The IoT analytics market size is expected to grow from USD 7.2 billion in 2017 to USD 27.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 31.0% during the forecast period. Factors such as the tremendous growth of IoT data is expected to fuel the market growth. However, the ownership and control of IoT data is expected to restrain the market growth.

The IoT analytics solution and service vendors have implemented various types of organic as well as inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions, to strengthen their offerings in the market. The Major players operating in the market include IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), SAP SE (Germany), Cisco Systems, Inc., (US), Dell Technologies, Inc. (US), Google, Inc. (US), Amazon Web Services, Inc. (US), HP Enterprise Co (US), PTC, Inc. (US), Hitachi, Ltd. (Japan), Teradata Corporation (US), Salesforce.com, Inc. (US), Greenwave Systems, Inc. (US), and mnubo, inc. (US).

Predictive analytics transforms data into valuable insights, facilitating enterprises to optimize business processes, enhance process efficiencies, and increase customer satisfaction. Predictive analytics makes use of real-time data as well as historic data to come up with futuristic outcomes before the actual event takes place. The predictive analytics type is expected to have the largest share in the AoT market due to its ability to determine data and predict future outcomes and trends. The predictions that flow from predictive analytics are transformed into a set of recommended actions that will generate business value. This assists procurement professionals to view business scenario and build future operational strategies. Predictive analytics can also be used for demand forecasting using multiple regression models, which helps organizations determine demand and supply forecasts for different product categories. Such forecasts can prove beneficial while calculating the company revenue and budget growth. Companies are also focusing on providing predictive maintenance and asset maintenance using predictive analytics to understand the device repairing time, minimize downtime, and take swift corrective actions. Predictive analytics when incorporated in AoT, assists a manufacturing unit to ensure continuous operations by implementing asset maintenance or helps a government institute to shut down their servers if suspicious web traffic is detected.

The top 10 use cases in IoT Analytics market are: Predictive maintenance, Quality inspection & assurance, Manufacturing process optimization, Supply chain optimization, AI-driven cybersecurity & privacy, Automated physical security, Automated data management, Smart assistants, AI-driven research & development, Autonomous resource exploration.

The IoT Analytics Market is moving towards the cloud based environment. Cloud-based solutions require less physical set-up, incur lower maintenance costs, and provide 24/7 accessibility from anytime, anywhere. Cloud-based solutions prove to be flexible, agile, and cost-effective, as compared to on-premises solutions. Cloud-based AoT helps organizations to reduce cost and IT complexity; it also improves business agility and increases collaborations by shared services. Globally, large enterprise and SMEs are shifting toward cloud-based solutions to streamline their processes easily and minimize upfront costs. Some of the prominent vendors offering cloud-based AoT software and services include IBM Corporation, Oracle Corp., AWS, and Salesforce.com, Inc.

In February 2019, IBM announced access to its IBM Watson on any cloud. Also, the vendor can deploy AI software to automate business wherever the data resides. In June 2019, Cisco announced software innovations for simplified management and security of networks. Also, it introduced new artificial intelligence and machine learning capabilities that enable IT teams to function at machine speed and scale through tailored network insights.