Analytics of things (AoT) is the next slogan in the analytics industry after the popularity gained by Internet of Things (IoT). AoT is the next step for organization applying IoT. In Internet of things (IoT) devices are linked to the Internet and they are transmitting data to a central repository. Huge amount of data is being collected in AoT in mere data is used to take business decision. Analytics of things conducts analytics on the data generated by IoT devices. The Analytics of Things market is estimated to reach $ 29 Billion by 2022, with the CAGR 30%.
Major growth drivers of the market AoT market are, high effectiveness of IoT devices and the collected data, growing demand for predictive analytics by businesses, availability of consumer-friendly Analytics of Things platform and rise of end-to-end automation process.
High effectiveness of IoT devices such as, smart thermostats are made in a way that they can sense the temperature of the area, how many persons are there in the room, arrangement of people activity, etc. and adjust the temperature accordingly. There are few factors such as lack of real-time algorithms and lack of skilled workforce restraining the growth of the market.
Segmentation of global analytics of things market is done on the basis of by type, application, deployment model and industry vertical. On the basis of type market is segmented into software and services. Software segment further classified into Sensor Data Analytics, IoT Gateway Analytics and Network management. Service segment further classified into Deployment and Integration, Consulting Services Support and Maintenance, and Managed Services. On the basis of industry vertical market is segmented into Healthcare, Telecommunications & IT, Retail, Manufacturing, Government & Defense, Energy & Utilities and Transportation & Logistics. On the basis of application market is segmented into predictive maintenance & asset management, energy management, security & emergency management, building automation, infrastructure management, sales & customer management and inventory management. On the basis of deployment model Analytics of Things market is segmented into on premise and on demand. The demand for cloud-based or on-demand Analytics of Things solutions is increasing due to the cost-effective and time-efficient features.
Segmentation by geography of Analytics of Things market is done based on North America, Europe, Asia-Pacific and RoW. The North American region is anticipated to be the highest revenue making region for Analytics of Things market in the future years, due major emphasis on innovations achieved from research & development and technology. However, the APAC region is estimated to be the fastest-growing region in the market. The development in this region is mainly driven by the growing number of connected devices and IoT devices and appliances in this region.
Key players in Analytics of Things software and services globally are AGT International, Capgemini, Cisco Systems, Google, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, SAP SE, and TIBCO Software. These players have adopted different growth strategies such as new software launches, partnerships, technical collaborations, and mergers & acquisitions to enlarge their offerings in the Analytics of Things market.