IoT Analytics Market worth to be USD 27.8 billion by 2022

(IT-NEWSWIRE.COM, February 18, 2020 ) MarketsandMarkets™ forecasts a new market research report on the global IoT Analytics market size is estimated to be USD 7.19 billion in 2017 and is projected to reach USD 27.78 billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 31.0%. The significant need to analyze the large volumes of data being generated from sensor-enabled devices and incorporate the analysis into a Graphical User Interface (GUI) for easy visualization without any delays and the necessity to proactively respond to changing business-related conditions, improve operations, and enhance customer interactions in real time are fueling the growth of the IoT Analytics market.

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Among the industry verticals, the manufacturing industry vertical is expected to have the largest market share in the IoT Analytics market. IoT Analytics innovates manufacturing processes, improves interoperability across a large set of assets, and links machines, products, computers, people, and analytical resources into a single ecosystem. Manufacturing companies in the heavy machinery and construction, industrial machinery, oil and gas, and transportation and logistics areas have already deployed or are planning to deploy IoT devices for effective utilization of their assets from remote locations and for enhancing the asset lifecycle. In the era of the Industry 4.0 revolution, manufacturing organizations are rapidly moving toward predictive maintenance solutions. The healthcare and life sciences industry vertical is expected to grow at highest rate during the forecast period, owing to increased deployment of IoT devices for remote patient monitoring and asset management.

The cloud deployment model is expected to witness high growth rate in terms of IoT Analytics adoption, due to growing demands for improved service and cost-effectiveness, and increasing needs of organizations to keep track of operational processes to maintain productivity. Cloud-based IoT Analytics helps organizations reduce costs and IT complexities. It also improves business agility and increases collaborations by shared services. Other factors that are likely to drive the demand for cloud deployment are cost-effectiveness, ready availability, and better visibility of data.

North America, owing to early technological adoption and the presence of many IoT Analytics solution providers, is expected to maintain its regional dominance during the forecast period. The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, due to the ongoing technological advancements and increasing adoption of IoT Analytics software and services in this region.

The major vendors providing AoT software and services are IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), SAP SE (Germany), Cisco Systems, Inc. (US), Dell Technologies, Inc. (US), Google, Inc. (US), Amazon Web Services, Inc. (US), Hewlett Packard Enterprise Company (US), and PTC, Inc. (US).

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IoT Analytics Market worth to be USD 27.8 billion by 2022