According to Reports and Data, The size of the worldwide IoT analytics market was 16.29 billion dollars in 2020, and it is anticipated to grow at a CAGR of 26.70% to reach 109.81 billion dollars by 2028. IoT data analytics is the analysis of enormous data volumes produced by connected devices, and enterprises can gain a variety of advantages like operation optimization, automated process control, increased consumer engagement, and employee empowerment.
With the proliferation of IoT devices, predictive analytics has become more important. It forms the foundation of intelligent decision-making that is independent of human users. The Global Positioning System (GPS), for instance, is used by a self-driving vehicle to deliver the package on schedule and over the shortest distance.
The truck is controlled by GPS, which also uses predictive analytics to determine the fastest route. Predictive analytics forecasts outcomes by using historical data, statistical algorithms, and M2M learning. Since predictive analytics refines the IoT data already being used by IoT devices to produce inferences and predictions. The capacity to process IoT data and create real-time dashboards mapped on several criteria is provided by IoT Analytics.
Further key findings from the report suggest:
Market Size Estimation:
IoT Analytics has had a significant increase in its entire market thanks to the development of edge analytics. In essence, edge analytics is similar to video or image analytics in that analysis capabilities are enabled on small devices rather than combining all the data in a centralized company data warehouse.
More than only operational effectiveness and scalability are important. Many business operations do not need intensive analytics, therefore automated decisions can be made using data that has been acquired, processed, and analyzed on or near the edge. For instance, if a leak is found, a local valve can be closed. The use of IoT devices and the decreased demand for network capacity, this has created a huge opportunity for IoT Analytics.
Component Outlook (Revenue: USD Billion; 2018-2028)
Analytics Time Outlook (Revenue: USD Billion; 2018-2028)
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
Organization Size Outlook (Revenue: USD Billion; 2018-2028)
- Small and Medium enterprises
- Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
End Users Outlook (Revenue: USD Billion; 2018-2028)
- Government and Defense
- Energy and Utilities
- Transportation & Logistics
- Telecommunications & IT
Regional Outlook (Revenue: USD Billion; 2018-2028)
- North America
- the UK
- the Asia Pacific
- Latin America