In a recent published report, Kenneth Research has updated the market report for IoT Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IoT Analytics Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on IoT Analytics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The IoT Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
The Global IoT Analytics Market was valued at USD 5.56 billion in 2016 and is projected to reach USD 65.6 billion by 2025, growing at a CAGR of 31.54% from 2017 to 2025.
Internet of Things analytics (IoT analytics) refers to analyzing and examining the data obtained by the Internet of Things. Sensors, network end devices and other data storing and transmitting equipment are the key components of collection of Internet of Things data, upon which analysis is performed. Internet of Things analytics provides new solutions and business model, can be used for current as well as the new customers, process efficiency, outage management, predictive management, optimizing production, processes, costs, and inventory.
1. Market Drivers
1.1 Emergence of edge analytics
1.2 Advancements in PaaS
1.3 Increasing IoT data
1.4 Rising demand for advanced analytics and automation for businesses
2. Market Restraints
2.1 Poor real-time algorithms
2.2 Issues with ownership and control of IoT data
2.3 Concerns related to security and privacy
2.4 Rising heterogeneous data processing
The Global IoT Analytics Market is segmented on the analytics type, organization size, component, deployment model, application, vertical, and region.
1. Analytics Type:
1.1 Descriptive analytics
1.2 Predictive analytics
1.3 Prescriptive analytics
2. Organization Size:
2.1 Large Enterprises
2.2 Small and Medium Organizations
3. By Component:
3.2.1 Managed services
3.2.2 Professional services
22.214.171.124 Support and maintenance services
126.96.36.199 Consulting services
4. By Deployment Mode:
5. By Application:
5.1 Remote monitoring
5.2 Energy management
5.3 Inventory management
5.4 Sales and customer management
5.5 Building automation
5.6 Predictive maintenance and asset management
5.7 Security and emergency management
5.8 IT infrastructure management
6. By Vertical:
6.2 Government and Defense
6.3 IT and Telecom
6.4 Banking, Financial Services, and Insurance (BFSI)
6.5 Travel and Hospitality
6.6 Retail and e-commerce
7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
The major players in the market are as follows:
1. Cisco Systems
2. IBM Corporation
7. Dell Technologies
9. Amazon Web Services
14. Greenwave Systems
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global IoT Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the Research Methodology of Verified Market Intelligence and other aspects of the research study, kindly get in touch with our sales team
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