IoT Analytics Market Detailed Analysis Covering Major Industry Factors
Posted by Ashish on December 15th, 2020
The Analytics of Things (AoT) market is rapidly growing owing to the tremendous growth of Internet of Things (IoT) data and the need for advanced analytics and automation for businesses. The global AoT 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 manufacturing industry vertical to have the highest market share during the forecast period
Among industry verticals, the manufacturing industry vertical is expected to continue to have the highest market share during the forecast period. Manufacturing companies from heavy machinery and construction, industrial machinery, oil and gas, and transportation and logistics are using AoT for effective utilization of their assets from remote locations and to enhance their life cycle. In the era of Industry 4.0 revolution, the manufacturing organizations are rapidly moving toward predictive maintenance solutions, especially cloud-based solutions. The latter has seen tremendous adoption among Small and Medium-Sized Enterprises (SMEs) also. Manufacturers have the chance to monetize the insights obtained from the IoT-generated data. AoT innovates manufacturing processes; improves interoperability across a large set of assets; and links machines, products, computers, people, and analytical resources into a single ecosystem.
The cloud deployment model to grow at a higher CAGR during the forecast period
The cloud-based deployment models are witnessing a higher demand than on-premises models due to their cost-effectiveness and easy availability. Cloud-based solutions require little setup cost, incur low maintenance costs, and provide 24/7 accessibility from any time, anywhere. Due to advancements in cloud technologies and increase in data generation from various constituents and customers, cloud-based deployments are expected to exceed on-premises deployments.
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North America to constitute the largest market size during the forecast period
In terms of market size, North America is expected to continue its dominance throughout the forecast period. Early adoption of new and emerging technologies and a large number of AoT vendors in the region would help consolidate the majority of revenues in the market. Exponential growth in data gathered through IoT devices, stringent laws and policies for safeguarding data, and the presence of 2 major economies – the US and Canada, in the region are the factors contributing to the largest market size of the North America AoT market among all regions.
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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About the AuthorAshish
Joined: September 20th, 2019
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