Internet Of Things Analytics Market Growth & Trends
The global Internet of Things analytics market size is expected to reach USD 136.14 billion by 2030, according to a study conducted by Grand View Research, Inc., registering a CAGR of 24.8% from 2024 to 2030. Soaring need for advanced technologies and cost-effectiveness is augmenting the adoption of analytics of things. IoT analytics allow users to get just-in-time information. Generation of useful data has become easy due to high-tech sensor collaborations. Extracted data can be used by enterprises for making better real-time decisions.
Ease of deployment and reduced costs of components are further escalating the adoption of analytics of things. Internet of things (IoT) analytics is used for various applications such as building automation, infrastructure management, and security management. It also facilitates analysis of massive amounts of data generated by IoT. It helps in connecting, managing, transforming, aggregating, and processing data and providing real-time insights. The solutions offer benefits such as cost optimization, scalability, and real-time reviewing to enterprises. These factors are estimated to provide a significant push to the market over the forecast period.
Presence of a strong wireless network and burgeoning data generated by IoT in developed regions, including North America, are facilitating widespread adoption of IoT analytics. Hence, the regional market is expected to experience considerable growth over the forecast period. Additionally, domicile of prominent companies such as Google; Cisco Systems, Inc.; Hewlett Packard Enterprise Development LP; and Microsoft is poised to boost growth prospects of the market.
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Internet Of Things Analytics Market Report Highlights
- The solutions segment dominated the market and accounted for a revenue share of 70.5% in 2023.
- Small and medium-sized enterprises (SMEs) segment accounted for the largest revenue share in 2030. IoT analytics empowers SMEs with customized approaches to delivering effective solutions and process optimization capabilities.
- The cloud deployment segment accounted for the largest market revenue share in 2023. Cloud-based computing and data analytics have increased the need for data management and analysis.
- The descriptive analytics segment dominated the global industry in 2023. Descriptive analytics help businesses interpret and comprehend the real-time data generated by IoT-connected devices.
- The predictive maintenance segment accounted for the largest market share in 2023. With the rising inclination towards the adoption of modern technology, sensors have become crucial for enabling real-time data collection from numerous systems and locations.
- The manufacturing sector accounted for the largest revenue share in 2023. IoT analytics applications in manufacturing businesses result in improved customer service, enhanced product quality, and increased production efficiency.
- North America Internet of Things analytics market dominated the global industry with a revenue share of 33.6% in 2023.
Internet Of Things Analytics Market Segmentation
Grand View Research has segmented the global Internet of Things analytics market on the basis of component, organization size, deployment, application, type, end use, and region:
Internet Of Things Analytics Component Outlook (Revenue, USD Million, 2018 - 2030)
- Solution
- Services
Internet Of Things Analytics Organization Size Outlook (Revenue, USD Million, 2018 - 2030)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Internet Of Things Analytics Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- On-Premises
- Cloud
Internet Of Things Analytics Application Outlook (Revenue, USD Million, 2018 - 2030)
- Energy Management
- Predictive Maintenance
- Asset Management
- Inventory Management
- Remote Monitoring
- Others
Internet Of Things Analytics Type Outlook (Revenue, USD Million, 2018 - 2030)
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
Internet Of Things Analytics End Use Outlook (Revenue, USD Million, 2018 - 2030)
- Manufacturing
- Energy & Utilities
- Retail & E-commerce
- Healthcare & Life Sciences
- Transportation & Logistics
- IT & Telecom
- Others
Internet Of Things Analytics Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Middle East and Africa (MEA)
- South Arabia
- UAE
- South Africa
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