Sensor Data Analytics Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Sensor Data Analytics Market is expected to grow at a significant rate of around 14% during the forecast period. Sensor data analytics is a technique for analyzing the data collected by the data sensor. The output of a device that detects and reacts to some kind of input from the physical environment is called sensor data. The output could be used to direct a process, supply data or input to another system, etc. Almost any physical element may be found with sensors. The growing adoption of sensor data analytics is mainly attributed to the growing prominence of artificial intelligence across different industries. Artificial intelligence can be used to automate the data processing collected by the sensor. Moreover, the rising demand for wearables and IoT, in general, is expected to significantly influence the market growth during the forecast period. For instance, according to comparitech, in 2021, the number of total connected devices reached 10 billion. Furthermore, the growing technological advancements in the artificial intelligence industry is also expected to surge the market growth during the forecast period.

TATA Consultancy Services Limited, IBM, SAP SE, Cisco Systems, Inc, Microsoft, Hewlett Packard Enterprise Development LP, Qualcomm Technologies, Inc, Schneider Electric, Verizon, and Talend are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, hardware category to witness robust CAGR during the forecast period”

On the basis of component, the market is bifurcated into hardware and software. The hardware segment is expected to achieve a larger share in 2020 and is expected to maintain during the forecast period. The demand for hardware platforms is significantly impacted by the rapid rise in the use of sensor nodes, routers, and gateways to building a network infrastructure for various customer segments. Additionally, sensors have an advantage over other components due to their ease of deployment in technologically inaccessible locations.

 “Amongst application, the healthcare segment to hold a significant share in the market in 2020”

Based on application the market is segmented into applications manufacturing, healthcare, automotive, BFSI, and telecommunication. The healthcare segment is expected to achieve a significant market share in 2021. Factors, including the rapid rise in the cost of medical care, the growing demand for better clinical outcomes, and the significant need for better patient care, are expected to drive the market during the analysis time period. Moreover, in healthcare centers, the use of sensor data analytics helps with better patient management, which in turn leads to better patient care, increased operational productivity, and reduced workload on doctors is expected to significantly influence the market during the forecast period.

 “North America to hold a significant share in the market”

North America is anticipated to dominate the sensor data analytics market and is expected to maintain this during the forecast period. This is mainly due to the rapid rise of artificial intelligence (AI) and the internet of things (IoT) within industries and technological advancements in the Information and communication technology (ICT) sector in the region. Moreover, the growth of the sensor data analytics industry is being helped by research and innovation and the development of wireless sensors for use in consumer electronics and healthcare, as well as the rising demand for predictive analytics for forecasting and machine learning in various industries.

 Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global sensor data analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Sensor Data Analytics Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global sensor data analytics market were the three major steps undertaken to create and analyze the adoption of sensor data analytics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Sensor Data Analytics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the sensor data analytics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the sensor data analytics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Sensor Data Analytics market. Further, we conducted factor analysis using dependent and independent variables such as component and application of sensor data analytic. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the sensor data analytics market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global sensor data analytics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the sensor data analytics market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global sensor data analytics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global sensor data analytics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component, and application in the global sensor data analytics market.

The main objective of the Global Sensor Data Analytics Market Study

The current & future market trends of the global sensor data analytics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the sensor data analytics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component and application.
• Define and analysis of the regulatory framework for the sensor data analytics
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the sensor data analytics market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Sensor Data Analytics market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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