Global Internet of Things (IoT) Analytics Market to Reach $40.6 Billion by 2024
SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Internet of Things (IoT) Analytics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: May 2021
Executive Pool: 127428
Companies: 65 - Players covered include Accenture Plc; AGT International; Amazon Web Services Inc.; Capgemini SE; Cisco Systems Inc.; Dell Technologies Inc.; GE Digital; Google LLC; Greenwave Systems Inc.; IBM Corporation; Microsoft Corporation; Nokia; Oracle Corporation; PTC Inc.; Salesforce.com Inc.; SAP SE; Siemens AG; Teradata Corporation and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Deployment (On-Premise, Cloud); End-Use (Manufacturing, Retail & eCommerce, Transportation & Logistics, Healthcare & Life Sciences, Energy & Utilities, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Internet of Things (IoT) Analytics Market to Reach $40.6 Billion by 2024
Data has long been a critical corporate asset, but only now it is being monetized by analytics to stay ahead of competition. With the cost of creating, aggregating, assimilating, storing, and accessing data continuously declining, analytical methods and tools are becoming ubiquitous and in the coming years are poised to become indispensable. Analytics is therefore becoming a corporate strategy and a monetization strategy to develop scalable insights and capabilities that drive competitive advantage. Enterprises across the world, large and small, are going through analytics transformation supported by undisputable evidence that links the analytics capability with high business performance and competitiveness.
In the emerging world with more machines than people, IoT is poised to takes the center stage. As the fastest growing man made phenomenon, the rise of the machines is expanding the addressable market opportunity for IoT. The growth of machines especially mobile devices is continuing spiral at rates 5 times faster than population growth. Mobile devices like smartphones, tablets and other hand held devices and IoT devices that communicate with other machines are witnessing the highest growth. Other machines include smart meters, cars, industrial equipment etc. Today, over a large portion of IoT activity is centered in manufacturing, transportation/logistics, smart city/utility and consumer applications. Over the next two years demand response, distributed energy generation and storage, smart meters, and fleet management will emerge as largest IoT spending categories. Applications with medium-term potential include automated inventory management, and predictive equipment maintenance.
Amid the COVID-19 crisis, the global market for Internet of Things (IoT) Analytics is projected to reach US$40.6 Billion by 2024, registering a compounded annual growth rate (CAGR) of 28.6% over the analysis period. The United States represents the largest regional market for Internet of Things (IoT) Analytics, accounting for an estimated 35.0% share of the global total. The market is projected to reach US$17 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 32.8% over the analysis period. Against the backdrop of IoT sweeping through myriad industries and continuing to attract more and more investors, the focus in now shifting to delivering on ROI. Currently, the main objective and focus of companies adopting IoT is monetizing the technology and ensuring ROI on investments sunk into IoT projects. Theoretically IoT can offer benefits and deliver ROI by saving costs, creating new revenue models, enabling disruptive innovations, reducing inefficiencies, enhancing operational efficiencies, and reducing time to market. However, realization of these benefits is largely dependent upon appropriate implementation and utilization of data generated by IoT connected devices. The steady stream of real time data generated by networked machines and processes generates IoT big data which companies need to aggregate, store, filter, and analyze to generate useful insights. These massive volumes of big data generated by IoT accelerate the criticality of data management technologies to create real world IoT benefits.
Given that the primary reason behind the implementation of IoT is to integrate and automate business processes, a goal which cannot achieved without translating IoT's digital data into meaningful insights, businesses are finding ways to monetize the IoT data cache. It is in fact the only way to realize ROI from IoT investments. Given the magnitude of the digital data generated by connected IoT devices, the success of IoT deployments hinges on the ability to analyze and process this raw data into information and meaningful insights. With data analytics becoming more mainstream, IoT deployment and IoT analytics will witness a boost with more number of companies wanting to validate ROI gains on their IoT CAPEX. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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