IoT Analytics Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2022
“The factors that are playing a major role in the growth of market are growing need for enhanced analytics and automation and the marvelous growth of IoT.�
The Global IoT Analytics market is estimated to grow at a significant CAGR of 33.39% over the forecast period as the scope and its applications are rising enormously across the globe. IoT Analytics is a technology of data analysis that helps industries or organizations to understand Internet of Things (IoT) data at their disposable, with an aim toward improving business operations, reducing maintenance cost, and avoiding equipment failures. The factors that are playing a major role in the growth of market are growing need for enhanced analytics and automation and the marvelous growth of IoT. However, data privacy and security concerns may restrain overall market growth in the years to come. IoT analytics market is segmented based on analytics type, component, deployment model, organization size, end user, application, and region. Descriptive analytics, predictive analytics, and prescriptive analytics are the analytics type that could be explored in IoT analytics in the forecast period. Descriptive analytics sector is estimated to grow at significant CAGR in the years to come, as rising acceptance of digital technologies and analyzing past data. Support and maintenance, software, consulting services, services, and other components could be explored in IoT analytics in the forecast period. Software sector comprises network management, sensor data analytics, and IoT gateway analytics. Whereas, services sector comprises professional services and managed services. Cloud and on-premises are the two different deployment modes that could be explored in IoT analytics in the forecast period. Cloud deployment model accounted for a significant market share of IoT analytics and is estimated to continue its dominance in the years to come.