Sensor Data Analytics Market Report, Growth, Trends & Forecast 2028

According to UnivDatos research report “Global Sensor Data Analytics Market”, the market is expected to witness robust growth during the forecast period (2022-2028).

Sensor data analytics is a primary statistical tool that is used to analyze data collected

in real-time by the sensor. It monitors product

performance and consumption in real time and makes predictions about the behavior of in-service

devices. A scalable framework for sensor data analytics connects a variety of

data formats from multiple sensors, produces actionable insights, and lowers

the cost of data maintenance.

The Sensor Data AnalyticsMarket is expected to grow at a steady rate of around 14% owing to

the rising adoption of IoT. Industrial IoT and growing consumer data are also expected to drive the market during the forecast

period. The increasing adoption of sensor data analytics is mainly attributed to its growing

number of applications in technologies such as smart grids, fleet management, healthcare sensing, smart appliances,

and others. Moreover, the market's expansion is largely driven by an increase in the use of sensors to speed up the

analysis processes is also expected

to influence the market growth. Furthermore, the demand for the sensor data

analytics market is being driven by the rising need for accuracy in data

process management and the growing concern about the need to put the data in a

quantified form. Additionally, the growing use of IoT is expected to drive the

market during the forecast period. For instance, according to exploring topics, in 2020, IoT

spending reached $749 billion. In 2022, global IoT

spending was predicted to hit $1 trillion. IoT devices have multiple sensors that constantly collect

data which is later used for data analytics.

This is mainly due to the rise in the demand for wearables and the introduction of advanced data analytics tools is expected to

drive the market during the forecast period.

On the basis of component, the market is

bifurcated into hardware and software. The hardware segment is expected to

achieve a larger share in 2020 and is expected to maintain during the

forecast period. The demand for hardware platforms is significantly impacted by the rapid rise

in the use of sensor nodes, routers, and gateways to building a network

infrastructure for various customer segments. Additionally, sensors have an advantage

over other components due to their ease of deployment in technologically

inaccessible locations.

Based on application the market is

segmented into applications such as manufacturing, healthcare, automotive,

BFSI, and telecommunication. The healthcare segment is expected to achieve a

significant market share in 2021. Factors, including the rapid rise in the cost

of medical care, the growing demand for better clinical outcomes, and the significant need for better patient care, are expected

to drive the market during the analysis time period. Moreover, in healthcare centers, the use of sensor data

analytics helps with better patient management, which in turn leads to better

patient care, increased operational productivity, and reduced workload on

doctors is expected to significantly influence the market during the forecast

period.

North America to witness extensive growth

For a better

understanding of the market adoption of the Sensor Data

Analytics industry, the market is analyzed based on its worldwide

presence in the countries such as North America (U.S., Canada, Rest of North

America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe),

Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America region is anticipated to dominate the

sensor data analytics market and is expected to maintain this during the forecast period. This is mainly due to the rapid rise

of artificial intelligence (AI) and the internet of things (IoT) within

industries and technological advancements in the Information and communication

technology (ICT) sector in the region. Moreover, the growth of the sensor data

analytics industry is being helped by research and innovation and the development

of wireless sensors for use in consumer electronics and healthcare, as well as

the rising demand for predictive analytics for forecasting and

machine learning in various industries.

According to UnivDatos ’, the key players with a considerable market share in the sensor data analytics market are TATA Consultancy Services Limited, IBM, SAP SE, Cisco Systems, Inc, Microsoft, Hewlett Packard Enterprise Development LP, Qualcomm Technologies, Inc, Schneider Electric, Verizon, and Talend.

“Global Sensor Data Analytics Market” provides

comprehensive qualitative and quantitative insights on the industry potential,

key factors impacting sales and purchase

decisions, hotspots, and opportunities available for the market players.

Moreover, the report also encompasses the key strategic imperatives for success

for competitors along with strategic factorial indexing measuring competitors’ capabilities on

different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for

its offerings.

Market Segmentation:

By Component (Hardware and Software)

By Application (Manufacturing, Healthcare, Automotive, BFSI, and

Telecommunication)