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Global Sensor Data Analytics Market to Reach USD 6.26 Billion by 2030

Strategic Insights

— 1 min read

The global sensor data analytics market is expected to witness significant growth over the next decade, driven by the increasing adoption of wearable technology and the Internet of Things (IoT). According to a report by Market Research Future (MRFR), the market is forecast to touch USD 6.26 billion at a 24.42% CAGR by 2030. The report highlights the growing demand for wearable devices, advancements in IoT technology, and the emergence of new applications in various industries as key drivers of market growth.

Key Takeaways:

  • The global sensor data analytics market is expected to reach USD 6.26 billion by 2030, growing at a CAGR of 24.42%.
  • Key players in the market include Tata Consultancy Services, International Business Machines Corporation, SAP AG, Cisco Systems, Inc., Microsoft Corporation, and Hewlett Packard Enterprise Company.
  • The market is driven by the increasing adoption of wearable technology and IoT in various industries, including healthcare, consumer electronics, and retail.
  • The report highlights the growing need for data analytics in the manufacturing sector, driven by the increasing demand for predictive analytics and machine learning.
  • The dearth of skilled professionals is identified as a major challenge for the market, along with the lack of awareness regarding sensor data analytics.
  • The market is segmented by components, services, and applications, with hardware leading the market by components and manufacturing dominating the market by applications.
  • The COVID-19 pandemic has had a significant impact on the market, with lockdowns and disruptions affecting market growth. However, the pandemic has also accelerated the adoption of digital technologies, including sensor data analytics.

Statistics:

  • Market size by 2030: USD 6.26 billion
  • CAGR during 2020-2030: 24.42%
  • Base year: 2019
  • Forecast period: 2020-2030
  • Segmentation by components: hardware (leading the market), services (professional and managed), and applications (manufacturing dominating the market)
  • Key regions: North America (holding the largest regional share), APAC (expected to have admirable growth)

Sources:

  • Market Research Future (MRFR) - The global sensor data analytics market report, 2020-2030
  • Digital Medicine Society (DiMe) - Sensor Data Integrations announced in July 2022
  • Economic Review, various industries - Adoption of IoT in various industries, including healthcare, consumer electronics, and retail

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