DUBLIN--(BUSINESS WIRE)--The "Global Sensor Data Analytics Market Size, Share & Industry Trends Analysis Report By Deployment Mode, By Analytics Technique, By Tool Type, By Component, By Model, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
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.
A key statistical method for gathering and assessing data that was first derived from the most recent sensor in real-time is called sensor data analytics.
Additionally, modern wireless sensors or wired sensors can produce valuable data in significant amounts. Identifying abnormalities is the most significant objective or technique of sensor data analytics, and this real-time data can be used for a variety of contemporary applications. When a machine fails during production or a patient's health suddenly declines, these accidents can be rapidly and easily tracked and prevented from having big, negative effects.
Industries are flooded with petabytes of Big Data because of the growth of the Internet of Things (IoT), which is made up of an expanding number of wired and wireless sensors. These sensor networks continuously track and report on crucial data, such as patient heart rates, oil drill production flow, or hydropower plant turbine wear. By developing models to extract the insight hidden in this wealth of data, sensor data analytics assist industries in making the most of it. This knowledge transformation of business operations enables people to predict disease, lower maintenance costs, foresee equipment breakdowns, etc.
Analytics of sensor data will be crucial to the success of any firm. All industries, including mining, green technology, and software development, will rely heavily on sensors in the future. Sensors are devices that can gather data, which is then stored in data lakes and processed further by data analytics programs. Analytics tools are designed to examine data flowing from these devices because IoT is expected to establish a major footprint all over the world.
Market Growth Factors
The Emerging Trend of Smart Wearables All Over the World
With the increasing penetration of modernization and urbanization all over the world, the demand for smart wearables is rapidly increasing. Smart wearables are increasingly becoming a market trend, owing to which, a number of people all over the world are adopting this modern-era 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.
An Expansion in the Number of Advanced Sensors Being Introduced to the Market
As people are Advancing toward a more technological and sophisticated world, the need for upgrades and advancements in prevailing technologies are also required. In order to address this demand, market players all over the world are bringing to the market, a significant number of new and advanced sensors with a number of benefits for customers.
High-speed and inexpensive electronic circuits, signal processing techniques and new manufacturing technologies are driving the advancement of sensor technology.
Market Restraining Factors
Privacy Risks Associated With the Use of Sensors
Nowadays, people are surrounded by an increasing number of sensors that are integrated into wearable technology, smart energy meters, and other connected devices that delve further and deeper into their personal life. Other sensors are less protected and less of a concern, although some are frequently viewed as privacy-sensitive and always need user permission to be engaged. However, a variety of seemingly harmless sensors can be used to deduce highly sensitive information about nearby people.
Scope of the Study
Market Segments Covered in the Report:
By Deployment Mode
- On-premises
- Cloud
By Analytics Technique
- Descriptive
- Predictive
- Prescriptive
By Tool Type
- Dashboard & Data Visualization
- Data Mining & Warehousing
- Self-Service Tools
- Reporting
- Others
By Component
- Hardware
- Software
- Services
By Model
- Ad-hoc
- Real-time
By Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Vertical
- Manufacturing
- Retail
- Transportation & Logistics
- Government
- Healthcare & Life Sciences
- Aerospace & Defense
- Energy & Utilities
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
- Talend S.A. (Thoma Bravo)
For more information about this report visit https://www.researchandmarkets.com/r/p1dg1e
