Internet of things (IoT) analytics assists users in combining operative information with data and generation intelligent analytics. Adoption of IoT-based technologies is witnessing a surge owing to its benefits including better efficiency, reduced operation costs, and infrastructure optimization. Rapid growth in IoT-centric business application is fuelling demand for PaaS, aiding implementation of IoT to a large extent.
Global internet of things (IoT) analytics market is projected to exhibit a staggering 16.2% CAGR during the forecast period 2017 to 2025, according to a report by Persistence Market Research (PMR). PMR’s report projects revenue from global IoT analytics market to increase from US$ 19,415.1 Mn in 2017 to surpass US$ 60,000 Mn by 2025-end. This growth is primarily attributed to continuous launching of IoT analytics offerings, coupled with emergence of niche players in the market.
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Software to be the Most Attractive Component of IoT Analytics by 2025-End
Software is anticipated to be the most attractive component of IoT analytics by 2025. Revenue amassed from software component of IoT analytics will surpass US$ 10,000 Mn in 2017; by 2025 this number is estimated to reach nearly US$ 40,000 Mn. In addition, service component of IoT analytics is projected to witness fastest expansion at over 20% CAGR through 2025.
North America is pegged to hold the highest share of the market, with revenue pegged to account for around US$ 50,000 Mn by 2025. North America is estimated to exhibit highest CAGR in the global IoT analytics market. In addition, Europe is expected to account for over 10% market share, to stand second in the global market by 2025. In contrast, Middle East & Africa will register a comparatively low CAGR in the market during the forecast period.
On-Premise Deployment of IoT Analytics to Create an Incremental Opportunity of US$ 27,278.7 Mn between 2017 & 2025
On-premise deployment of IoT analytics will remain sought-after in the market. This deployment type segment is projected to create an incremental opportunity of US$ 27,278.7 Mn between 2017 and 2025. In addition, SaaS will remain fastest growing deployment type of IoT analytics, expanding at 18.5% through 2025.
Although healthcare will remain largest vertical in the global IoT analytics market, Retail is expected to witness fastest growth in demand for IoT analytics. Healthcare is projected to account for over 70% share of market value by 2025. Transportation & logistics is expected to exhibit second-highest CAGR in the market. In contrast, energy & utilities vertical for IoT analytics will witness a comparatively low CAGR during the forecast period.
Robust Adoption of IoT Analytics by Healthcare Sector to Drive Market Growth in North America
Number of connected devices is witnessing a surge owing to soaring demand for IoT services in North America. This growth of IoT ecosystem is prompting companies for developing platforms and services will result into better prediction, management and optimization of business operations and processes. This further helps in improving efficiency and profitability, and resolving threats. In addition, there has been a robust adoption of IoT analytics by healthcare sector in North America. IoT adoption, coupled with digitization helps to easily collect data for patient records, population health data, and various other databases. These factors are expected to drive demand for IoT analytics in North America.
Implementation of large number of projects utilizing IoT tools and data sets has led to a surge in demand for IoT analytics tools & technologies by various enterprises in Europe. Adoption of IoT analytics is comparatively higher among large enterprises which have data support systems and adequate capital. Significant investments are being made by leading enterprise companies in IoT analytics tools, implementation, and applications. Such factors are estimated to propel market growth in Europe by 2025-end.
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Key market players identified in PMR’s report include IBM Corporation, Microsoft Corporation, Intel Corporation, Cumulocity GmbH, Tableau Software, Cisco System Inc., Oracle Corporation, Aeris Communication, Accenture PLC.