The data generated from the connected devices requires the implementation of analytical tools to be utilized for decision making. The rising adoption of IoT is expected to generate demand for analytics of things over the next few years. In the report circulated by Market Research Future (MRFR), the global analytics of things market is expected to strike 28.6% CAGR over the forecast period. In terms of revenue, the valuation of the market is expected to reach USD 34.61 by 2025.
The rising adoption of IoT in enterprises to increase efficiency has paved the way for the adoption of analytics of things. In addition, the rising developments in advanced analytics are also poised to drive the growth of the analytics of things market in the near future.
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The type-based segments of the analytics of things market are – predictive analytics, descriptive analytics, and prescriptive analytics.
The segmental analysis of the analytics of things market, based on component, covers software and services.
On the basis of vertical, the analytics of things market has been segmented into telecommunications and IT, transportation and logistics, manufacturing, healthcare and life sciences, government and defense, energy and utilities, retail and e-commerce, and others.
The segmentation of the analytics of things market, based on application are remote monitoring, sales and customer management, energy management, predictive maintenance and asset management, inventory management, building automation, security and emergency management, IT infrastructure management, and others.
The regional assessment of the global analytics of things market is conducted in this MRFR report. It includes detailed geographical segmentation of the market into – South America, Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), and North America. A further detailed analysis of these regions is included on the basis of country-level markets. North America is projected to drive the growth of the analytics of things market. The region is observing a large-scale adoption on internet of things. Increasing data from the connected devices is anticipated to drive the growth of Analytics of Things Market Size in the region over the next couple of years. Led by the U.S., the country-level markets in the regional segments include the US, Canada, and Mexico.
Asia Pacific is anticipated to register a relatively higher growth rate in the years to come. Increasing demand for advanced analytics is expected to become the growth driver of the analytics of things market in the region. Also, the rapidly developing IoT industry in the region is poised to accelerate data generation in the near future. This, in turn, is expected to catapult the regional analytics of things market on upward trajectory. The digitization of industries such as manufacturing, telecommunications and IT, transportation and logistics, retail and e-commerce, healthcare and life sciences, and government and defense is expected to unleash developmental opportunities for the market players.
Hewlett Packard Enterprise Company (US), Dell Technologies, Inc. (US), Cisco Systems, Inc. (US), Google, Inc., (US), Salesforce.com, Inc. (US), Greenwave Systems (Singapore), Amazon Web Services (US), Teradata Corporation (US), Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), Hitachi, Ltd. (Japan), SAP SE (Germany), PTC (US), and MNUBO (Canada) are some of the major participants of the global analytics of things market. These players mainly capitalizing on the technological developments to stay ahead of the curve. The key players are also poised to invest in growth approaches such as product launch, portfolio development, and regional expansion. The competitive landscape of the analytics of things market is lucrative enough for the entry of new players. In addition, some of the inorganic growth methods to be used by these players are – collaborations, strategic alliances, mergers & acquisitions, agreements, partnerships, etc.
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