Mn in 2017 to surpass US$ 60,000 Mn by 2025-end. The emergence of niche players in IoT market and their collaborations in cutting edge technology exhibiting continuous launching of IoT analytics offering.
IoT Analytics Market Segmentations:
- By Components: Software, Services;
- By Deployment Type: On-Premise, SaaS;
- By Verticals: Healthcare, Retail, Transportation & Logistics, Government, Manufacturing, IT & Telecom, Energy & Utilities, Others
Software to be the Most Striking Piece of IoT Analytics by 2025-End
Revenue accumulated from software component of IoT analytics will exceed US$ 10,000 Mn in 2017. This number is projected to reach nearly US$ 40,000 Mn by 2025 end. Also, the service components involved in IoT analytics are projected to witness fastest development at over 20% CAGR through 2015. Seemingly software to be the most lucrative segment of IoT analytics by 2025 end.
North America resumes the highest share of the market with revenue around US$ 50,000 Mn by 2025 and estimated to exhibit highest CAGR in the global IoT analytics market. In addition, Europe is expected to account for 10% market share amongst other IoT analytics market which will allow it to stand second in global IoT analytics market by 2025.In opposition to, Middle East and Africa (MEA) region will register a comparatively lowly CAGR during the forecast period in the market.
Onsite Application Deployment of IoT Analytics to create an Incremental Opportunity of US$ 27,278 Mn through 2017- 2025
IoT Analytics on- premise deployment will remain sought-after in the market. Being a prominent implementation activity this deployment type service segment is estimated to make an uplifted opportunity to witness over US$ 27,278 Mn by 2017-2025 end. Additionally, Saas will remain be the fastest growing deployment type of IoT analytics which will be expanding with 18.5% through 2025.
Global healthcare will remain the largest leading vertical for global IoT analytics market as the effect the retail is expected to witness fastest growth for IoT analytics. The healthcare alone is expected to account for above 70% market value share during the forecast period through 2025. The second highest CAGR in the market is expected to hit by transportation and logistics sectors. Adjacently, Energy and Utilities vertical in IoT analytics will countersign a comparatively low CAGR through the forecast period.
Rigorous acceptance of IoT Analytics in Healthcare Sector to Uplift Market Growth in North America
In North America number of IoT applications and connected devices witnessing an uplift owing to noticeable demand for IoT Services. The IoT domainadvancement and biddingbetween involved key players for development of service platforms will result in to better forecasting, management and optimization of business operational processes. This further devotes in improving profitability, efficiency as well as resolving pitfalls. North America witness predominant adoption of IoT analytics by healthcare sector attributed to number of pros such as adoption of customized IoT digitalized solution hastens the collection of patient history data for record, population numeric data, health survey data and various other databases. Such factors are projected to drive demand for IoT analytics in North America.
In Europe large number of techno projects utilizing data sets and IT tools by enterprises. The IoT Analytics is readily acceptable for large enterprises which possess adequate capital and data support system. Leading enterprises are investing huge capital in tools requirement of IoT analytics and their implementation. Through the forecast period above features are expected to gain the market.
Key market players identified in RRI’s report include IBM Corporation, Microsoft Corporation, Intel Corporation, Cumulocity GmbH, Tableau Software, Cisco System Inc., Oracle Corporation, Aeris Communication, Accenture PLC.