IoT applications have unleased the consumer fantasy in an unprecedented fashion in the last few years. The Analytics of Things Market is characterized by the emergence of new wireless technologies, sensors, and mobile devices which are driving IoT evolutions. However, the real business value of the IoT technology, lies in analytics. Advanced analytics can provide meaningful insights, that can transform consumer experiences, help in the development of innovative products & services, optimize operations, and enable cost savings on assets. The datasets extracted from sensors can be correlated with other data, such as social data, to yield a strong understanding of the operations or a person or a group of individuals.
IoT Analytics Platform can enable a wide range of analytics, from real-time to machine learning and cognitive to edge. Automated machine learning can be added to the quick and simple real-time monitoring for identification of anomalous behaviour. Predictive analytics can be utilised using advanced statistical modelling and historical data. For contextual insights, cognitive analytics can be applied to the unstructured data sources. The insights would consist of detailed graphs, and visualization dashboards. The platform is built with the ability to scale up to handle high data velocity and volumes. With advancements in processing and analytics, analytics can be performed at the edge of the network to overcome challenges related to connectivity, security, bandwidth, and latency.
The Analytics of Things Market has become highly relevant for few industries such as manufacturing, logistics, and utilities. Analytics is being applied to power grid systems for continuous monitoring, proactive management of power supply, and preventive maintenance. Most of the manufacturing plants, and fleets in logistics, already have internet enabled sensors and the application of analytics is highly relevant in these sectors. Majority of the new business processes and systems are likely to incorporate at least some elements of the IoT and analytics. Large enterprises who have prioritised low cost solutions are likely to deploy AoT solutions on cloud.
The value of Analytics of Things Market lies in real time business analytics. In IoT, with several million events often streaming into a system in real-time, real-time analytics becomes even more of a challenge. Lack of real-time advanced algorithms poses a challenge in real-time analytics. However, the challenges are being addressed as several IoT vendors are investing in improving the efficiency of their IoT systems. Descriptive analytics is a mature market, and the vendors are now focusing on predictive and prescriptive analytics. Both the types are likely to attract a lot of consumers due to their promises of improvement in operational efficiency, and cost reductions.
Most of the IoT vendors in the Analytics of Things Market have offerings for IoT analytics as well. The major vendors in the IoT market are Microsoft, Cisco, SAP, Intel, IBM, Google, AGT International, Accenture, Capgemini, and TIBCO Software.
Almost the entire Analytics of Things Market is ruled by the key IT players. Intel, Cisco, IBM, Microsoft, Google, and HP are some major players in the AoT market. The vendors are proactively investing in the development of IoT technologies. For instance, Microsoft has invested on processing features in Microsoft Streaming Analytics to enable better extraction of information from sensors in real-time. IBM has invested in enterprise application infrastructure and databases for connected devices. The increased investments have also generated a demand for data scientists and data science courses. The Federal and Central governments of several countries are also assisting in the development of the AoT ecosystem and are promoting the use of IoT and related technologies.
With its assurance of cost reduction and improved operational efficiency, IoT and analytics is gaining popularity across all regions. North America leads the Analytics of Things Market due to the rising adoption of IoT solutions, a well-developed ecosystem, and the presence of major IoT players in the market. The market is yet to harness its complete potential as few of the organizations are still sceptical about the technology. European organizations and governments are investing on innovation and ecosystem development. Asia Pacific is a developing region, and the Asian economies are likely to invest in AoT as a move towards a digitized economy. Heavy and sustained investment in IoT technologies from countries such as India, China, South Korea, Singapore, and several Western European countries, have positioned them fit to lead the next digital wave of computing and industrialization. Middle East & Africa would increasingly invest on IoT and Analytics in line with its growing economy and dominant oil and gas industry. Latin America Analytics of Things Market would see increased investments by IoT vendors during the next 5 years.
IoT analytics platform enables an organization to transform their business operations and boost their revenues. With the help of AoT, one can be warned of any potential problems associated with an equipment. Strengths and weaknesses of various processes can be analysed by turning tools and systems into smart devices. One can track the fuel and energy consumption in the processes, and cut down the expenses. Data gathered with respect to preferences and purchasing habits of customers can be used in developing personalized shopping experience. One can assess the product quality as well with IoT Analytics.