IoT Analytics Market Definition
The IoT analytics market is a crucial sector of the IT industry. This industry deals in developing data analysis solutions collected from IoT devices. The components of this industry consist of solutions and services. There are various types of IoT analytics solutions available in the market, such as descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. It can be deployed in several modes, including on-premises and cloud. These solutions are designed for several organizations, such as small & medium enterprises and large enterprises. This market is likely to rise significantly with the growth in the telecom industry across the world.
The rising application of IoT analytics, such as energy management, predictive maintenance, asset management, inventory management, remote monitoring, and others, has propelled market expansion. Also, the increased adoption of IoT-based analytical tools in the healthcare and logistics sector is likely to shape the industry in a positive direction. Moreover, the growing use of IoT analytics in several industries, such as manufacturing, energy and utilities, retail and e-commerce, IT and Telecom, and some others, is expected to drive the growth of the IoT analytics market.
In August 2024, LambdaTest launched an IoT analytics tool. This tool is equipped with AI and ML for optimizing software quality and performance. Advancements in generative AI along with development of advanced data analytics software tools is expected to create ample growth opportunities for the market players in the future.
Download
Actionable Solutions
