Published Date: 23-Sep-2022
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According to a new report, published by KBV research, The Global Sensor Data Analytics Market size is expected to reach $28.5 billion by 2028, rising at a market growth of 14.2% CAGR during the forecast period.
The Cloud market would showcase a CAGR of 16% during (2022 - 2028). The rising growth of the segment is majorly ascribed to the rising trend and capabilities of the cloud. One of the key advantages of the cloud is that it allows the user to save a lot of space that could have been wasted on a dedicated system. Moreover, the cloud is increasingly becoming a trend and hence, this factor is expediting the growth of this segment of the market.
The Descriptive market is leading the Global Sensor Data Analytics Market by Analytics Technique in 2021, thereby, achieving a market value of $12.3 billion by 2028. Using both recent and old data, descriptive analytics seeks out patterns and connections. Because it only describes trends and associations without going any further, it is frequently referred as the most basic type of data analysis. As it is the most traditional analytic technique, this is very reliable.
The Data Mining & Warehousing market segment shows high market share CAGR of 14% during (2022 - 2028). While data mining functions with extracting critical data from databases, data warehousing is an approach for organizing and consolidating data over one database. Data mining depends on the data generated in the data warehouse in order to attempt to show relevant patterns.
The Hardware market has shown the high revenue share in the Global Sensor Data Analytics Market by Component in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.6 billion by 2028. The growth of the segment is owing to a significant increase in IoT & connected device usage across a variety of industrial operations. Additionally, the demand for hardware platforms is strongly impacted by the rapid expansion in the use of routers, sensor nodes, and gateways to develop network infrastructure for various customer sections.
The Real-time market would experience a CAGR of 16.2% during (2022 - 2028). In real-time analytics, data preparation and measurement are done as soon as it reaches the database. In other words, users gain knowledge or are able to make decisions very quickly as the data enters their system. Businesses are able to respond instantly owing to real-time analytics. The major factor attributing to the growth of the segment is the faster turnaround time.
The Large Enterprises market is leading the Global Sensor Data Analytics Market by Organization Size in 2021, thereby, achieving a market value of $18.5 billion by 2028. The rise in the growth of the segment is majorly owing to the fact that large enterprises generate massive volumes of data. This data can be complex as well as essential. In order to streamline the process of evaluating the data, the demand for sensor data analytics is rising in these enterprises.
The Retail market is estimated to witness a CAGR of 13.9% during (2022 - 2028). Sensor data analytics in the retail sector allows businesses to develop customer recommendations on the basis of their purchase history, leading to more individualized shopping experiences and enhanced customer service. These enormous data sets are also useful for predicting trends and formulating strategic choices based on market research.
The North America market dominated the Global Sensor Data Analytics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9.7 billion by 2028. The Europe market is exhibiting witness a CAGR of 13.5% during (2022 - 2028). Additionally, The Asia Pacific market is experiencing a CAGR of 15.2% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Microsoft Corporation, IBM Corporation, SAP SE, Tata Consultancy Services Ltd., Schneider Electric SE, Hewlett Packard Enterprise Company, Cisco Systems Inc., Qualcomm Inc., Verizon Communications, Inc., and Talend S.A. (Thoma Bravo)
By Deployment Mode
By Analytics Technique
By Tool Type
By Organization Size
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