IoT analytics is the application for analyzing the data generated from the connected IoT devices. The growing adoption of IoT devices from different industries for sharing of data and enhancing their productivity with real-time monitoring is driving the global IoT analytics market.
New York, NY -- (SBWIRE) -- 10/27/2020 -- The global IoT analytics market is forecast to reach USD 70.07 Billion by 2026, according to a new report by Reports and Data. Governments across the globe are investing highly in the development of smart cities, which is also increasing the demand for IoT devices, and with the rise in the number of IoT devices, the need for analysis of data is also required to predict the demand of the users. Benefits of IoT analytics is that it can analyze the productivity of the machines and can also track the issues in a particular part or equipment of the devices.
This report includes the ongoing COVID-19 pandemic and its impact on the IoT Analytics Market. The outbreak has extensively affected the global economic landscape. The report examines the current scenario of the ever-evolving business setting and the aftereffects of COVID-19 on the market. This report takes into account the current COVID-19 impact on the economy. This outbreak has widely influenced the world economic scenario. An investigation of the evolving business sector, along with an analysis of the present and future effects, is performed.
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Companies considered and profiled in this market study
Microsoft Corporation, IBM, Cisco, Amazon Web Services, Oracle, Dell Technologies, Hitachi, Salesforce.Com, PTC, Mnubo, and Google, among others.
The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
For the purpose of this report, Reports and Data have segmented into the global IoT Analytics market on the basis of component, analytics time, organization size, deployment mode, end-users, and region:
Organization Size Outlook (Revenue: USD Billion; 2016-2026)
Small and Medium enterprises
Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)
On-Premises
Cloud
End Users Outlook (Revenue: USD Billion; 2016-2026)
Retail
Manufacturing
Healthcare
Government and Defense
Energy and Utilities
Transportation & Logistics
Telecommunications & IT
Others
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Regional Outlook (Revenue: USD Billion; 2016-2026)
North America
Europe
Asia Pacific
MEA
Latin America
Further key findings from the report suggest
Predictive analytics is forecasted to hold 50.6% of the market share in 2026. The IoT analytics model capture relationships among several factors to assess the risk associated with a set of conditions.
Large enterprises held a larger market share of 63.2% in the year 2018. Large enterprises have several operating units, and IoT analytics helps these enterprises to integrate historical and real-time data.
The deployment of IoT platform on cloud offers flexibility, high intensity, and sharing Cloud is forecasted to hold a market share of 60.4% in the year 2026. The amount of data generated from the implementation of IoT is massive, and it demands sophisticated internet infrastructure to store and analyze data due to which cloud-based sector is gaining traction.
IoT analytics is gaining significant traction in the retail sector with the boom in e-commerce and an increase in the number of supermarket and hypermarkets. Increase in disposable income and change in the standard of living are also propelling market growth.
North America held the largest market share of 33.5% in the year 2018. The region has the most established and promising sectors such as retail, manufacturing, healthcare, and e-commerce, among others. Growth of these industries and increasing application of the internet in these sectors are driving the market for IoT analytics.
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