The global IoT analytics market is forecast to reach USD 109.81 Billion by 2028, according to a new report by Reports and Data. IoT analytics is the application for analyzing the data generated from the connected IoT devices. The growing adoption of IoT devices from different industries for sharing of data and enhancing their productivity with real-time monitoring is driving the global IoT analytics market.

Governments across the globe are investing highly in the development of smart cities, which is also increasing the demand for IoT devices, and with the rise in the number of IoT devices, the need for analysis of data is also required to predict the demand of the users. Benefits of IoT analytics is that it can analyze the productivity of the machines and can also track the issues in a particular part or equipment of the devices. 

Retail shops and hospitals are using IoT analytics to predict and understand the customers or patients’ behaviors and plan a strategy accordingly to engage the customers. The IoT analytics are used in industries such as e-commerce, healthcare, retail, manufacturing, and others by analyzing the functionality of the systems or products from the data generated from these systems or devices.

Key participants include Microsoft Corporation, IBM, Cisco, Amazon Web Services, Oracle, Dell Technologies, Hitachi, Salesforce.Com, PTC, Mnubo, and Google, among others.

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Further key findings from the report suggest

• Software component held a market share of 58.9% in the year 2018. Companies are using IoT analytics software tools to track the performance of devices/machinery, provide predictive maintenance recommendations, and have a better understanding of the unique data related to their devices such as motion, temperature, and sound.
• Predictive analytics is forecasted to hold 50.6% of the market share in 2026. The IoT analytics model capture relationships among several factors to assess the risk associated with a set of conditions.
• Large enterprises held a larger market share of 63.2% in the year 2018. Large enterprises have several operating units, and IoT analytics helps these enterprises to integrate historical and real-time data.
• The deployment of IoT platform on cloud offers flexibility, high intensity, and sharing Cloud is forecasted to hold a market share of 60.4% in the year 2026. The amount of data generated from the implementation of IoT is massive, and it demands sophisticated internet infrastructure to store and analyze data due to which cloud-based sector is gaining traction.
• IoT analytics is gaining significant traction in the retail sector with the boom in e-commerce and an increase in the number of supermarket and hypermarkets. Increase in disposable income and change in the standard of living are also propelling market growth.
• North America held the largest market share of 33.5% in the year 2018. The region has the most established and promising sectors such as retail, manufacturing, healthcare, and e-commerce, among others. Growth of these industries and increasing application of the internet in these sectors are driving the market for IoT analytics.

Market Segmentation:

Component Outlook (Revenue: USD Billion; 2018-2028)

• Software
• Services

Analytics Time Outlook (Revenue: USD Billion; 2018-2028)

• Predictive Analytics
• Prescriptive Analytics
• Descriptive Analytics

Organization Size Outlook (Revenue: USD Billion; 2018-2028)

• Small and Medium enterprises
• Large Enterprises

Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)

• On-Premises
• Cloud

End Users Outlook (Revenue: USD Billion; 2018-2028)

• Retail
• Manufacturing
• Healthcare
• Government and Defense
• Energy and Utilities
• Transportation & Logistics
• Telecommunications & IT
• Others

Key Regional Markets Covered in the Report:

• North America
  • S.
  • Canada
  • Mexico
• Europe
  • Russia
  • K.
  • Germany
  • France
  • BENELUX
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • A.E.
  • Israel
  • Rest of Middle East & Africa

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Key Advantages of IoT Analytics Market Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the IoT Analytics industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the IoT Analytics Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

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