To cater the never ending demand for Internet of Things (IoT) amongst the business corporations and provide them with a high-end and cutting edge technology, the prominent players in the IoT analytics market are now indulging into partnerships and joint venture with their contemporaries. Numerous connected device producers such as telecommunication giants AT&T, Cisco Systems, and tech giants such as IBM Corporation have decided to provide smart solution with an aim of advanced data analytics. This is typically done with the help of IoT platforms. Back in March 2017, IBM Corp teamed up with AT&T to offer enterprise clients with industrial insights of IoT data. AT&T makes use of IBM products such as IBM Watson Data Platform, Watson IoT Platform, and IBM Machine Learning to manage apps and devices and provide insights from multiple sources of information. IBM Corp also partnered up with Cisco Systems back in June 2016 to offer instantaneous insights on IoT at the edge of the network. Consumers at remote, far off locations could be highly benefited with the collaborated solutions of Cisco’s edge analytics and IBM Watson that will aid in the better grasping of the network edge critical information.
What factors are Influencing Growth of Global IoT Analytics Market?
IoT connected gadgets gather vast amounts of data and these gadgets are similar in value to the vital information that they collect. The number of such gadgets and devices is on the constant rise owing to the increasing demand for IoT services in the different segments for several applications. Thus, the global IoT analytics market is permitting the market players to offer platforms and services that will allow them to effectively manage and analyze real-time data streams from a wide range of sources of data. This will effectively allow the companies to better monitor, optimize, and forecast the business operations and procedures, improve the efficacy and profitability, and tackle any threats. These benefits of IoT analytics are expected to positively impact the overall growth of the market. Also, data analytics is crucial for the development of IoT and the market players are now concentrating their works on the IoT analytics market and its overall ecosystem. The companies are now developing tactical strategies to deploy and acquire relevant tools that will allow them the successful uptake IoT and its operational evaluation in real time.
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The IoT analytics market plays an important role in the efficacy of the healthcare sector. The volume of information and data processes by the healthcare sector is growing exponential rate. The global IoT analytics market offers important insights in terms of health from vast volumes of data that aids in making critical decisions. Automation and digitization of the healthcare segment along with the increased uptake of IoT technology allows effortless collection of data for patient records and databases such as information on health of population. With the growing investments and improvements in the North America healthcare sectors, the adoption of IoT technology is expected to surge and thus will play an important role in driving the growth of the market across the globe.
What Factors may slow down Growth of Global IoT Market?
However there are some factors that negatively affect growth of the global IoT analytics market. One of the major impeding factors for the growth of the market is the requirement of highly skilled personnel to operate the complex software. Development of hardware, software, and necessities of system integration, preparing data require specialize and trained resources. These resources are either too expensive to hire or are simply unavailable at times. This as a result, stifles the overall development of the global IoT analytics market. Nonetheless, with more and more use of connected devices and their increasing popularity is expected to spur the adoption of IoT services and thus, create a better landscape of global IoT analytics market.