Internet of Things Analytics Market Size, Share & Trends Analysis Report By Component, By Organization Size, By Deployment, By Type, By Application, By End Use, By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global Internet of Things analytics market was valued at USD 27.41 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 24.8% from 2024 to 2030. Key factors driving market growth include extensive data generation due to the rising implementation of devices equipped with the Internet of Things (IoT), the growing inclination towards automating multiple business processes, and increasing demand for advanced analytics in numerous industries. Internet of Things analytics is widely adopted by organizations to design advanced services and products to fulfill changing consumer demands.

IoT data analytics is utilized to detect irregularities and potential security drawbacks. Its ability to manage the diversity and scalability of data generated by numerous devices provides valuable assistance to numerous application industries. Rising automation and adoption of robotic systems by several manufacturing businesses have resulted in a growing need for Internet of Things data analytic solutions in multiple sectors. These solutions assist users in gaining a more profound comprehension of business functions and receiving detailed insights, improving operational, product, time, and marketing decisions.

Predictive analysis has become one of the vital features of the modern business world. For instance, autonomous vehicles utilized in package deliveries use the Global Positioning System (GPS) to ensure the timely delivery of packages via the most efficient route. GPS utilizes a predictive vehicle control algorithm to select the most efficient route. Future outcomes are predicted using predictive measurements, past information, statistical techniques, and machine learning with the help of Internet of Things data analysis.

Component Insights

The solutions segment dominated the market and accounted for a revenue share of 70.5% in 2023. This growth is attributed to the increasing demand for automation, the rising need for efficient solutions to analyze enormous amounts of data generated from IoT devices and improved operational efficiency. These software solutions are essential for storing, collecting, and processing IoT data. Some IoT analytics solutions include AWS IoT Analytics, SAP Analytics Cloud, Oracle Stream Analytics, Oracle Edge Analytics, etc.

The services segment is expected to experience the fastest CAGR during the forecast period. IoT analytics services include predictive analytics, diagnostic analytics, predictive maintenance, data visualization and reporting, IoT data management, and so on. These services assist in reducing operational expenses by implementing automation, helping efficiently use resources, and generating additional revenue sources by addressing issues and obstacles. Moreover, these services offer increased precision in identifying problems, resulting in practical problem-solving and quicker resolutions.

Organization Size Insights

Small and medium-sized enterprises (SMEs) segment accounted for the largest revenue share in 2030. IoT analytics empowers SMEs with customized approaches to delivering effective solutions and process optimization capabilities. According to the U.S. Small Business Administration Office of Advocacy, nearly 33,185,550 SMEs operate in the U.S., and approximately 38% of small businesses utilize specialized software in routine business operations. Cloud IoT solutions designed for SMEs assist companies in reducing costs by eliminating the requirement for in-house software and hardware elements. These solutions improve productivity and efficiency. In addition, SMEs can use big data analytics to forecast buyer perspectives using historical data analysis. These aspects are expected to develop an upsurge in demand for this segment.

The large enterprise segment is expected to experience significant growth during the forecast period. Large enterprises incorporate enormous resources and various operating procedures, which enables these enterprises to adopt solutions based on Internet of Things analytics easily. The resources at hand, large amounts of raw data, and the availability of multiple solutions and services are expected to generate greater growth for this segment in the coming years.

Deployment Insights

The cloud deployment segment accounted for the largest market revenue share in 2023. Cloud-based computing and data analytics have increased the need for data management and analysis. The cloud environment allows organizations without infrastructure and expertise to implement robust resource and cost distribution for numerous uses. Cloud services' ability, flexibility, and affordability enable companies to adopt cloud IoT solutions.

The on-premise deployment segment is projected to experience a significant CAGR during the forecast period. This segment is driven by application industries that prefer to have complete control over data accessibility and data analytics. Often, large enterprises and medium-scale businesses choose to deploy on-premise solutions. Alarming scenarios related to data security and growing cases of data loss are propelling growth for this segment.

Type Insights

The descriptive analytics segment dominated the global industry in 2023. Descriptive analytics help businesses interpret and comprehend the real-time data generated by IoT-connected devices. This form of analytics helps identify irregularities, find an organization's areas of improvement, understand the performance of a specific function or operational element, grasp the usage patterns of a device by users or internally, and so on.

Prescriptive analytics segment is anticipated to experience the fastest CAGR over the forecast period. It is one of the more advanced capabilities in analytics. Prescriptive analytics provides additional insights on potential actions that can influence outcomes from other types, such as descriptive, diagnostic, or predictive analytics. It assists organizations in gaining a better understanding of failure prevention while enhancing efficiency.

Application Insights

The predictive maintenance segment accounted for the largest market share in 2023. With the rising inclination towards the adoption of modern technology, sensors have become crucial for enabling real-time data collection from numerous systems and locations. For instance, restaurants are integrating sensors to monitor their refrigeration units, allowing them to rectify possible issues and prevent food wastage while attaining efficient energy consumption patterns. The manufacturing sector is one of the largest adopters of IoT predictive maintenance.

The asset management segment is projected to experience a noteworthy CAGR during the forecast period. This segment is mainly driven by companies' growing adoption of functions such as asset tracking and monitoring, partnerships among key players and multiple businesses, enhanced focus on asset security, and unceasing expansion of retail and e-commerce. Some of the prime organizations that provide solutions related to asset management are AT&T, Cisco, Verizon, and others.

End Use Insights

The manufacturing sector accounted for the largest revenue share in 2023. IoT analytics applications in manufacturing businesses result in improved customer service, enhanced product quality, and increased production efficiency. Industrial companies must test and monitor products in a virtual setting, enabling them to detect and resolve any potential problems before introducing the products. Companies gain improved insights into the performance of existing manufacturing practices and identify opportunities for enhanced productivity using intelligent manufacturing technology. Increased inclination towards automation, growing need for reliable data analytics solutions, expansions in manufacturing capacities of multiple businesses, and need for accuracy in production have driven this segment.

The healthcare & life sciences segment is anticipated to experience the fastest CAGR over the forecast period. The application of IoT analytics in the healthcare industry is resulting in a shift towards a patient-focused and comprehensive service approach attributable to its valuable insights. Medical professionals have gained a greater insight into their patient's health with the help of innovative healthcare apps integrated with smartphones and connected medical devices such as wearables and intelligent hospital beds. The additional insights of patients reveal possible dangers and help health providers to take early action in treating patients.

Regional Insights & Trends

North America Internet of Things analytics market dominated the global industry with a revenue share of 33.6% in 2023. Early adoption trends in the region, the presence of multiple large enterprises and SMEs that have implemented IoT analytics, growing demand for data management, the availability of numerous service providers in the industry, and a significant number of opportunities developed by the ever-increasing retail businesses are expected to assist this regional industry to attain higher growth in approaching years.

U.S. Internet of Things Analytics Market Trends

The U.S. Internet of Things analytics market accounted for the largest revenue share of the regional industry in 2023. The presence of several larger manufacturing enterprises, increased availability of raw data generated through different channels, devices, processes, and systems, the growing dependence of multiple business functions on data interpretation, and ease of availability are some of the critical growth driving factors for this market.

Europe Internet of Things Analytics Market Trends

The Europe Internet of Things market was a lucrative region in 2023. The increasing adoption of cloud computing services in Europe further fuels demand for IoT solutions. The combination of the Internet of Things and big data analytics can offer a range of insights, including diagnostic, descriptive, predictive, and prescriptive analytics. Moreover, enterprises leverage cloud platforms for data storage, processing, and application deployment to achieve scalability and operational efficiency.

The Germany Internet of Things Analytics market is expected to grow rapidly in the coming years due to rising development of automotive, engineering, and manufacturing industries, encouraging adoption of IoT solutions to increase the productivity and reduce errors. Moreover, increasing exposure to cloud computing-based solutions drives the demand for IoT analytics solutions. Rising investments by large and small & medium enterprises into research & development to introduce innovative IoT solutions are triggering growth opportunities for IoT analytics solutions and services.

Asia Pacific Internet of Things Analytics Market Trends

The Asia Pacific Internet of Things analytics market is anticipated to experience the fastest growth during the forecast period. Rising Internet and social media usage in this region has been contributing to the growth of this regional industry. The proliferation of connected devices and the Internet of Things (IoT) powered devices in the region has amplified the need for robust IoT analytics solutions to secure the vast amount of data generated by these devices.

China Internet of Things market held a substantial market revenue share in 2023. As Chinese enterprises embrace digital transformation, they generate and handle vast amounts of data, necessitating IoT solutions. This trend is further accelerated by the proliferation of mobile devices, wearables, IoT (Internet of Things) deployments, social media platforms, and the expansion of online services, increasing the surface area for vast amounts of data.

Key Company & Market Share

Some of the key companies in the Internet of Things (IoT) analytics market include Accenture. Aeris., Salesforce, Inc., Cisco Systems, Inc., Dell Inc., Hewlett Packard Enterprise Development LP and others. As competition in the market in growing at rapid rate, key market participants are adopting strategies such as innovation, enhanced research & development activities, collaborations, new product launches, service differentiations and geographical expansions.

• Accenture, one of the prominent organizations in the technology solutions industry, offers industrial IoT infrastructure as a service (IaaS), analytics and modeling, platform as a service (PaaS), and wearables technologies. The company assists its clients in boosting their revenues, developing new hybrid businesses, and utilizing intelligent technologies.

• Aeris Communications, a major market participant operating in innovation-based IoT solutions, offers multiple IoT-based solutions, such as connectivity management, support management, performance management, and security management.

Recent Developments

• In April 2024, XL Axiata collaborated with Cisco to launch a cloud-based IoT Connectivity Management Platform, IoT Connectivity+ Product by XL Axiata, to assist Indonesian customers in securely expanding and advancing their IoT enterprises.

• In March 2023, Aeris acquired Ericsson's IoT Accelerator and Connected Vehicle Cloud Businesses. According to the deal, Ericsson was allowed to establish a small stake in the newly formed Aeris. 

Internet of Things Analytics Market Report Scope

Global Internet of Things Analytics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Internet of Things analytics market report based on component, organization size, deployment, application, type, end use, and region.

• Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Solution

  • Services

• Organization Size Outlook (Revenue, USD Million, 2018 - 2030)

  • Small & Medium Enterprises (SMEs)

  • Large Enterprises

• Deployment Outlook (Revenue, USD Million, 2018 - 2030)

  • On-Premises

  • Cloud

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Energy Management

  • Predictive Maintenance

  • Asset Management

  • Inventory Management

  • Remote Monitoring

  • Others

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Descriptive Analytics

  • Diagnostic Analytics

  • Predictive Analytics

  • Prescriptive Analytics

• End Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Manufacturing

  • Energy & Utilities

  • Retail & E-commerce

  • Healthcare & Life Sciences

  • Transportation & Logistics

  • IT & Telecom

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • South Arabia

    • UAE

    • South Africa