As far as the Internet of Things analytics is a combination of two main parts – analytics and the Internet of things itself – escalating IoT-enabled devices’ data makes the community need to produce a more detailed analysis of the large amounts of information.
So, this need brought the concept of analytics into the Internet of Things. IoT analytics picks important information from the IoT data produced by smart devices. Therefore, the IoT analytics is quite important helping in business process optimization.
According to the Press Release on Market Watch, the demand in Internet of Things (IoT) Analytics Market is driven by the developing penetration of connected devices and analytics tools. Plus, this market gets its value thanks to the shifting interests in cloud deployment, predictive analytics for business, end-to-end automation, and consumer-friendly IoT analytics platform. Recently, such IoT analytics-related companies as ThingWorx, AGT International, and MNUBO Inc. have appeared and promise to develop in the future.
As for a new report “Internet of Things (IoT) Analytics Market by Application Platform (Telematics, Wearable, Building Automation, Manufacturing, Retail, Healthcare), Solutions (Sensor and Gateway Analytics), Deployment, Process, Regions – Global Forecast to 2020”, released by MarketsandMarkets, forecasts that the Internet of Things 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 addition to that, North America is expected to be the largest market as for spending and using the Internet of Things analytics.
Moreover, according to another recent research conducted by International Data Corp, the world market for Internet of Things will reach $1.7 trillion by 2020, representing a compound annual growth rate of 16.9%.
The upturn is attributed to the increasing production of Internet-connected household devices. Last year, the IoT market was estimated at $655.8 billion. International Data Corp predicts that the average number of connected devices will amount to over 29.5 million in 2020, 19.2 million higher than in 2014.
“Devices, connectivity, and IT services will make up the majority of the IoT market in 2020,” the company stated. “Together, they are estimated to account for over two-thirds of the worldwide IoT market in 2020, with devices (modules/sensors) alone representing 31.8% of the total.”
“While wearable devices are the consumer face of the Internet of Things, and where recognition of IoT appears to begin, the real opportunity remains in the enterprise and public sector markets,” senior vice president at International Data Corp, Vernon Turner, said.
So, the growth of the Internet of Things is obvious. In addition, such tech giants as Google, Facebook, Intel, Samsung Electronics and Cisco Systems are actively working on the development and production of new network-connected home appliances. Today, tech companies are betting on the IoT market, which is becoming more attractive as a potential source of revenues.