We’ve known it all along, but several recent reports have pointed to the positive growth prospects of IoT analytics, as companies in a wide range of industry turn to harnessing machine data to improve customer service, streamline product development and increase intelligence about machine/equipment performance.
An article in HEALTHCARE ANALYTICS just two weeks ago notes the healthcare analytics market is worth $5.9 billion today and will grow to $18.7 billion by 2020. Editor Jennifer Bresnick wrote, “The majority of providers may still be wrestling with DESCRIPTIVE AND RETROSPECTIVE BIG DATA ANALYTICS, which will continue to fuel the market for many years to come, but predictive analytics are also catching the eyes of forward-thinking executives.”
In June, research firm MarketsandMarkets published a report, "INTERNET OF THINGS ANALYTICS MARKET BY APPLICATION PLATFORM, SOLUTIONS, DEPLOYMENT, PROCESS, REGIONS – GLOBAL FORECAST TO 2020," forecasting the global IoT analytics market to grow from $4.9 billion in 2015 to $16.4 billion by 2020, a compound annual growth rate (CAGR) of 27.4 percent. Among the comments in the report, “IoT analytics tools have an unprecedented role in various industry verticals such as manufacturing, healthcare, energy and utilities, retail, and transportation and logistics. The basic reason for the growth is the increasing number of IoT-enabled smart connected devices and sensors that release a large amount of heterogeneous data simultaneously. This data can be harnessed and analyzed using IoT analytics tools and platforms to improve real-time decision making and customer experience.”
Earlier in the year, respected analyst firm ABI Research released, "BIG DATA AND ANALYTICS IN IOT AND M2M," which pegs this year’s IoT analytics revenues even higher than MarketsandMarkets, at $5.7 billion, and notes for the future, “In the next five years, the market will expand dramatically, to an extent that in 2020 it is estimated to account for nearly one-third of all big data and analytics revenues.”
Other research points to the fact that the IoT analytics adoption rate is highest among large enterprises, which have the data support systems and funds to invest. However, over time, the market for IoT analytics among SMBs is expected to grow significantly as well.
Is your organization considering IoT analytics to accelerate its growth? If so, we’d like to hear from you.