Analytics of Things Market to grow at a CAGR of 28.2% during the forecast period 2017-2023 to reach an aggregrate of $23.99 billion by 2023
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Analytics of Things Market: Global Drivers, Opportunities, Trends, and Forecast to 2017–2023” (July 2017). The rising adoption of IoT-enabled devices, advancements in wireless technologies, rising use of predictive analytics across businesses, rise in efficiency of connected devices, and end-to-end automation are driving the market of AoT.
A majority of the new business processes and systems are likely to incorporate some elements of IoT. In addition, AoT is considered as critical to the success of these systems. AoT solutions are being deployed at a fast pace. With real-time analytics, improved accuracy, and improving security features, the IoT devices are becoming highly efficient data source points. Several of the early adopters of IoT and analytics have agreed to the impact of AoT in improving revenue and enhancing customer satisfaction. Analytics is also likely to play a role, wherein smart sensors make autonomous decisions with respect to execution leading to smart processes and smart products. These factors are driving the growth of the AoT market. The market is expected to grow at a CAGR of 28.2% during the forecast period 2017–2023 to reach an aggregate of $23.99 billion by 2023.
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As per Infoholic Research, IoT and analytics play a significant role in diverse industries. With the growing popularity of Industry 4.0, the manufacturing industry is about to invest heavily in IoT analytics. The healthcare industry is becoming more technology oriented, and is thus investing on IoT and analytics to differentiate itself and keep in par with modern technologies. While logistics is focused on operational efficiencies, retail players are bringing innovation to address the customer needs. Other major users are IT & Telecom, Government and Defence, and Energy and Utilities. One of the major applications is predictive and asset management.
With the help of analytics, users can be warned of a potential breakdown of the machineries and equipment. The application has significant cost advantages, and is a fast-growing application. Inventory management, remote monitoring, and sales and customer management are critical part of the operations and generate huge revenue. Thus, organizations will increasingly invest in applying AoT in such operations. Other rising applications are energy management, security and emergency management, and building automation. North America leads the AoT market in terms of market share due to the rising adoption of IoT solutions and the presence of major IoT players in the market. The market is yet to mature as few of the organizations are still unsure about the technology. Heavy and sustained investments in IoT from countries, such as India, China, South Korea, Singapore, and several Western European countries, has led to the next wave of computing and industrialization. While the Middle East & Africa would be investing with its growing economy and the oil and gas industry, Latin America would see a rising investment by IoT vendors in the next 5 years.
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“The true value of IoT lies in analytics. As the market for IoT is gradually gaining pace, IoT analytics is likely to experience an increased investment. Most of the users of IoT and analytics have spoken of it as a necessary tool to improve operational efficiencies and reduce costs. As majority of the profit driven organizations prefer low cost solutions to address business challenges, IoT analytics is likely to see an increased demand within the next 5 years.” – Kumar Avnish, Research Analyst at Infoholic Research
The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- This report not only highlights users’ conundrum (challenges and barriers to adopting AoT market) but also brings in their perspective on the AoT market. This market has been analyzed by considering the key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- The report analyzes the market as per the applications, user type, and corporate verticals.
- The report provides stakeholders’ insights and key trends (current and future) of the market.
- The report covers the major trends in the IoT and analytics market.
- The report covers the growth of the market in 14 countries across 5 different regions. The countries are either a major market or an attractive destination for investment.
- The report covers ecosystem, architecture, and benefits of AoT.