This market research report segments the global IoT analytics market into the following end-users (manufacturing, retail, healthcare, and telecommunication and IT) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the need to improve business efficiency as a key factor contributing to the growth of the global IoT analytics market:
Need to improve business efficiency
The rise in the number of connected devices in industries has led to massive amounts of data generation. Businesses have understood that they can use this data to optimize costs, deliver better services, and boost revenue. They have sensed opportunities to change business models.
For instance, aviation engine manufacturers now provide an inclusive rental program for their equipment and servicing. The expectation is that the feedback from engine users would improve their design and reduce manufacturing and maintenance costs that gives them a significant competitive advantage. Companies are introducing automation and flexible production techniques in manufacturing to improve their productivity. Apart from this, predictive asset maintenance will assist companies in saving money on scheduled repairs, reduce maintenance costs, and eliminate breakdowns.
According to a senior analyst at Technavio for IT professional services, “IoT analytics with a substantial amount of data leads to enhanced business productivity using several predictive mechanisms and risk-averting models. It aids companies in creating new growth opportunities and entirely new categories of products and services by reducing errors and failure rates. To implement these technologies in the industrial framework, there is an increasing need for establishing a seamless connect for efficient communication among machines, systems, and people. Therefore, IoT analytics has become a strategic priority for many industrial organizations.”
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Global IoT analytics market segmentation
The manufacturing industry dominated the global IoT analytics market in 2017, accounting for a share of approximately 27%. It is expected to continue to be a dominant market segment over the forecast period. The retail industry is anticipated to be the fastest-growing segment in terms of revenue generation because of the growth of the e-commerce industry and high analytics requirement in that industry due to stiff rivalry among the players in e-commerce. The end-user industries do not rely on the price of the service, but they need high accuracy and customization in analytics.
In 2017, the Americas accounted for almost 36% of the total market share. The dominance of the region is mainly because of the overall maturity as well as the growth of the industrial and private sector. The Americas was an early adopter of modern technologies across industries and is undergoing an explosion in IoT analytics with the advent of modern technology and integration of analytics devices in it. Additionally, the strong presence and penetration of the top vendors along with favorable compliance standards increases the overall market growth.
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