Market Highlights
As technology is growing, the big data have increased substantially, promoting the demand for data analysis for competitive advantage. Growing number of businesses have shaped up an upsurge demand to track activities on the company websites and other associated websites. Similarly, the emergence of social media sites and the increasing importance of sentiment analysis and advances in text analysis has prompted organizations to integrate social media into their business process.
The prominence of big data analytics in several domains is estimated to benefit the sensor data analytics market. The AI & analytics reports are made by Market Research Future, which includes market options for progress. A fortifying CAGR level is estimated to sustain growth in the forecast period.
Sensor Data Analytics Market is projected to reach USD 6.26 Billion by 2030 at a CAGR of 24.42% during the forecast period of 2020-2030
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Segmentation:
The segmental investigation of the sensor data analytics market has been segmented on the basis of components, regions, services and applications. The component-based segmentation of the sensor data analytics market comprises of hardware which is sub-segmented into magnetometers, accelerometers, gyroscopes, and pressure sensors among others and software. Based on the Services, the sensor data analytics market consists of managed Services & Professional Services. The application basis of segmenting the sensor data analytics market comprises of healthcare, manufacturing, telecommunication, automotive, BFSI, among others. On the basis of regions, the sensor data analytics market consists of North America, Africa, Europe, Asia Pacific, Middle East and South America.
Regional Analysis:
The North American region holds the largest market share in the global sensor data analytics market and is also expected to be the largest revenue generator owing to the continuous technological advancements in the region. The sensor data analytics market in North America is mainly driven by the U.S. and Canada owing to the vast developments in the field of technology and the presence of giant technology companies. Furthermore, substantial investments in R&D sector from the major players in this region is acting as a tailwind supporting the market to grow extensively.
The European region has acquired the next largest market share in the global sensor data analytics market. The resurging economy in the region is undoubtedly contributing to the market growth significantly, augmenting the uptake of sensor data analytics across the region. Attributing to the increased adoption of cloud technology and significant technological advancements alongside the increasing number of SMEs in the region, the Europe sensor data analytics market is expected to grow with a strong CAGR from 2020 to 2030.
The Asia Pacific region is emerging as one of the lucrative markets for the sensor data analytics, globally. Factors such as increasing urbanization and growing sectors such as healthcare, manufacturing, retail, and telecommunication backed by the improving economy in the region, foster the market growth. Owing to the presence of foreign players where sensor data analytics is being deployed, the APAC sensor data analytics market is expected to post a remarkable CAGR during 2020-2030.
Competitive Analysis
The investments related to marketing and R & D are foreseen to be staggered seeing the current economic climate. However, the market is predicted to be hindered to an extent by the restrictions in international trade due to the pandemic. The global market is estimated to be piloted by the forces of supply and demand that have taken over control. The contenders functioning in the market are predicted to take necessary steps to safeguard their commercial interests in the period ahead. The economic deceleration is projected to carry the continuation of the effects seen these days commonly. The transformation in the supply chain has to be strongly encouraged, so as to see positive effects with regards to market progress. The support from government bodies is estimated to promote further the long term expansion of the market in the upcoming period. The consumer trends that are of particular concern to demand are predicted to take time to stabilize in the aftermath of the current global pandemic.
The outstanding companies in the sensor data analytics market are IBM Corporation (U.S.), SAP AG (Germany), Cisco Systems (U.S.), Microsoft Corp. (U.S.), HP (U.S.), Qualcomm Inc. (U.S.), TCS (India), Schneider Electric (France), Verizon Communications (U.S.), Talend (U.S.) among others.
Industry Updates:
July 2020 Rockset, a real-time indexing database firm, recently revealed new product features. The new features consist of decoupling of storage from computing in the cloud, and split-up of query-compute from ingest-compute, which is estimated to further remove the operational hurdles in accomplishing real-time analytics at progression. The companies nowadays demand personalized user experiences to stay in the lead in the digital economy by building real-time decision systems and programming by actions using sensor data.
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