USD 1.1 billion
Sensor Data Analytics Market Size, Share, Growth Analysis, By Model(Ad-hoc Sensor Analytics and Real Time Sensor Analytics), By Analytics Technique(Descriptive Analytics, Predictive Analytics and Prescriptive Analytics), By Industrial Vertical(Manufacturing, Aerospace & Defense, Energy & Utility, Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45C2077 |
Region:
Global |
Published Date: April, 2024
Pages:
192
|Tables:
89
|Figures:
66
Sensor Data Analytics Market Insights
Global Sensor Data Analytics Market size was valued at USD 1.1 billion in 2022 and is poised to grow from USD 1.4 billion in 2023 to USD 6.32 billion by 2031, growing at a CAGR of 24.42% in the forecast period (2024-2031).
The main factors propelling the market expansion include applications in smart grid, fleet management, healthcare sensing, smart appliances, and other areas along with the growing use of high-tech sensors. The main statistical tool for gathering and analyzing data that was initially created from the newest sensor in real-time is sensor data analytics. Additionally, wired sensors or the newest wireless sensor media can produce significant data. Moreover, identifying abnormalities is the primary objective or tactic of sensor data analytics, and this real-time data can be used for a variety of contemporary applications.
The market for sensor data analytics is expanding due to rising wearable demand and more complex sensors being introduced. Additionally, the market for sensor data analytics is growing due to the increase in demand for different types of real-time, visualized sensor data and information. However, the market expansion for sensor data analytics is constrained by the high cost of installation, a shortage of qualified personnel, and a lack of knowledge about sensor data analytics. On the other hand, throughout the projected time, rising IoT usage and the introduction of better sensors are anticipated to present lucrative chances for the sensor data analytics market to grow.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Descriptive Analytics
Fastest Growth
Predictive Analytics
Growth Rate
24.42% CAGR
Global Sensor Data Analytics Market ($ Bn)
Country Share for Asia Pacific (%)
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Sensor Data Analytics Market Segmental Analysis
The global sensor data analytics market is segmented based on model type, analytics technique type, industrial vertical type and regional type. In terms of model type, the market is segmented into Ad-hoc sensor analytics and real time sensor analytics. Based on analytics technique type, the market is bifurcated into descriptive analytics, predictive analytics and prescriptive analytics. Based on industrial vertical type, the market is bifurcated into manufacturing, aerospace & defense, energy & utility, healthcare, retail and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The quick rise in the use of sensor nodes, routers, and gateways to create network infrastructure for diverse client segments has a significant impact on the demand for analytics techniques.
Analysis by Analytics Technique
As per categorization by analytics technique type, the market is classified into descriptive analytics, predictive analytics and perspective analytics. Among these, predictive analytics earned the largest share and continues to dominate the market. The application and invention of predictive analytics, which uses sophisticated algorithms to predict future trends and outcomes based on historical and real-time sensor data, is rapidly expanding in the global sensor data analytics market. Predictive analytics is being used by the manufacturing, healthcare, and transportation sectors to improve operations, identify abnormalities, and stop equipment breakdowns. As it facilitates proactive decision-making, cost savings, and increased efficiency, this technology is being widely used by a variety of industries and is helping to shape the ongoing development of sensor data analytics solutions.
The ability of descriptive and prescriptive analysis to offer thorough insights and practical recommendations is what is expected to propel the market for sensor data analytics worldwide. Prescriptive analysis provides insights into the future by advising the best courses of action based on predictive models, whereas descriptive analysis provides a retrospective view of historical data to help understand past trends and patterns. A combination of descriptive and prescriptive analytics is required as industries look more and more to use sensor data for well-informed decision-making. This will help drive efficiency, reduce risks, and gain competitive advantages.
Analysis by Industrial Vertical
Sensor data analytics is being widely innovated and used in manufacturing, transforming operations with real-time equipment performance monitoring, predictive maintenance, and quality control. Manufacturers may improve production efficiency, lower downtime, and improve product quality by analyzing sensor data, which will ultimately lead to cost savings and increased competitiveness. Similarly, sensor data analytics is used in the healthcare industry for predictive diagnostics, individualized treatment plans, and remote patient monitoring. These applications are improving patient outcomes, allocating resources more effectively, and improving healthcare delivery; thus, sensor data analytics is playing a crucial role in revolutionizing both sectors of the global sensor data analytics market.
A combination ofits many uses and big influence on decision-making and operational effectiveness, sensor data analytics are expected to become increasingly popular in the retail, energy & utility, and aerospace & defence industries. Sensor data analytics improves safety and mission success in aerospace and defence by enabling predictive maintenance, asset tracking, and situational awareness. Personalized marketing, inventory optimization, and consumer insights are made easier in retail, increasing sales and enhancing customer satisfaction. It supports grid optimization, renewable energy integration, and predictive maintenance in the energy and utility sectors, which results in cost savings and sustainability initiatives.
Global Sensor Data Analytics Market By Analytics Technique (%)
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Sensor Data Analytics Market Regional Insights
In 2022, the Sensor Data Analytics market in Asia Pacific accounted for 45.80% of the market. The market for sensor data analytics in the Asia Pacific area has been greatly stimulated by the substantial presence of large manufacturing enterprises in countries such as China and India. In addition, the Asia-Pacific region's sensor data analytics market in China had the biggest market share, while the sensor data analytics market in India was expanding at the fastest rate. From 2023 to 2032, the North American market for sensor data analytics is anticipated to develop significantly. This is due to the internet of things (IoT) and artificial intelligence (AI) growing at a very fast rate across the industry, and the information and communication technology (ICT) sector has made technological advancements.
The market for sensor data analytics in Europe held a sizable market share in 2022. The region's ongoing technological developments are to blame for this growth, as they have greatly increased demand for and sales of sensor data analytics technologies. In addition, the European market with the most market share was the German Sensor Data Analytics market, while the fastest-growing market was the UK Sensor Data Analytics market. Latin America is seeing a steady increase in the use of sensor data analytics due to increased efforts being made in several industries to digitize, including mining, manufacturing, and agriculture. But issues like inadequate infrastructure and worries about data privacy continue to exist. Similarly, sensor data analytics use is growing in the Middle East and Africa, especially in industries like oil and gas, utilities, and healthcare.
Global Sensor Data Analytics Market By Geography
- Largest
- Fastest
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Sensor Data Analytics Market Dynamics
Drivers
Industry 4.0
- One of the main factors driving the adoption of sensor data analytics is the spread of Industry 4.0, which is defined by the incorporation of digital technology into manufacturing and industrial processes. Businesses are utilising sensors to gather enormous volumes of data from machinery and manufacturing lines. After that, they use analytics tools to extract information for quality control, process optimisation, and predictive maintenance, which increases operational productivity and efficiency.
Growth in IoT
- The need for sensor data analytics is growing as the Internet of Things (IoT) ecosystem expands quickly. As more IoT devices with sensors are being deployed in a variety of industries, including healthcare, transportation, and smart cities, the requirement to instantly analyse the enormous amounts of data these sensors produce is expanding. Organisations can gain important insights from IoT-generated data through sensor data analytics, which improves decision-making, improves customer experiences, and creates new revenue streams.
Restraints
Concern regarding Data Protection
- The growing concerns about data security and privacy are one major barrier. The collection and analysis of large volumes of sensitive data from sensors by organisations raises the possibility of data breaches, unauthorised access, and information misuse. Robust security measures, adherence to laws like GDPR, and investments in data encryption and cybersecurity technology are all necessary to address these concerns.
Massive Infrastructure is required
- The difficulty of incorporating sensor data analytics into current workflows and systems is another barrier. Integrating analytics tools into daily operations, guaranteeing data quality and consistency, and harmonising data from many sources are frequently difficult tasks for organisations. Adoption of sensor data analytics is further complicated by the difficulty of setting up and maintaining sensor networks and the requirement for trained staff to analyse, understand, and act upon analytics insights.
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Sensor Data Analytics Market Competitive Landscape
Microsoft Corp. offers services in software development, licencing, and support. (Microsoft). The company offers an extensive range of desktop and server administration tools, video games, operating systems, server applications, cross-device productivity tools, business solution solutions, and training and certification services. It also designs, manufactures, and sells hardware products such as gaming consoles, tablets, PCs, and other high-tech devices. In May 2022, Microsoft and Itron, an American technology company, partnered. Through this agreement, cloud computing technology will be made available to enterprises and smart cities, accelerating the shift to cloud-native applications.
Top Player’s Company Profiles
- Tata Consultancy Services (India)
- International Business Machines Corporation (IBM) (US)
- SAP SE (Germany)
- Cisco Systems Inc. (US)
- Microsoft Corporation (US)
- Hewlett Packard Enterprise Company (HPE) (US)
- Qualcomm Inc. (US)
- Schneider Electric SE (France)
- Verizon Communications (US)
- Talend (US)
Recent Developments
- In March 2022, Azure Percept, a platform that combines hardware and software components for edge computing and AI-powered sensor data analytics, was unveiled by Microsoft Corporation. By enabling real-time analysis of sensor data streams from cameras and microphones, Azure Percept empowers businesses to deploy and manage AI models at the edge. This allows sectors like retail, manufacturing, and healthcare to gain actionable insights and spur innovation at the edge of the network.
- In November 2023, IBM announced the release of IBM Edge Application Manager, a software programme driven by artificial intelligence that simplifies the handling and examination of sensor data at the network's edge, providing real-time insights and responses for a range of sectors, including utilities and manufacturing.
- In December 2023, to empower businesses to use real-time data analytics for well-informed decision-making and business optimization, Cisco Systems Inc. unveiled Cisco Kinetic for Manufacturing, an IoT platform that uses sensor data analytics to optimize production processes, enhance asset performance, and improve operational efficiency in manufacturing environments.
Sensor Data Analytics Key Market Trends
- Expansion Plan in Sensor Data Analytics: The market for sensor data analytics is being driven by the increasing number of applications in smart grid, fleet management, healthcare sensing, smart appliances, and other industries. One of the main factors driving the market's rise is the growing use of sensors for speedy procedures. The growing concern over the demand to put the data in a measurable form and the increasing need for accuracy in data process management are driving the need for sensor data analytics. The market for sensor data analytics will increase more slowly for other significant reasons, such as growing levels of disposable income and urbanization.
- AR in Smartphones: Smartphone penetration is on the rise, and technological developments have made it possible for users to watch virtual visuals that are fully immersed in authentic environments. For example, in May 2021, 32% of buyers are estimated by Wikitude, a mobile augmented reality technology company, to be frequent users of AR, and 73% of smartphone AR users are highly satisfied with their experiences. Retail figures for augmented reality demonstrate how the market has embraced technology and is expanding rapidly as a result.
Sensor Data Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, Industry 4.0, which integrates digital technology into manufacturing and allows firms to collect huge amounts of data from machinery, is driving the use of sensor data analytics. Through quality control and predictive maintenance, businesses may improve operational efficiency. Furthermore, sensor data analytics are required due to the Internet of Things' (IoT) rapid expansion. This allows for the instantaneous analysis of data from installed sensors in a variety of sectors, resulting in better decision-making, enhanced consumer experiences, and new revenue prospects. Furthermore, there are issues associated with the intricacy of incorporating sensor data analytics into current systems and workflows, such as maintaining data quality, harmonizing data from multiple sources, and setting up and maintaining sensor networks, all of which call for specialized staff to execute successfully.
Microsoft Corporation, which is well-known for its hardware, licensing, and software development, partnered with Itron in May 2022 to offer cloud computing technologies to businesses and smart cities, hastening the shift to cloud-native applications. The expanding usage of sensors for more efficient processes and the growing need for reliable data management, which is driving the development of sensor data analytics across a range of industries. It also highlights the market for sensor data analytics' slower expansion because of urbanization and increased disposable income. The quick rise of augmented reality (AR) in the smartphone industry, propelled by growing consumer happiness and technological breakthroughs. The two dynamics of technology innovation and market expansion in sensor data analytics and augmented reality are summarized in this note.
What’s Included
NA
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.1 billion |
| Market size value in 2031 | USD 6.32 billion |
| Growth Rate | 24.42% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Sensor Data Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Sensor Data Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Sensor Data Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sensor Data Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sensor Data Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sensor Data Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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