Global Internet of Things Analytics Market Size, Share & Trends Analysis Report By Component (Solutions and Services), By End Use, By Organization Size, By Deployment, By Type, By Application, By Regional Outlook and Forecast, 2024 - 2031

Global Internet of Things Analytics Market Size, Share & Trends Analysis Report By Component (Solutions and Services), By End Use, By Organization Size, By Deployment, By Type, By Application, By Regional Outlook and Forecast, 2024 - 2031

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 North America region witnessed 39% revenue share in this market in 2023. This dominance can be attributed to the early adoption of advanced technologies, significant investment in IoT infrastructure, and a robust ecosystem of technology companies. The presence of major tech giants and innovative startups in the United States and Canada has fostered an environment conducive to the rapid development and deployment of IoT analytics solutions.

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2024, Amazon and Anthropic have formed a strategic collaboration, with Anthropic choosing AWS as its primary cloud provider. This partnership will utilize AWS Trainium and Inferentia chips to develop foundation models, enhancing accessibility and customization for AWS customers via Amazon Bedrock. Moreover, In August, 2024, Oracle and AT&T have partnered to enhance 5G connectivity, focusing on IoT applications. By integrating AT&T's IoT network APIs into Oracle's Enterprise Communications Platform, the collaboration aims to provide users with a streamlined interface for managing IoT devices securely in various industries.

KBV Cardinal Matrix - Internet of Things Analytics Market Competition Analysis

Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Internet of Things Analytics Market. In October, 2023, Microsoft Corporation and Rockwell Automation, Inc. are expanding their partnership to integrate Azure OpenAI Service into FactoryTalk Design Studio, enhancing industrial automation design. This collaboration aims to improve productivity, streamline processes, and address skilled labor shortages in the industry. Companies such as Amazon Web Services, Inc., Accenture PLC and Hewlett Packard Enterprise Company are some of the key innovators in Internet of Things Analytics Market.

Market Growth Factors

Organizations are often required to make swift decisions in dynamic environments. Real-time data insights enable decision-makers to act on the latest information without delay, allowing them to respond to emerging trends, potential risks, or operational issues almost instantly. This capability is crucial in manufacturing, healthcare, and logistics industries, where timely decisions can significantly impact efficiency and outcomes. Thus, the rising demand for real-time data insights propels the market's growth.

Additionally, One of the standout features of 5G technology is its ability to transmit data at unprecedented speeds. While 4G networks can deliver speeds of up to 100 Mbps, 5G can reach speeds exceeding 1 Gbps. This capability allows IoT devices to instantly send and receive vast amounts of data. With faster data transmission, organizations can utilize IoT analytics in previously impractical ways. In conclusion, enhanced connectivity and 5G implementation drive the market's growth.

Market Restraining Factors

Deploying IoT solutions requires specialized sensors and devices to collect data across various metrics (e.g., temperature, pressure, movement). These devices often must be installed across multiple locations or assets, leading to high capital expenditure. IoT systems require robust networking infrastructure to enable devices to connect and communicate. Thus, high initial investment and operating costs hamper the market's growth.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.

Component Outlook

Based on component, the internet of things analytics market is divided into solution and services. The services segment attained 30% revenue share in this market in 2023. Companies adopting IoT solutions often require specialized support and expertise to optimize their analytics processes and ensure effective implementation. The notable revenue contribution from the services segment indicates a rising trend among organizations seeking ongoing assistance and guidance to navigate the complexities of IoT analytics.

End Use Outlook

By end use, the internet of things analytics market is segmented into manufacturing, energy & utilities, retail & e-commerce, healthcare & life sciences, transportation & logistics, IT & telecom, and others. In 2023, the transportation & logistics segment acquired 17% revenue share in this market. This application area greatly benefits from real-time vehicle performance data, traffic conditions, and supply chain logistics. IoT analytics facilitates better route planning, fleet management, and inventory tracking, enhancing operational efficiencies and reducing costs.

Organization Size Outlook

On the basis of organization size, the internet of things analytics market is segmented into small & medium enterprises (SMEs) and large enterprises. The SMEs segment recorded 32% revenue share in this market in 2023. This indicates a significant adoption of IoT analytics solutions among smaller organizations, increasingly leveraging these technologies to enhance operational efficiency, improve customer engagement, and gain competitive advantages.

Deployment Outlook

Based on deployment, the internet of things analytics market is categorized into on-premises and cloud. The on-premise segment witnessed 34% revenue share in this market in 2023. Many large enterprises and organizations with strict data security and compliance requirements prefer on-premises solutions to maintain control over their data and systems. On-premises deployments allow these organizations to customize their IoT analytics infrastructure to meet specific operational needs while ensuring enhanced security measures.

Type Outlook

Based on type, the internet of things analytics market is divided into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment attained 29% revenue share in this market in 2023. This segment is essential as it summarizes historical data, helping organizations understand past performance and trends. Descriptive analytics lays the foundation for further analysis and decision-making processes within various IoT applications by providing insights into what has happened.

Application Outlook

By application, the internet of things analytics market is divided into energy management, predictive maintenance, asset management, inventory management, remote monitoring, and others. In 2023, the remote monitoring held 22% revenue share in this market. This application enables organizations to monitor operations, systems, and devices from a distance, providing real-time visibility and control over processes. Remote monitoring is particularly valuable in sectors like healthcare, agriculture, and smart cities, where continuous oversight is essential for maintaining efficiency and safety.

Regional Outlook

Region-wise, the internet of things analytics market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region generated 29% revenue share in this market. European countries invest heavily in IoT solutions to support their digital transformation agendas. The emphasis on smart cities, industrial automation, and sustainable practices has fuelled the demand for IoT analytics across various sectors, including manufacturing, healthcare, and transportation.

Market Competition and Attributes

The Internet of Things (IoT) Analytics Market, excluding top players, is highly competitive, with numerous regional and niche firms vying for attention. Smaller players focus on specific industries or offer unique analytics tools tailored to specialized IoT applications. Innovation in predictive analytics, edge computing, and integration capabilities enables these companies to capture market segments and meet evolving client demands efficiently.

Recent Strategies Deployed in the Market

• Sep-2024: Accenture PLC came into partnership with Mondelēz International and Publicis Groupe to develop an AI-driven platform for personalized content creation, enhancing consumer engagement and marketing strategies. This collaboration aims to combine creativity with data-driven insights for improved brand loyalty and market success.
• Aug-2024: Hewlett Packard Enterprise acquired Morpheus Data to enhance HPE GreenLake by enabling multi-cloud management and automation. This integration aims to simplify IT complexity, optimize cloud costs, and improve workload management, significantly benefiting the growing IoT analytics market.
• Jul-2024: SAS Institute Inc. has announced its partnership with Divirod by welcoming the company into its IoT Partner Ecosystem. This collaboration will leverage AI and IoT analytics to enhance water management, providing real-time insights into water-related risks and aiding organizations in mitigating climate change impacts while improving decision-making for water resources.
• Jun-2024: Accenture acquired Parsionate to enhance its data and AI capabilities, enabling the development of tailored IoT analytics solutions across various industries, optimizing operations and driving data-driven decision-making for clients.
• Apr-2024: Salesforce, Inc. and IQVIA have expanded their global partnership to enhance Salesforce's Life Sciences Cloud, integrating innovations from IQVIA's Orchestrated Customer Engagement platform. This collaboration aims to transform healthcare professional and patient engagement, with the new platform expected in 2025.

List of Key Companies Profiled

• Accenture PLC
• Dell Technologies, Inc.
• Google LLC
• Hewlett Packard Enterprise Company
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• Microsoft Corporation
• Oracle Corporation
• PTC Inc.
• Salesforce, Inc.
• SAS Institute Inc.

Global Internet of Things Analytics Market Report Segmentation

By Component

• Solutions
• Services

By End Use

• Manufacturing
• Energy & Utilities
• Retail & E-commerce
• Healthcare & Life Sciences
• Transportation & Logistics
• IT & Telecom
• Other End Use

By Organization Size

• Large Enterprises
• SMEs

By Deployment

• Cloud
• On-Premise

By Type

• Predictive Analytics
• Descriptive Analytics
• Prescriptive Analytics
• Diagnostic Analytics

By Application

• Predictive Maintenance
• Energy Management
• Asset Management
• Remote Monitoring
• Inventory Management
• Other Applications

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA