The global Analytics of Things (AoT) market is expected to grow from $7.2 billion this year to nearly $27.8 billion by 2022. That’s a compound annual growth rate (CAGR) of 31 percent, with IBM, Microsoft, Cisco Systems and Dell among the major vendors.
That’s according to a new report by MarketsandMarkets. Other leading vendors include Oracle, SAP SE, Google, Amazon Web Services (AWS), Hewlett Packard Enterprise (HPE), PTC, Hitachi, Teradata, Salesforce.com and Greenwave Systems.
The key forces driving the AoT market include massive growth of Internet of Things (IoT) data, and the need for advanced analytics and automation of businesses, according to the report. The global IoT market is expected to grow at a CAGR of 27 percent through 2022.
In terms of industry vertical, manufacturing is expected to continue to have the largest market share throughout the forecast period. Manufacturing companies from heavy machinery and construction, industrial machinery, oil and gas, and transportation and logistics are using AoT for effective use of their assets from remote locations and to enhance their life cycle.
Manufacturing organizations rapidly are moving toward predictive maintenance offerings, especially cloud-based ones. The latter have seen massive adoption among small and medium enterprises (SMEs). AoT innovates manufacturing processes, improves interoperability across a large set of assets, and links machines, products, computers, people and analytical resources into a single ecosystem.
Due to advancements in cloud technologies and an increase in data generation from various constituents and customers, cloud-based deployments are expected to exceed on-premises deployments, according to the report. Cloud offerings support real-time visibility of the sourcing and procurement activities, enabling organizations to interconnect with employees and customers anytime, before, during and after each appointment.
North America is expected to hold the largest market share throughout the forecast period. Asia Pacific is expected to grow the fastest during the forecast period. Growing technology spending in countries such as China and India, and the demand for cost-effective analytical software and services among SMEs, are expected to drive the market growth during the forecast period.