Article by: Asst.Prof. Suwan Juntiwasarakij, Ph.D., MEGA Tech Senior Editor
The Analytics of Things (AoT), or interchangeably Internet of Things Analytics (IoT Analytics), is the application of data analytics tools and procedures to realize value from volumes of data generated by connected IoT devices. AoT suggests that analytics are necessary to make connected devices smart and for them to take intelligent actions.
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The global IoT analytics market is estimated to grow at a significant rate during the forecast period from 2019 to 2025. The geographic analysis of the global IoT analytics market has been conducted from North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is expected to dominate the IoT analytics marketing during the forecast period due the presence of various industries, such as retail and e-commerce, manufacturing, healthcare & life science, and telecommunications & IT.
Source: Mordor Intelligence
Moreover, the region has a well-developed infrastructure, which includes smart homes and smart factories, which allows companies to develop new solutions and technology. Looking closely, Asia-Pacific is expected to be the fastest-growing region during the forecast period due to the increasing development in the infrastructure, adoption of IoT device, cloud solutions, and other technology and solutions by various organization and manufacturers, which increase the data generation. Therefore, to analyze this data, there is a need for IoT analytics in the region.
Source: IoT-Analytics.com
According to Mordor Intelligence, IoT analytics market is segmented by type (solution, service), deployment (on premise, cloud), end-user vertical (agriculture, energy & utility, BFSI, retail, manufacturing, public sector), and geography. The global IoT analytics market is expected to grow from USD 9.1 billion in 2018 to USD 58.4 billion by 2025, with 30.9% CAGR during the forecast period. Various manufacturing companies are using smart sensors to collect the data from multiple work-related activities throughout the facilities, later with the help of IoT analytics are used to extract the information from data collected to improve their working efficiency. The analytics allow the users to optimize operations in the facilities, improved decision-making, and others.
Source: IoT-Analytics.com
Various manufacturing companies are using smart sensors to collect the data from multiple work-related activities throughout the facilities, later with the help of IoT analytics are used to extract the information from data collected to improve their working efficiency. The analytics allow the users to optimize operations in the facilities, improved decision-making, and others.
Here are insights drawn from four reports publicly available. The IoT potential in business applications is larger than in consumer application (55% vs. 45%). Manufacturing will supposedly be the largest segment of IoT, which potentially more than ¼ of the total IoT market. Healthcare will be another important area, which potentially between 5% and 15% of the total IoT market. However, there are vastly different opinions about the potential of public and commercial services.
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Governments’ investment is where the opportunity explodes. The increasing development of smart cities, smart homes, and smart factories are also fueling in the growth of the global IoT analytics market. Several governments globally are investing highly in the development of smart cities, which also increase the need of IoT devices. This in turn leads to the growth of the IoT analytics market. Similarly, hospitals and retail shops are using IoT analytics to understand the customers or patients’ behaviors and according plan to develop a strategy to engage the customers.