Global Analytics of Things Market Research Report: Information by Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), Application (Sales and Customer Management, Predictive Maintenance and Asset Management, Energy Management, Inventory Management, Security and Emergency Management, Building Automation, IT Infrastructure Management, Remote Monitoring, and Others), Component (Software and Services), Vertical (Telecommunications and IT, Manufacturing, Transportation and Logistics, Healthcare and Life Sciences, Retail and E-commerce, Government and Defense, Energy and Utilities, and Others), Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2025
Market Research Future (MRFR), in its newly available research report, states that the global Analytics of Things market 2020 is booming and expected to grow exponentially over the review period, reaching a substantial market valuation of USD 34.61 billion by 2025, and a healthy 28.6% CAGR in the forecast period.
Drivers and Restraints:
The tremendous growth of IoT data and the need to analyze it is a factor which boosts the market growth. The increasing need for advanced analytics also boosts the market for analytics of things. Other factors driving analytics of things are improvement in efficiency, increasing demand for IoT and demand for instant information. Moreover, by using the types of analytics of things such as prescriptive, predictive, and descriptive; the organizations can sense of the data generation, and thus can make informed decisions regarding the business. The Internet of Things (IoT) Analytics market is also influencing the growth of the the AoT market.
Increasing applications of analytics of things from the IT and telecommunication, healthcare, manufacturing, and other verticals offer lucrative opportunities to the major market players in the global AoT market. It is being used for sales and customer management, predictive maintenance and asset management, energy management, inventory management, and other such applications. However, the concern regarding data security is a factor which limits the market. the market observes many concerns about data privacy and security owing to the lack of standardized protocols. Furthermore, a proper infrastructure and a skilled workforce are obligatory to overcome the challenges faced by the AoT industry. the industry is experiencing rapid growth with technological advancements and augmented usage of internet, mobile, and social media.
Global AOT Market has been segmented based on types of Analytics of Things, component, application, vertical, and region/country.
Based on type, the global analytics of things market has been segmented into descriptive analytics, predictive analytics, and prescriptive analytics.
Based on component, the global analytics of things market has been segmented software and services.
Based on application, the global analytics of things market has been segmented into sales and customer management, predictive maintenance and asset management, energy management, inventory management, security and emergency management, building automation, IT infrastructure management, remote monitoring, and others.
Based on vertical, the global analytics of things market has been divided into telecommunications and IT, manufacturing, transportation and logistics, healthcare and life sciences, retail and e-commerce, government and defense, energy and utilities, others.
The geographical analysis of the global AoT market has been analyzed in four major regions, covering the Asia Pacific, Europe, North America, and the rest of the world (the Middle East and Africa, Latin America). North America region held the maximum market share, owing to the enterprises deploying the analytics of things solutions and services for analyzing the data from the IoT devices and sensors. For the sake of the analysis, the North American market has been segmented into the US, Canada, and Mexico. The US is expected to lead the market in North America as it is one of the most technologically innovative countries and also has implemented IoT on a large scale.
Asia-Pacific is projected to be the fastest-growing market over the review period due to the tremendous growth in the IoT data and the growing demand for advanced analytics. The regional market has been segmented into Japan, China, India, and the rest of Asia-Pacific. Due to the increasing digitalization across verticals such as telecommunications and IT, manufacturing, transportation and logistics, healthcare and life sciences, retail and e-commerce, and government and defense, the need for analytics of things is expected to increase in this region.
The key market players operative in the global AoT market as acknowledged by MRFR are Cisco Systems, Inc. (US), Hewlett Packard Enterprise Company (US), Dell Technologies, Inc. (US), Oracle Corporation (US), Google, Inc., (US), SAP SE (Germany), Amazon Web Services (US), PTC (US), Salesforce.com, Inc. (US), IBM Corporation (US), Teradata Corporation (US), Microsoft Corporation (US), Hitachi, Ltd. (Japan), Greenwave Systems (Singapore), and MNUBO (Canada)
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