Global Sensor Data Analytics Market

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 News

  • 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.
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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).

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. '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)'

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.

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.

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.

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Global Sensor Data Analytics Market

Report ID: SQMIG45C2077

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