Escalating demand for wearable and a surge in the launching of new sensors drive the growth of the global Sensor Data Analytics Market. Furthermore, increment in the application of visual real-time sensor data will boost the expansion of the market. Nevertheless, huge installation costs and lack of availability of skilled persons will hinder the market growth. In addition, lack of awareness about sensor data analytics will impede the growth of the global industry. However, the onset of the internet of things and the launching of improved sensors will open new vistas of growth for the global market.
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On basis of the analytical technique, the predictive analytics segment is set to contribute nearly two-fifths of the global sensor data analytics market in 2031. Furthermore, the same segment is anticipated to record the fastest CAGR of 15.59% over the forecast period. The growth of the segment over the forecast period can be attributed to the ability of predictive analytics in alerting businesses about the likelihood of the event occurring as well as outcome occurrence. The report also includes other segments such as descriptive analytics and prescriptive analytics.
Based on the model, the real-time sensor analytics segment contributed to the highest market share in 2021, accounting for more than half of the global sensor data analytics market share. Reportedly, this segment is predicted to contribute majorly toward overall market share by 2031. The growth of the segment over the forecast period can be attributed to the ability of real-time sensor analytics in fulfilling a variety of needs including workflow enhancement, understanding consumer behavior, and knowing climate change. Furthermore, the real-time sensor analytics segment is predicted to register the fastest CAGR of nearly 15.91% from 2022 to 2031. The report also analysis other segments such as ad-hoc sensor analytics.
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In terms of the industry vertical, the manufacturing segment contributed to the highest market share in 2021, accounting for more than one-fourth of the global sensor data analytics industry share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The expansion of this segment over the forecast timeline is due to an increment in automation and digitalization trends in the manufacturing industry. However, the healthcare segment is predicted to register the fastest CAGR of nearly 16.9% from 2022 to 2031. The segmental surge can be due to the massive use of sensor data analytics in healthcare and medicine, complex medical diagnoses, and healthcare insurance fraud detection.
By Region, North America contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global sensor data analytics market in 2021. The growth of the market in the region over the forecast timespan can be credited to higher spending on data analytics and data processing solutions in the region. However, the Asia-Pacific region is anticipated to record the fastest CAGR of 17.14% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to the rise in penetration of sensor data analytics in the region due to the rapid digital and economic transformation witnessed in the Asia-Pacific region.
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic positively impacted the growth of the global sensor data analytics market due to the ability of sensor data analytics to accurately diagnose COVID-19 patients through its use in CT scan technology.
- A large number of firms started work-from-home activities for employees during the period of the COVID-19 pandemic. This created a huge demand for cloud-based sensor data analytics for effectively managing key data of firms, thereby generating lucrative opportunities for growth for the global market.
- Governments of various countries used sensor data analytics for updating real-time data of COVID-19 patients and making actionable insights from the data.
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