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New York, US, Jan. 30, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), The global sensor data analytics market – By Components, By Services, By Application – Is forecast for 2030. The market will touch USD 6.26 billion at a 24.42% CAGR by 2030, according to the current Market Research Future report.
Eminent industry players profiled in the global sensor data analytics market report include:
- Tata Consultancy Services (India)
- International Business Machines Corporation (U.S.)
- SAP AG (Germany)
- Cisco Systems, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Hewlett Packard Enterprise Company (U.S.)
- Qualcomm Inc. (U.S.)
- Schneider Electric SE (France)
- Verizon Communications (U.S.)
- Talend (U.S.)
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Growing Need for Wearables to Boost Market Growth
The market for sensor data analytics is expanding as a result of the increased usage of wearable technology, such as wrist, body, and eyeglasses, in healthcare and consumer entertainment. Additionally, the technology for wearable products has advanced gradually, and the gadgets are getting smaller, which has led to numerous manufacturers applying this technology worldwide.
Additionally, a number of the market’s major companies are implementing new technologies to advance their goods and boost consumer satisfaction, which is propelling the market’s expansion. For instance, the Sensor Data Integrations were made available by the Digital Medicine Society (DiMe) in July 2022. These toolkits assist in realizing the sensor-generated data, which helps the business conduct better research and drive improved decision-making.
Growing Adoption of IoT to offer Robust Opportunities
IoT adoption is increasing, which is causing a rise in the demand for IoT-based sensor data in the retail and e-commerce, healthcare, and related industries over time. IoT provides a rich source of data on consumer preferences, assisting organizations in customer behavior analytics intended to strengthen brand loyalty with improved customer relations.
High Installation Cost to act as Market Restraint
High installation cost and failure in machine in manufacturing may act as market restraints over the forecast period.
Sensor Data Analytics Market Report Scope:
|Market Size by 2030||USD 6.26 Billion|
|CAGR during 2020-2030||24.42%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||There are upward trends and growth in the powerful automotive industry, which are the primary drivers of the Sensor Data Analytics Market Insights. \r\n
There is also increasing demand for wearables.
Dearth of Skilled Professionals to act as Market Challenge
The dearth of skilled experts coupled with the lack of awareness regarding sensor data analytics may act as market challenges over the forecast period.
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The global sensor data analytics market is bifurcated based on applications, services, and components.
By components, hardware will lead the market over the forecast period.
By services, the market is divided into professional and managed.
By applications, manufacturing will domineer the market over the forecast period.
COVID-19 Analysis of Sensor Data Analytics Market
The main AI experts believe that COVID-19 has had a significant impact on the market share of sensor data analytics that dealt with data science, and that now is the ideal time for technological advancement, developing companies, and major innovative startups to increase or raise capital, despite the fact that the sensor data analytics industry is experiencing an economic downturn. In addition, the demand for innovation in sensor data analytics technology is reaching its height.
Continuous lockdowns have had a favorable impact on the market growth. The worldwide epidemic posed a number of difficulties for the sensor data analytics industry. Infrastructure, distribution, healthcare, a lack of opportunities, and significantly reduced development activities are some of the significant elements that have significantly impacted the development of the ongoing demand and supply. However, there are significant strategic advances in the market for sensor data analytics. Because of the rising demand from consumers in many nations, MNCs and local governments are spending and putting more of their attention on the market opportunities for sensor data analytics.
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North America to Head Sensor Data Analytics Market
North America held the largest regional share of the sensor data analytics market in 2021 and is anticipated to keep that position throughout the forecast period as a result of developments in the information and communication technology (ICT) industry as well as the quickening adoption of artificial intelligence (AI) and the internet of things (IoT) across various industries. Due to the use of modern sensors and the presence of significant key players in this area, North America now dominates the sensor data analytics market and will maintain this trend.
The growth of the sensor data analytics industry is being positively impacted by the rising demand for predictive analytics in various industries for forecasting and machine learning, as well as research and innovation in the development of wireless sensors for use in consumer electronics and healthcare. Additionally, the usage of sensor data analytics in the healthcare sector has significantly increased, which has helped the sector thrive over time. In 2021, the region represented about two-fifths of the global market for sensor data analytics. Higher expenditure on data analytics & data processing solutions are contributing to the market’s rise throughout the forecast period.
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Due to advancements in the information and communication technology (ICT) sector as well as the quick uptake of artificial intelligence (AI) & the internet of things (IoT) across a variety of businesses, the segment’s growth is increasing. The region’s nations are among the early adopters of cutting-edge technology, which has significantly accelerated the expansion of the regional market.
APAC to Have Admirable Growth in Sensor Data Analytics Market
Asia-Pacific is anticipated to have considerable growth over the course of the forecast period for the rise in the number of big data analytics SMEs offering end consumers cost-effective solutions. Due to the accelerated economic and digital change seen in the Asia-Pacific area, the region has seen a rise in the penetration of sensor data analytics during the course of the projected period.
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