The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

The global market for Internet of Things (IoT) Analytics is projected to reach US$51.7 billion by 2025, driven by growing investments in IoT across industries and the resulting focus on return on investments (ROI) delivery. Following the over US$156 billion spent on IoT across industries such as Automotive, Construction/Infrastructure, Consumer Electronics, Energy & Utilities, Healthcare & Lifesciences, Industrial/Manufacturing, and Retail, companies are now aiming at getting their money’s worth from the technology. And in this regard, “Analytics” is the tool that will help companies get the biggest bang for the technology buck. Key promised benefits of IoT include enhanced asset utilization, increase in organizational productivity, high cost savings, improved safety and security, reduced idle inventory, faster time-to-market, and creation of new revenue streams, among others. Realization of these benefits determines the ROI generated on IoT investments, which in turn depends on optimum use of IoT big data, which is defined as data generated from all IoT connected devices. With the IoT ecosystem expanding rapidly worldwide from 6.7 billion IoT connected devices in 2018 to over 20.8 billion devices by 2025, the deluge of big data generated by these devices is becoming a challenge to reckon with. Gleaning actionable insights from this data is becoming a top priority for companies with IoT projects. Data analytics, in this regard, is growing in popularity given their value in finding meaningful patterns and knowledge in IoT big data. Analytics help produce rapid insights needed to make fact-based decisions; they bring context to events on a continuous basis; descriptive, predictive & prescriptive analytics answer questions such as what happened?, how or why did it happen?, what’s happening now?, what is likely to happen next?, and what is the solution to the problem?. Read More…