PUNE, India, July 17, 2017 /PRNewswire/ --
According to a new market research report "Analytics
of Things Market by Application (Energy Management,
Predictive Maintenance & Asset Management, Inventory
Management, Remote Monitoring), Component, Analytics Type,
Deployment, Organization Size, & Vertical - Global Forecast to
2022", published by MarketsandMarkets™, the AoT market size is
expected to grow from USD 7.19
Billion in 2017 to USD 27.78
Billion by 2022, at a Compound Annual Growth Rate (CAGR) of
31.0%.
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Browse 98 Market Data Tables and 50 Figures spread through
207 Pages and in-depth TOC on "Analytics of Things
Market "
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The key forces driving the AoT market include tremendous growth
of Internet of Things (IoT) data and need for advanced analytics
and automation of businesses.
The manufacturing vertical is expected to have the largest
market share during the forecast period
In terms of industry vertical, the manufacturing vertical is
expected to continue to have the largest market share throughout
the forecast period. Manufacturing companies from heavy machinery
and construction, industrial machinery, oil and gas, and
transportation and logistics are using AoT for effective
utilization of their assets from remote locations and to enhance
their lifecycle. In the era of Industry 4.0 revolution, the
manufacturing organizations are rapidly moving toward predictive
maintenance solutions, especially cloud-based solutions. The latter
have seen tremendous adoption among Small and Medium-Sized
Enterprises (SMEs) also. Manufacturers have the chance to monetize
the insights obtained from the IoT generated data. AoT innovates
manufacturing processes; improves interoperability across a large
set of assets; and links machines, products, computers, people, and
analytical resources into a single ecosystem.
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The cloud deployment model to grow at a high CAGR during the
forecast period
The cloud-based deployment models are witnessing increasing
demand due to their cost-effectiveness and easy availability.
Cloud-based solutions require little physical set-up, incur low
maintenance costs, and provide 24/7 accessibility from anytime,
anywhere. Due to advancements in cloud technologies and increase in
data generation from various constituents and customers,
cloud-based deployments are expected to exceed on-premises
deployments. Cloud solutions support real-time visibility of the
sourcing and procurement activities, enabling organizations to
interconnect with employees and customers anytime, before, during,
and after each appointment.
North America is expected to
constitute the largest market share; APAC to grow at the highest
CAGR
In terms of market share, North
America is expected to continue its dominance throughout the
forecast period. Early adoption of new and emerging technologies
and a large number of AoT vendors in the region would help
consolidate the majority of revenues in the Analytics of Things
Market. The Asia Pacific
(APAC) region is expected to grow at the highest CAGR during the
forecast period. Growing technology expenditures in countries such
as China and India and the demand for cost-effective
analytical software and services among SMEs are expected to drive
the market growth during the forecast period.
The major vendors providing AoT software and services are IBM
Corporation (US), Microsoft Corporation (US), Oracle Corporation
(US), SAP SE (Germany), Cisco
Systems, Inc., (US), Dell Technologies, Inc. (US), Google, Inc.
(US), Amazon Web Services, Inc. (US), Hewlett Packard Enterprise
Company (US), PTC, Inc. (US), Hitachi, Ltd. (Japan), Teradata Corporation (US),
Salesforce.com, Inc. (US), and Greenwave Systems, Inc. (US).
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