Market Size of IoT Analytics Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 38.16 Billion |
| Market Size (2029) | USD 115.15 Billion |
| CAGR (2024 - 2029) | 24.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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IoT Analytics Market Analysis
The IoT Analytics Market size is estimated at USD 38.16 billion in 2024, and is expected to reach USD 115.15 billion by 2029, growing at a CAGR of 24.72% during the forecast period (2024-2029).
The IoT analytics market is growing because of the large number of connected devices and IoT data, as well as the fact that businesses need analytics and automation to stay competitive.
- Internet of Things (IoT) analytics is a data analysis tool that assesses the broad range of data collected from IoT devices. IoT analytics are gaining significant traction in various end-user industries to make the most of their data assets and empower their business decisions.
- IoT analytics can collect and analyze customer data to understand their needs and preferences. This can help organizations design better products and services that meet the needs of their customers. For instance, a retailer can use IoT analytics to track customers' movements in its store and offer personalized recommendations based on their interests.
- In addition, the increasing number of connected devices across various end-user verticals is one of the prominent factors driving the growth of the IoT analytics market. For instance, according to Ericcson's mobility report, there will be 1.5 billion IoT devices with cellular connections this year.
- Further, the industrial sector has started adopting IoT analytics to streamline their factories, which are increasingly automated by robots. These robots, which are often networked together, enable manufacturers to use the data to make better decisions. In addition, by analyzing data from various sensors, businesses in the industrial sector can identify potential safety hazards and take preventive measures to avoid them.
- The COVID-19 pandemic negatively impacted the IoT analytics market, forcing their customers or end-users to freeze budgets or delay IT and IoT spending. However, post-pandemic, the IoT analytics market is experiencing significant growth due to increased adoption among healthcare and manufacturing organizations in line with increasing digital transformation and connected device growth.
