The globalIoT Analytics Marketwas valued at USD 10.0 billion in 2022. It is projected to reach USD 74.51 billion by 2032, with a compound annual growth rate (CAGR) of 25% during the forecast period. Various industries, such as manufacturing, healthcare, and retail, are experiencing an increasing demand for IoT analytics. In the industrial sector, IoT analytics are being utilized to enhance supply chain efficiency and optimize production operations.
The healthcare industry is using IoT analytics to monitor patients in real-time and provide personalized care. In the retail industry, IoT analytics are being employed to improve customer experience through personalized recommendations and enhanced inventory control.
The growth of this market is also being driven by the rising need for predictive and prescriptive analytics. Prescriptive analytics builds upon predictive analytics by suggesting actions to achieve desired outcomes. It leverages historical data to identify trends and predict future events. These analytics technologies are being increasingly adopted in sectors such as manufacturing, healthcare, and energy to enhance productivity and reduce costs.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in RD activities are expected to boost market growth during the forecast period.
Competitive Landscape:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- Amazon Web Services, Inc.
- SAS Institute Inc.
- Intel Corporation
- Cisco Systems, Inc.
- Accenture plc
- TIBCO Software Inc.
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The global market is further segmented into type and application:
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
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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