The global analytics of things or internet of things (IoT) analytics market size is projected to value at USD 57.3 billion by 2025, as per a new report published by Million Insights, registering a CAGR of 29.7% from 2017 to 2025. The rising demand for cost-effectiveness and advanced technologies are surging the demand for analytics of things. These solutions enable users to access real-time information. Deployment of useful data has turned out to be easier owing to high-tech sensor integration. The use of extracted data helps enterprises to make timely decisions.
Cost reductions of components and ease of deployment are also stimulating the use of analytics of things. IoT analytics can be used for several applications like infrastructure management, security management, and building automation. It further caters to the analysis of large volumes of data extracted by IoT. Moreover, it enables connecting, transforming, processing, aggregating, and managing real-time insights. The analytics of things solutions provide benefits like scalability, real-time reviewing, and cost optimization to businesses. These factors are expected to stimulate the internet of things analytics market over the projected period.
The presence of burgeoning data and strong wireless network created by IoT in regions like North America are catering to extensive use of IoT analytics. Therefore, the region is anticipated to witness significant growth in the upcoming years. Moreover, the domicile of established companies like Cisco Systems, Inc.; Google; Microsoft; and Hewlett Packard Enterprise Development LP is expected to accelerate the regional market growth.
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Further key findings from the report suggest:
• The healthcare & life sciences vertical segment is expected to register a share exceeding 12.5% of the total revenue till 2025 due to solutions offering timely signals to doctors and help in attaining actionable insights and data monitoring.
• SMEs are expected to emerge as the most lucrative organization division over the projected period due to the rising competition and the preference for the latest technologies for time and cost management.
• The cloud segment is expected to lead the IoT analytics market registering a CAGR of over 30.0% from 2017 to 2025. The growth can be imputed to its 24/7 accessibility, lower maintenance costs, and are gaining traction.
• North America was the highest revenue contributor in 2016 due to the existence of leading market participants and the adoption of the technology in the early stage.
• The key players include Amazon Web Services, Inc. (AWS); Google; Cisco Systems, Inc.; Greenwave Systems; Hewlett Packard Enterprise Development LP; International Business Machines (IBM); and Hitachi, Ltd.
Million Insights has segmented the global analytics of things market based on verticals, organization sizes, deployments, and regions:
Analytics of Things Vertical Outlook (Revenue, USD Million, 2014 - 2025)
• Energy & Utilities
• Retail & E-commerce
• Healthcare & Life Sciences
• Transportation & Logistics
Analytics of Things Organization Size Outlook (Revenue, USD Million, 2014 - 2025)
• Small & Medium Enterprises (SMEs)
• Large Enterprises
Analytics of Things Deployment Outlook (Revenue, USD Million, 2014 - 2025)
Analytics of Things Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa