Market Size of IoT Analytics Industry
Study Period | 2021 - 2029 |
Market Size (2024) | USD 38.16 Billion |
Market Size (2029) | USD 115.15 Billion |
CAGR (2024 - 2029) | 24.72 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
IoT Analytics Market Analysis
The IoT Analytics Market size is estimated at USD 38.16 billion in 2024, and is expected to reach USD 115.15 billion by 2029, growing at a CAGR of 24.72% during the forecast period (2024-2029).
The IoT analytics market is growing because of the large number of connected devices and IoT data, as well as the fact that businesses need analytics and automation to stay competitive.
- Internet of Things (IoT) analytics is a data analysis tool that assesses the broad range of data collected from IoT devices. IoT analytics are gaining significant traction in various end-user industries to make the most of their data assets and empower their business decisions.
- IoT analytics can collect and analyze customer data to understand their needs and preferences. This can help organizations design better products and services that meet the needs of their customers. For instance, a retailer can use IoT analytics to track customers' movements in its store and offer personalized recommendations based on their interests.
- In addition, the increasing number of connected devices across various end-user verticals is one of the prominent factors driving the growth of the IoT analytics market. For instance, according to Ericcson's mobility report, there will be 1.5 billion IoT devices with cellular connections this year.
- Further, the industrial sector has started adopting IoT analytics to streamline their factories, which are increasingly automated by robots. These robots, which are often networked together, enable manufacturers to use the data to make better decisions. In addition, by analyzing data from various sensors, businesses in the industrial sector can identify potential safety hazards and take preventive measures to avoid them.
- The COVID-19 pandemic negatively impacted the IoT analytics market, forcing their customers or end-users to freeze budgets or delay IT and IoT spending. However, post-pandemic, the IoT analytics market is experiencing significant growth due to increased adoption among healthcare and manufacturing organizations in line with increasing digital transformation and connected device growth.
IoT Analytics Industry Segmentation
IoT Analytics provides the user with the tools and procedures to realize value from the huge volumes of data generated by the connected Internet of Things devices.
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 (North America, Europe, Asia Pacific, Rest of the World).
The market sizes and forecasts are provided in terms of value (in USD Billion) for all the above segments.
By Type | |
Solution | |
Services |
By Deployment | |
On-premise | |
Cloud |
By End-User Vertical | |
Energy & Utility | |
BFSI | |
Retail | |
Manufacturing | |
Healthcare | |
Other End-user Industries (IT & Telecom, Transportation) |
Geography | |
North America | |
Europe | |
Asia Pacific | |
Rest of the World |
IoT Analytics Market Size Summary
The IoT analytics market is poised for substantial growth, driven by the proliferation of connected devices and the increasing need for data-driven insights across various industries. As businesses strive to maintain competitiveness, the demand for IoT analytics tools, which analyze data from IoT devices, is rising. These tools enable organizations to understand customer preferences better, optimize product offerings, and enhance decision-making processes. The industrial sector, in particular, is leveraging IoT analytics to streamline operations and improve safety through data-driven insights from networked sensors and robots. Despite the initial setbacks caused by the COVID-19 pandemic, the market is rebounding with significant adoption in healthcare and manufacturing, fueled by digital transformation and the expansion of connected devices.
North America leads the IoT analytics market, benefiting from early adoption of IoT technologies and a high concentration of established vendors. The region's robust IT infrastructure and investment in IoT ecosystems are key factors propelling market growth. Prominent players like Microsoft, AWS, and Cisco are driving innovation through extensive research and development, maintaining a competitive edge. These companies are actively developing solutions that integrate IoT analytics with other technologies, such as artificial intelligence and machine learning, to enhance business operations. The market's competitive landscape is characterized by moderate rivalry, with major players continuously evolving their offerings to meet the growing demand for IoT analytics solutions.
IoT Analytics Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Force Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Assessment of COVID-19 Impact on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Solution
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2.1.2 Services
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2.2 By Deployment
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2.2.1 On-premise
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2.2.2 Cloud
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2.3 By End-User Vertical
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2.3.1 Energy & Utility
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2.3.2 BFSI
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2.3.3 Retail
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2.3.4 Manufacturing
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2.3.5 Healthcare
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2.3.6 Other End-user Industries (IT & Telecom, Transportation)
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia Pacific
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2.4.4 Rest of the World
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IoT Analytics Market Size FAQs
How big is the IoT Analytics Market?
The IoT Analytics Market size is expected to reach USD 38.16 billion in 2024 and grow at a CAGR of 24.72% to reach USD 115.15 billion by 2029.
What is the current IoT Analytics Market size?
In 2024, the IoT Analytics Market size is expected to reach USD 38.16 billion.