According to a new report, published by KBV research, The Global Internet of Things Analytics Market size is expected to reach $206.8 billion by 2031, rising at a market growth of 27.2% CAGR during the forecast period.
The Solutions segment generated the maximum revenue in the Global Internet of Things Analytics Market by Component in 2023, thereby, achieving a market value of $138.1 billion by 2031. This strong performance reflects the growing demand for various IoT analytics solutions, encompassing software tools and platforms designed to collect, process, and analyze the vast amounts of data IoT devices generate.
The Manufacturing segment is exhibiting a CAGR of 25.1 % during the forecast period. Integrating IoT technologies within manufacturing processes allows organizations to collect and analyze vast data from machinery, equipment, and production systems. By leveraging IoT analytics, manufacturers can gain valuable insights into operational performance, enabling them to optimize production processes, enhance quality control, and reduce downtime.
The Large Enterprises segment captured the maximum revenue in the Global Internet of Things Analytics Market by Organization Size in 2023, thereby, achieving a market value of $137.7 billion by 2031. Larger organizations typically have more extensive data and complex operations, driving their demand for advanced IoT analytics solutions. These enterprises are investing heavily in sophisticated analytics tools to harness vast amounts of data generated by their IoT devices, enabling them to refine strategies, enhance productivity, and drive innovation.
The Cloud segment is experiencing a CAGR of 28 % during the forecast period. Organizations increasingly turn to cloud-based IoT analytics to handle the vast amounts of data generated by connected devices, allowing for real-time processing and analysis without extensive on-site infrastructure.
The Predictive Analytics segment led the maximum revenue in the Global Internet of Things Analytics Market by Type in 2023, thereby, achieving a market value of $80.8 billion by 2031. This growth can be attributed to the increasing reliance on data-driven insights derived from vast volumes of data generated by IoT devices. As organizations across various sectors seek to enhance operational efficiency and improve decision-making, predictive analytics has become essential for leveraging IoT data effectively.
The Predictive Maintenance segment is growing at a CAGR of 25.1 % during the forecast period. Predictive maintenance leverages data from connected devices to forecast equipment failures before they occur. Organizations can schedule maintenance activities more effectively by analyzing historical performance data and real-time sensor readings, reducing downtime and lowering operational costs.
Full Report: https://www.kbvresearch.com/internet-of-things-analytics-market/
The North America region dominated the Global Internet of Things Analytics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $76.5 billion by 2031. The Europe region is anticipated to grow at a CAGR of 26.7% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 28.1% during (2024 - 2031).
By Component
By End Use
By Organization Size
By Deployment
By Type
By Application
By Geography
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