Market Trends of IoT Analytics Industry
This section covers the major market trends shaping the IoT Analytics Market according to our research experts:
Healthcare is Expected to Witness Significant Growth
- IoT-based healthcare solutions can improve the quality and efficiency of treatments. With connected healthcare solutions leveraging IoT and analytics, it would pave the way for a proactive, digitally enabled, and patient-centric model, boosting market growth over the forecast period.
- Moreover, Internet of Things (IoT) applications used in healthcare generate a vast amount of data that needs to be analyzed to produce the required insights. Healthcare industry data or streaming data generated by various sensors and connected devices requires advanced analytics to transform data into actionable insights for patient care and monitoring, thus driving the demand for IoT analytics in healthcare organizations.
- Further, IoT analytics devices can gather, analyze, and communicate data in real time, reducing the need to store raw data. Moreover, it enables healthcare organizations to get vital healthcare analytics and data-driven insights, which speed up decision-making and are less prone to errors. Such benefits are expected to drive the demand for IoT analytics in the healthcare sector over the forecast period.
The growth in wearable devices that allow the user to track heart rates, blood pressure, and many more, coupled with their increased adoption, has resulted in the generation of voluminous data that has to be structured and analyzed, thus driving the demand for IoT analytics over the forecast period. For instance, according to the data from Cisco Systems, the number of connected wearable devices is expected to reach 1,105 million this year.
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North America is Expected to Hold the Largest Share
- North America held the largest market share due to the presence of several established vendors in the region and also due to the earliest adoption of IoT technology in various industries, including retail, manufacturing, IT, telecom, life sciences, and healthcare. most of the companies in this region are increasingly adopting IoT to keep track of the performance of their offerings.
- Further, the high number of connected devices in the region propels the growth of IoT analytics. For instance, according to the GSMA Intelligence data, North America's total number of consumer and industrial Internet of Things (IoT) connections is expected to grow to 5.4 billion in 2025.
- Moreover, the region is home to some of the most prominent players in the information technology market. Market vendors are investing heavily to create an IoT ecosystem by enabling continued research and development. This is expected to fuel the growth of IoT Analytics over the forecast period.
- For instance, companies, such as Airwire Technologies are working with IBM to implement its connected car and IoT services platform, to collect insights and act upon vehicle sensor data and the environment around it to establish a relationship with the driver, not just the vehicle. These factors are further expected to drive the adoption of IoT Analytics in the region.
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