DUBLIN–(BUSINESS WIRE)–The “Analysis report on the global sensor data analytics market size, share and trends 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 from ResearchAndMarkets.com offer.
The global sensor data analytics market size is expected to reach USD 28.5 billion by 2028, with the market growing at 14.2% CAGR during the forecast period.
A key statistical method for collecting and evaluating data that was first derived from the most recent sensor in real time is called sensor data analysis.
Additionally, modern wireless sensors or wired sensors can produce valuable data in significant amounts. Identifying anomalies is the most important goal or technique of analyzing sensor data, and this real-time data can be used for a variety of contemporary applications. When a machine breaks down during production or a patient’s health suddenly deteriorates, these accidents can be tracked quickly and easily and avoid significant negative effects.
Industries are awash with petabytes of Big Data due to the growth of the Internet of Things (IoT), which consists of an increasing number of wired and wireless sensors. These sensor networks continuously track and report crucial data, such as patient heart rates, oil drilling production flow, or turbine wear in hydroelectric power plants. By developing models to extract the insights hidden in this wealth of data, sensor data analytics helps industries get the most out of it. This transformation of knowledge of business operations enables people to predict illnesses, reduce maintenance costs, predict equipment failures, and more.
Analyzing sensor data will be crucial to the success of any business. All industries, including mining, green technologies and software development, will rely heavily on sensors in the future. Sensors are devices that can collect data, which is then stored in data lakes and further processed by data analysis programs. Analytics tools are designed to look at data coming from these devices as the IoT is expected to establish a major footprint worldwide.
Market Growth Factors
The Emerging Trend of Smart Wearable Devices Worldwide
With the increasing penetration of modernization and urbanization all over the world, the demand for smart clothing is increasing rapidly. Smart wearable devices are becoming more and more a market trend, due to which a number of people all over the world are adopting this modern era technology, such as wrist, body and glasses, in healthcare and mainstream entertainment.
Moreover, the technology of wearable products has gradually advanced and the gadgets are getting smaller and smaller, which has led many manufacturers to apply this technology all over the world.
An increase in the number of advanced sensors introduced to the market
As people move towards a more technological and sophisticated world, so too does the need for upgrades and advancements in mainstream technologies. In order to meet this demand, market players all over the world are bringing to market a significant number of new and advanced sensors with numerous benefits for customers.
High-speed and inexpensive electronic circuits, signal processing techniques and new manufacturing technologies are driving advances in sensor technology.
Market restraining factors
Privacy risks associated with the use of sensors
Today, people are surrounded by an increasing number of sensors embedded in wearable technology, smart energy meters and other connected devices that dive deeper and deeper into their personal lives. Other sensors are less protected and less of a concern, although some are often considered privacy-sensitive and still require user permission to use. However, a variety of seemingly innocuous sensors can be used to infer very sensitive information about people nearby.
Scope of the study
Market Segments Covered in the Report:
By deployment mode
By analytical technique
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Description
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Predictive
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Prescriptive
By tool type
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Dashboard and data visualization
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Data mining and warehousing
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Self-service tools
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Reports
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Others
By component
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Material
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Software
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Services
By model
By organization size
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Large companies
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Small and medium-sized enterprises (SMEs)
By vertical
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Manufacturing
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Detail
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Logistic transport
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Government
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Health and life sciences
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Aerospace and Defense
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Energy and Utilities
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Others
By geography
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North America
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WE
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Canada
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Mexico
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Rest of North America
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Europe
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Germany
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UK
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France
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Russia
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Spain
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Italy
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The rest of Europe
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Asia Pacific
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China
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Japan
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India
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South Korea
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Singapore
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Malaysia
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Rest of Asia-Pacific
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LAMEA
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Brazil
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Argentina
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United Arab Emirates
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Saudi Arabia
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South Africa
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Nigeria
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Rest of LAMEA
Main market players
List of companies featured in the report:
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Microsoft Corporation
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IBM Corporation
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SAP SE
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Tata Consultancy Services Ltd.
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Schneider Electric SE
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Hewlett-Packard Enterprise Company
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Cisco Systems Inc.
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Qualcomm Inc.
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Verizon Communications, Inc.
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Talend SA (Thoma Bravo)
For more information on this report, visit https://www.researchandmarkets.com/r/p1dg1e
