New York, NY -- (SBWIRE) -- 10/25/2017 -- Internet of things (IoT) analytics assists users in combining operative information with data and generation intelligent analytics. Adoption of IoT-based technologies is witnessing a surge owing to its benefits including better efficiency, reduced operation costs, and infrastructure optimization. Rapid growth in IoT-centric business application is fuelling demand for PaaS, aiding implementation of IoT to a large extent.
Global internet of things (IoT) analytics market is projected to exhibit a staggering 16.2% CAGR during the forecast period 2017 to 2025, according to a report by Persistence Market Research (PMR). PMR's report projects revenue from global IoT analytics market to increase from US$ 19,415.1 Mn in 2017 to surpass US$ 60,000 Mn by 2025-end. This growth is primarily attributed to continuous launching of IoT analytics offerings, coupled with emergence of niche players in the market.
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Large number of IoT-enabled smart devices quite common in the 21st century
IoT connected devices collect large amounts of data and these devices are equal in value to the critical information that they gather. The number of such devices is rising on account of the steady demand for IoT services in different sectors for various applications. Therefore, the IoT analytics market is enabling companies to create services and platforms that allow them to efficiently analyze and manage real-time information streams from diverse data sources. This allows companies to better manage, optimize, and predict business operations and processes, improve profitability and efficiency, and neutralize threats. Thus, data analytics is vital for the growth of IoT and companies are focusing their efforts on the IoT analytics market and its entire ecosystem. Companies are devising appropriate strategies to deploy and procure relevant tools that should allow the successful adoption of IoT and operation analysis in real time.
Healthcare a major vertical of the North America IoT analytics market
The IoT analytics market plays a key role in improving the efficiency of the healthcare industry. The volume of data processed by the healthcare industry is growing by leaps and bounds. The IoT analytics market provides crucial insights related to health from large amounts of data that helps in critical decision making. Digitization in the healthcare industry along with adoption of IoT technology permits seamless collection of information for patient records and databases such as population health data.
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Software complexity and lack of skilled professionals a huge challenge
One of the major restraints in the IoT analytics market is the complex software that requires highly skilled resources. Developing hardware, software, and system integration necessitate trained and specialized resources to handle data preparation, create predictive models, and integrate these into applications. The resources are either unavailable or too expensive to hire, which stifles the growth of the IoT analytics market.
Collaborations a major component of the North America IoT analytics market
To cater to the unending demand for IoT among business organizations and offer them cutting-edge technology, key players in the IoT analytics market have entered into joint ventures and partnerships with other players. Several connected device manufacturers such as Cisco Systems, telecommunication giant AT&T and tech conglomerates such as IBM Corporation have decided to offer smart solutions for the purpose of advanced data analytics. This is typically by way of IoT platforms. For e.g. – In March 2017, IBM Corp. partnered with AT&T to provide enterprise customers with industrial IoT data insights. AT&T uses IBM products such as IBM Machine learning, IBM Watson Data Platform, and Watson IoT Platform to manage devices and apps and offer insights from different sources of data. IBM Corp. also collaborated with Cisco Systems in June 2016 to provide instantaneous IoT insights at the network edge. Customers at remote, far-flung locations could be immensely benefited with these combined solutions of IBM Watson and Cisco's edge analytics that help in the better understanding of network edge critical data.