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The IoT analytics market share is expected to increase by USD 49.04 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 27.48%.
This IoT analytics market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers IoT analytics market segmentation by component (software and services), end-user (manufacturing, retail, healthcare, telecommunication and IT, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America). The IoT analytics market report also offers information on several market vendors, including Accenture Plc, Aeris Communications Inc., Amazon.com Inc., Cisco Systems Inc., Dell Inc., Hewlett Packard Enterprise Co., Hitachi Ltd., Intel Corp., International Business Machines Corp., IoT Analytics GmbH, Micro Focus International Plc, Microsoft Corp, Oracle Corp., PTC Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Software AG, and Teradata Corp. among others.
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The need to improve business efficiency is notably driving the IoT analytics market growth, although factors such as sluggish connectivity for IoT devices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the IoT analytics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Internet of Things Analytics Market Driver
One of the key factors driving growth in the IoT analytics market is the need to improve business efficiency. The increase in the number of connected devices in industries has led to massive amounts of data generation. Businesses have realized that they can use this data to optimize costs, deliver better services, and boost revenue. They have sensed opportunities to change business models. Companies are introducing automation and flexible production techniques in manufacturing to enhance their productivity. IoT analytics with a substantial amount of data leads to enhanced business productivity using several predictive mechanisms and risk-averting models. It helps companies create new growth opportunities and entirely new categories of products and services by a reduction in errors and failure rates. To implement these technologies in the industrial framework, there is a pressing need to establish a seamless connection for efficient communication among machines, systems, and people. Thus, IoT analytics has become a strategic priority for several industrial organizations contributing to the growth of the market in focus.
Key Internet of Things Analytics Market Trend
The increasing use of IoT analytics in healthcare is an IoT analytics market trend that is expected to have a positive impact in the coming years. The global healthcare industry is growing in popularity owing to the presence of skilled healthcare professionals and doctors, as well as the availability of low-cost treatments in APAC. India, the US, China, Thailand, Brazil, Singapore, Malaysia, the Philippines, South Korea, Hungary, Mexico, Colombia, Costa Rica, Belgium, and Turkey are the key centers of medical tourism. To get meaningful insights from big data, IoT analytics is required. In addition, IoT analytics tools help in the diagnosis of complex diseases. Thus, organizations in the healthcare sector have started applying descriptive and predictive analytics to develop clinical and operational insights. Many medical research companies in developed economies are spending ample resources on research and development (R&D) activities to innovate their product range and techniques used for treatments. IoT analytics help in prompt decision-making during the R&D process. Hence, the demand for IoT analytics in healthcare is expected to increase.
Key Internet of Things Analytics Market Challenge
The sluggish connectivity for IoT devices will be a major challenge for the IoT analytics market during the forecast period. Connected devices consume more power and bandwidth on Internet networks, especially in the transportation and telecom sectors. However, providing seamless connectivity to IoT devices remains a challenge. Connecting multiple devices at the same time requires high bandwidth to transfer data between servers and smart devices. IoT-enabled vehicles require expensive Internet connections with high bandwidth to manage multiple devices and sensors over the Internet network. Accessing terabytes of data from cloud-based storage systems requires efficient IT systems that are free from networking blockages. Any connectivity issues in the infrastructure can hinder business performance. Cloud-based networking infrastructure is hosted in remote locations leading to issues such as low bandwidth. Such factors will hinder the growth of the global IoT analytics market.
This Internet of things (IoT) analytics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global Internet of Things (IoT) analytics market as a part of the global application software market within the global information technology (IT) software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the Internet of things (IoT) analytics market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the IoT analytics market encompasses successful business strategies deployed by the key vendors. The Internet of things (IoT) analytics market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
amazon.com - The company offers Internet of things analytic solutions which make data-driven clinical and operational decisions, enable precision medicine and decrease the cost of care.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The IoT analytics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our report provides extensive information on the value chain analysis for the Internet of things (IoT) analytics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Component
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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