The Analytics of Things market is growing rapidly because of the increasing due to vast amount of data being generated through these devices being generated through these devices, increasing number of connected devices and to analyze such unstructured data. The global Analytics of Things market to grow from USD 4.85 billion in 2016 to USD 22.65 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 31.53%.
The report ” Analytics of Things Market by Application (Predictive Maintenance & Asset Management, Security & Emergency Management, Remote Monitoring), Software (Sensor Data Analytics, IoT Gateway Analytics), Service, Vertical & Regions – Global Forecast to 2021 “, analyses and studies the major market drivers, restraints, opportunities, and challenges in the emerging nations.
“Increasing number of connected devices and data generated through these devices is driving the growth”
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“Predictive maintenance and asset management application to have the largest market size in 2016”
Key Drivers of global Analytics of Things Market are
· Growing demand for predictive analytics by businesses
· Increased efficiency of IoT devices and the collected data
· Availability of advanced consumer-friendly AoT platform
· Rise of end-to-end automation of process
Restraints of global Analytics of Things Market are
· Lack of real-time algorithms
· Lack of skilled workforce
Opportunities in Analytics of Things Market
· Development of Platform as a Service (PaaS)
· The emergence of edge analytics
· Growing market for IoT
Challenges Analytics of Things Market
· Lack of data security and privacy concerns
· Heterogeneous data processing
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Key Players of the Analytics of Things Market are
1. North America
4. Middle East & Africa
5. Latin America
Predictive maintenance and asset management is estimated to have the largest market share in 2016 as organizations across industry verticals are facing three major challenges that include adhering to compliance, reducing overall assets operational cost and reducing the unexpected downtime. Predictive maintenance and asset management application assist companies to deal with unexpected downtime, improving the overall efficiency of the operations and following the regulations and compliance. All these factors have resulted in the high adoption of predictive maintenance and asset maintenance application in Analytics of Things market.
“Retail vertical is expected to have the highest growth rate during the forecast period”
Analytics of Things solutions have been deployed across various industry verticals, including healthcare telecommunication & IT, retail, manufacturing, energy & utilities, transportation & logistics, government & defense, and others. The retail industry vertical is expected to witness the highest CAGR during the forecast period because of the growing need to analyze customer data that includes customer buying pattern and changing demand and preference of the customers.
“APAC is expected to grow at the highest CAGR”
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North America, followed by Europe, is expected to be the largest revenue generating region for the Analytics of Things vendors for the next five years due to the presence of various developed economies such as Canada and the U.S. and high focus on innovations through research and development and technology across industry verticals. APAC is estimated to grow at the highest CAGR during the forecast period as there is a tremendous demand for the Analytics of Things software and services in the region due to the massive growth of data through various channels such as social media, mobile computing, and IoT; and presence of major upcoming and developed economies such as India, Japan, and China.
In-depth interviews were conducted with CEOs, marketing directors, other innovation & technology directors, and executives from various key organizations operating in the Analytics of Things marketplace.
By Company type – Tier 1- 25%, Tier 2- 40%, Tier 3- 35%
By Designation – C-Level – 50%, Director Level- 35%, Others- 15%
By Region – North America- 42%, Europe-36%, APAC- 22%
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The report will help the market leaders or new entrants in this market in the following ways:
1. This report segments the market into various sub segments, covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the sub segments. The market numbers are further split across different industry verticals and regions.
2. This report will help in better understanding of the competitors and gain more insights to better one’s position in the market. There is a separate section on competitive landscape, which includes competitor ecosystem, mergers & acquisitions, integrations & expansions, and collaborations of various market vendors. Besides, there are company profiles of ten players in this market. In this section, market internals are if can put one ahead of the competitors.
The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.
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