The IoT analytics market has been esteemed at USD 9.1 billion in 2018 and required to develop at a CAGR of 24.63% by 2030, to arrive at USD 92.46 Billion by 2030. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Key Boosters and Primary Challenges
With the rising uncertainty due to the COVID-19 outbreak, the global economy is not in the state to deal with a long-term lockdown. Meanwhile, businesses worldwide are trying to cut costs and are adopting digitization as the only way to ensure uninterrupted operations. Sadly, SARS-CoV-2 has also led to downsizing and cutting down of staff. The main focus of businesses has been on finding ways that can help them continue with the workflow, and this is where IoT analytics has emerged as a prominent solution. Data shows that the since the advent of the novel coronavirus, there has been increased spending on IoT analytics solutions, be it manufacturing, healthcare or retail and e-commerce.
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Healthcare professionals are on the lookout for ways to cater to every patient while also addressing the challenges of the pandemic. Telemedicine seems to be gathering momentum in these times, with more and more medical workers pre-screening people via apps. Likewise, the retail and e-commerce sector are increasingly adopting IoT analytics to analyze the customer’ behavior to strategize ways to keep them engaged. In a way, COVID-19 is proving to be a lucrative opportunity for the IoT analytics market, given the rising use across diverse industries for various applications.
The global market also profits from the escalating demand for smart TVs, smart watches, smart toys, smart appliances and smart speakers and the consequent increase in the data volume, which boosts the need for IoT analytics. Since the advent of SARS-CoV-2 and the curfews following it, smart payment technologies have noted a dramatic rise in order to reduce human contact and the work from home model has also observed a sharp uptake among business, which can be favorable for the IoT analytics market in the long run. Given the surge in working from home model, leading innovators are launching new products that can help homebound employees to work better and more efficiently.
For instance, in July 2020, TDK Corporation launched InvenSense SmartBug, which is a wireless compact multi-sensor device that has a number of consumer and commercial IoT applications. SmartBug effectively gathers intelligent multi-sensor information and comprises pressure, magnetometer, humidity, ultrasonic and temperature sensors along with high-precision algorithms.
- Google Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Brighterion Inc. (U.S.)
- Facebook (U.S.)
- and Qualcomm (U.S)
- Salesforce (U.S.)
- Infosys (India)
- Sentient Technologies (U.S.)
- Kensho Technologies Inc. (U.S.)
- On Premise
- On Cloud
- Predictive Analytics
- Prescriptive Analytics
- And Descriptive Analytics
- Energy Management
- Predictive Maintenance and Asset Management
- Inventory Management
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The geographic analysis of the global IoT analytics market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America can soon emerge as the biggest gainer in the IoT analytics market, due to the well-developed industries, such as manufacturing, retail and eCommerce, telecommunications & IT and healthcare & life sciences. The high prevalence of smart factories and smart homes prompts vendors to build advanced technology and solutions that are compatible with IoT analytics. Microsoft Corporation (US), Oracle Corporation (US) and IBM Corporation (US) are some of the market leaders in the region that are constantly innovating and launching or collaborating to gain higher traction in the region. To cite an instance, in July 2020, IBM Corp. collaborated with Verizon Communications Inc. to boost the development of 5G powered IoT analytics that can enhance worker safety, production quality as well as operations within the industrial sector.
The highest expansion rate will be attained by the APAC market in the coming years, mainly because of the fast-expanding IT infrastructure, rising use of IoT devices as well as cloud solutions across various industries that has led to massive data generation. The growing need to analyse the increasing data volume across sectors has catapulted the demand for IoT analytics in the APAC market. Besides, the increasing technological innovations and the surge in digitization in India and China can also ensure steady demand for IoT analytics in major industries such as utilities, healthcare, and more.
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