Internet of Things (IoT) Analytics Market Poised to $16.35 Billion by 2020

Pune, India, August 21, 2015 (Newswire.com) - The sudden interest of business and organizations in Internet of Things (IoT) has unfolded a new level of analytics requirement across the globe. The data which is heaped over the Internet from the connected things is highly valuable if filtered, processed, and analyzed properly. There has been a sudden surge in investments in IoT analytics worldwide and analytics vendors are focusing on developing precise analytics solutions for IoT. Most of the vendors are performing sensor analytics where data is generated and offering PaaS for different verticals. These solutions are enabling businesses to use predictive analytics to improve real-time decision-making and customer experience.

The IoT analytics market is still at an emerging stage and has started strong traction recently but it’s a promising technology in shaping the future. The increasing number of connected devices all over the world and cost effective deployment through cloud are expected to boost this market eventually. The latest trend in this market is the emergence of start-ups such as Measurence, ParStream, PLAT.ONE, Preferred Networks, ColdLight, and ThingWorx who are offering niche application platforms and solutions in IoT analytics.

The data generated over the Internet is highly unstructured; efficient filtration, formatting, and presentation of the data are among the major challenges faced by the vendors. The lack of expertise in developing efficient algorithms (for real-time)to understand this complex heap of data is also another challenge for the growth of this market.  However, the vendors are hiring experts and training their staff to resolve these issues.

This report spans the overall structure of the IoT analytics market and provides premium insights that can help analytics vendors, platform developers, cloud service providers, equipment manufacturers, and third-party providers, to identify the need of large and small organizations (end users) along with exhibiting the gaps for IoT analytics services providers and application builders. The report analyzes the growth rate and penetration of IoT analytics across all the major regions.

The global IoT analytics market report analyzes the global adoption trends, future growth potentials, key drivers, restraints, opportunities, and best practices in this market. The report also examines growth potential market sizes and revenue forecasts across different regions as well as user segments. The notable players in this market include Accenture, AGT International, Capgemini, IBM, Intel Corporation, mnubo Inc., Parstream, SAP SE, Nokia Networks, and ThingWorx.

Internet of Things (IoT) analytics is an amalgamation of two major segments—IoT and analytics. As the data from IoT-enabled devices proliferates, there would be a growing need to conduct a more detailed analysis of the large volumes of structured and unstructured data. This need introduced the concept of analytics into IoT. IoT analytics extracts important information from the vast amount of IoT data generated by sensors and smart devices. It helps in business process optimization; therefore, the IoT analytics solutions have a crucial role in every industry vertical.

The demand in this market is highly driven by the increasing penetration of connected devices and analytics tools. Furthermore, the shifting interests in cloud deployment, predictive analytics for business, end-to-end automation, and consumer-friendly IoT analytics platform are some other factors driving this market and creating value in the market. Many niche players such as ThingWorx, AGT International, and MNUBO Inc. have emerged and are expected to evolve in the coming time.

IoT analytics has a high adoption rate in large enterprises as they have data support systems and adequate capital that allow them to invest in this business optimizing field. Due to the increase in cloud adoption, the market of IoT analytics for SMBs looks quite promising during the forecast period.

The major challenges faced are filtration of large amounts of heterogeneous data and lack of deep domain expertise required in this market. Furthermore, the market remains to be open with few entry and exit barriers. The major vendors in the IoT analytics software market are IBM, Intel, SAP, AGT International, ThingWorx, Mnubo Inc., Capgemini, Accenture, and Nokia Networks.

MarketsandMarkets forecasts that the global IoT analytics market is expected to grow from $4.85 Billion in 2015 to $16.35 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 27.48%. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of IoT analytics.