Sensor Data Analytics Market Overview
The Global Sensor Data Analytics Market size is estimated to reach $24.8 billion by 2027, growing at a CAGR of 14.2% during the forecast period 2022-2027. The market growth is attributed to a rapid rise in smart grid applications, increasing adoption of predictive analytics in organizations and so on. Factors such as rising adoption of Internet of Things (IoT) & Big Data analytics technologies along with growing utilization of wireless sensors in various fields, is estimated to boost the demand for sensor data analytics across varied sectors. IoT provides a rich source of data on consumer preferences, helping organizations in customer behavior analytics intended to strengthen brand loyalty with improved customer relations, This in turn, is driving the demand for IoT based sensor data across retail & e-commerce, healthcare and related sectors overtime. Moreover, significant demands for smart wearables, growing digitalization, coupled with rapid surge in plant asset monitoring, remote monitoring, and related use cases, have emerged as some of the major factors set to transform the sensor data analytics industry outlook in the coming time.
Sensor Data Analytics Market Report Coverage
The “Sensor Data Analytics Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments in the Low-Code Development Platform Market.
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Key Takeaways
- Hardware segment held the largest share for the global Sensor Data Analytics market in 2021, attributed to rising adoption of IoT & connected devices across a wide range of industrial applications.
- Healthcare & Life Science industry in sensor data analytics market is analyzed to witness the highest growth during 2022-2027, attributed to rapidly increasing treatment costs, and growing demands for improvement in clinical outcomes.
- North American region dominated the global Sensor Data Analytics market in 2021, owing to the factors such as technological advancements in the Information and Communication Technology (ICT) sector, the rise of Artificial Intelligence (AI) & Internet of Things (IoT), and so on.
- Growing shift towards smart wearables for health or fitness monitoring applications along with increased utilization of predictive analytics in varied industrial environments is analyzed to significantly drive the market growth of Sensor Data Analytics during the forecast period 2022-2027.
Sensor Data Analytics Market Segment Analysis- By Component
Hardware segment dominated the global Sensor Data Analytics market with a share of around 46% in 2021, and is also analyzed to have a significant growth during the forecast period 2022-2027. Growing adoption of IoT, smart and connected devices for conducting varied industrial operations had majorly attributed to its market growth. Due to rapid rise in utilization of sensor nodes, routers, and gateways to build network infrastructure for diverse customer sections, the demand towards hardware platforms is significantly impacted. Additionally, sensor is easily deployable in technologically inaccessible locations which gives them an advantage over other components. The hardware installation assists the system in data integration for centralised monitoring of the industry. Apart from this, growing need for real-time video surveillance across industrial plants, healthcare facilities and others, is also assisting the need for sensor data gathering through camera, sensors and so on. In August 2020, PCTEL, Inc. expanded its IIoT portfolio with the addition of a wireless communication sensor platform. This sensor platform required hardware components such as an easy-to-integrate communication board and sensor, a battery-powered wireless sensor endpoint for simple installation, along with a development kit for application-specific customization. Such factors are set to assist the demand for hardware segment within the global sensor data analytics industry in the long run.
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Sensor Data Analytics Market Segment Analysis- By Industry Vertical
Healthcare & Life Science industry in sensor data analytics market is analyzed to witness the fastest growth with a CAGR of 15.3% during 2022-2027. Factors such as rapid increase in medical treatment expenses, growing demands for improvement in clinical outcomes, significant need for improved patient care and so on is surging the demand for sensor data analytics. The use of sensor data analytics in healthcare aids in better patient management, resulting into enhanced patient care and improved operational productivity while reducing the burden of doctors. Adoption of sensor data assists health care organisations in evaluation & development of therapies, faster detection of anomalies in scans, as well as forecasting illness outbreaks. Moreover, technological advancements towards improving surgical and medical treatment procedures, along with surging demands for fitness trackers or wearables majorly health monitoring functionalities, like blood oxygen levels, heart rate, and so on, can influence its market demand further. In March 2022, Manipal Hospitals had revealed about adoption of a remote monitoring solution linked to Google-owned Fitbit devices in order to track patients recovering from high-risk surgeries. These devices which collects patient data such as heart rate, oxygen saturation level, sleep quality, steps, and pain score, can be shared with nurses and doctors via Connected Life's online monitoring solution. Furthermore, the monitoring solution can be customised for each patient. The monitoring devices are capable of sending reminders for patients to take their medications or do physiotherapy on time, as well as alerts on detection of any significant changes in patient's physiological parameters. This development will aid drive its higher demands in the coming time.
Sensor Data Analytics Market Segment Analysis- By Geography
North America region dominated the global Sensor Data Analytics market with a share of 38% in 2021, owing to technological advancements in the Information and Communication Technology (ICT) sector and rapid rise of Artificial Intelligence (AI) & Internet of Things (IoT) within industries. Increasing demand for predictive analytics in different industries for forecasting & machine learning coupled with research & innovation in the development of wireless sensors for their use in consumer electronics & healthcare is positively impacting the growth of sensor data analytics industry. Moreover, a significant increase in the use of sensor data analytics in the healthcare industry also aid in the growth of sensor data analytics industry overtime. In April 2020, SAS Institute Inc and Cleveland Clinic in U.S. collaborated to develop COVID-19 predictive models which assisted hospitals in forecasting ventilator availability, bed capacity, patient volume, and other factors. This predictive analytics model provided timely reliable information to health departments as well as hospitals in order to optimize healthcare delivery for COVID patients and others. These developments are further set to influence the growth of Sensor Data Analytics industry outlook within North American markets.
Sensor Data Analytics Market Drivers
Increasing Utilization of Predictive Analytics in varied Industrial Environments is boosting the Market Growth for Sensor Data Analytics:
Adoption of predictive analytics methods in industries is eventually growing overtime, attributed to rising plant operational shut downs or disruptions caused due to sudden machinery failure, and rising industrial plant fatalities. Such factors are compelling businesses to undertake predictive maintenance practices, boosting the demands for sensor data analytics. Additionally, predictive analytics generates inferences and predictions without the involvement of human users, utilizing technologies like GPS, location data, and so on which helps in controlling vehicles & automation. Predictive analytics uses historical data, statistical algorithms, and machine to machine learning to forecast future outcomes. Sensor data analytics solutions help users make critical decisions by analyzing current & historical data for predicting future outcomes. According to a survey conducted by GE in 2020, switching from a reactive maintenance model to a predictive maintenance model, can help an organization reduce unplanned downtime from 8.43% to 5.42%. This study helped in understanding the benefits of sensor data analytics, as even 60 minutes of downtime can cost a company hundreds of thousands of dollars in monetary losses. In March 2022, Ericsson, Indian Institute of Technology Kanpur and Bharti Airtel collaborated with the Rajasthan Pollution Control Board to monitor and raise public awareness about air pollution in real time. These sensors are small, easy to install, and require little maintenance. The real-time data collected by the sensors is analyzed by the RSPCB and displayed to the public at five designated locations throughout the city to raise public awareness, which will support policy intervention and allow corrective actions to be taken to reduce air pollution. Such factors will help in propelling the growth of sensor data analytics industry in the long run.
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Growing Shift towards Smart Wearables for Health or Fitness Monitoring Applications is Accelerating the Market Growth of Sensor Data Analytics:
Increasing use of wearable technologies for healthcare purposes is attributed to the surging demand for healthcare applications, such as heart rate monitoring, fitness planning, diet tracking and so on. Moreover, increasing prevalence of chronic diseases and obesity has fuelled the adoption of wearable products such as activity trackers and body monitors, which provide real-time data on the overall well-being of the patient or an individual. These wearable devices also provide data on daily events along with physiological data such as sleep patterns, blood oxygen level, blood pressure, cholesterol level, and total calorie count. According to the Deloitte Connectivity and Mobile Trends Survey conducted in 2021, 58 percent of U.S. households own a wristwatch or fitness tracker, and 39 percent own a smartwatch or fitness tracker prior to the arrival of the pandemic. However, post pandemic, it was observed that there was 14% rise in the sales of smart watches in U.S. In August 2020, Fitbit launched the Fitbit Sense, a new smartwatch with a variety of health features for users. The AMOLED display and EDA sensor incorporated within the watch, allows to detect the body's reactions to stress by measuring electrodermal activity responses. This sensor helped in calculating stress management score by analyzing heart rate data, sleep data, and activity level, along with measuring the user's skin temperature, for detecting signs of fever, illness, or the start of new menstrual cycle. These factors are set to accelerate the market growth towards sensor data analytics in the coming time.
Sensor Data Analytics Market Challenges
Concerns related to data security and privacy for sensor data is restraining the market growth:
Security concerns related to data privacy is restraining the growth of sensor data analytics market. The process of collection and analysis of sensor data provides ample possibilities for data theft or misuse. The utilization of connected devices, or smart devices which gathers real-time information through wireless sensing, can be easily breached, causing potential security threats. A hacker can easily have access to such devices and can get the personal data of the user, using which tracking people, identify their activities, diagnose their medical conditions and so on becomes easy. Malicious hackers can expose highly sensitive information or can exploit them for monetary gain, both of which can have serious consequences. According to a Kaspersky report published in September 2021, about 1.51 billion IoT breaches occurred between January and June 2021, an increase of 639 million in 2020. This finding further stated that majority of these breaches used the transmission control protocol wireless access, with 58% was with the intent of cryptocurrency mining, distributed denial-of-service (DDoS) shutdowns, or data theft. Thus, sensor data collection poses significant privacy risks to users in both on professional and personal front, which is restraining the growth of sensor data analytics industry.
Sensor Data Analytics Industry Outlook
Product launches, acquisitions and R&D activities are key strategies adopted by players in the Sensor Data Analytics Market Report. The top 10 companies in the sensor data analytics market are:
- Tata Consultancy Services
- Microsoft Corporation
- International Business Machine Corporation
- Cisco Systems Inc.
- SAP AG
- Qualcomm inc.
- Schneider Electric SE
- Hewlett Packard Enterprise Company
- Verizon Communications
- Talend
Recent Developments
