Rising adoption of IoT & Big Data analytics along with growing utilization of wireless sensors in various fields, boost the demand sensor data analytics.
As per Allied Market Research published a new report, titled, ” The Sensor Data Analytics Market, the global sensor data analytics market was valued at USD 11.8 billion in 2021, and is projected to reach USD 45.2 billion by 2031, growing at a CAGR of 14.5% from 2022 to 2031.
Rise in demand for wearables and increase in introduction of advanced sensors is driving the growth of sensor data analytics market. Moreover, rise in demand for various visualized real-time sensor data and information are boosting the sensor data analytics market size. However, high cost associated with installation and lack of skilled professionals and lack of awareness about sensor data analytics restrict the sensor data analytics market growth. On the contrary, increased usage of internet of things (IoT) and introduction of improved sensors are expected to offer remunerative opportunities for expansion of the sensor data analytics market during the forecast period.
The sensor data analytics industry is segmented on the basis of offering, deployment type, model, analytics technique, tool type, enterprise size, industrial vertical and region. On the basis of offering, the market is categorized into solutions, and service. On the basis of deployment model, the market is bifurcated into on-premise and cloud. On the basis of model, the market is divided into ad-hoc sensor, and real time sensor. On the basis of analytical technique, the market is classified into descriptive analytics, predictive analytics and prescriptive analytics. On the basis of tool type, the market is categorized into dashboard & data visualization, data mining & warehousing, self-service tools, reporting and others. On the basis of enterprise size, the market is classified into large enterprise and SMEs. On the basis of industry vertical, it is classified into manufacturing, aerospace & defense, energy & utilities, government & public sector, healthcare, transportation & logistics, retail, others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On basis of the analytical technique, the predictive analytics segment is set to contribute nearly two-fifths of the global sensor data analytics market in 2031. Furthermore, the same segment is anticipated to record the fastest CAGR of 15.59% over the forecast period. The growth of the segment over the forecast period can be attributed to the ability of predictive analytics in alerting businesses about the likelihood of the event occurring as well as outcome occurrence. The report also includes other segments such as descriptive analytics and prescriptive analytics.
Based on the model, the real-time sensor analytics segment contributed to the highest market share in 2021, accounting for more than half of the global sensor data analytics market share. Reportedly, this segment is predicted to contribute majorly toward overall market share by 2031. The growth of the segment over the forecast period can be attributed to the ability of real-time sensor analytics in fulfilling a variety of needs including workflow enhancement, understanding consumer behavior, and knowing climate change. Furthermore, the real-time sensor analytics segment is predicted to register the fastest CAGR of nearly 15.91% from 2022 to 2031. The report also analysis other segments such as ad-hoc sensor analytics.
By Region, North America contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global sensor data analytics market in 2021. The growth of the market in the region over the forecast timespan can be credited to higher spending on data analytics and data processing solutions in the region. However, the Asia-Pacific region is anticipated to record the fastest CAGR of 17.14% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to the rise in penetration of sensor data analytics in the region due to the rapid digital and economic transformation witnessed in the Asia-Pacific region.
The key players that operate in the sensor data analytics industry are Agt International Inc., Cisco Systems Inc., Cloudera, Inc., FogHorn, Google Inc., General Electric, Hewlett Packard Enterprise Company, IBM Corporation, Juniper Networks Inc., and Microsoft Corporation. Qualcomm Incorporated, Schneider Electric SE, Seeq Corporation, SAP SE, Tata Consultancy Services, Talend, and Verizon Communications Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.