The Sensor Data Analytics Market is expected to grow at a steady rate of around 14% owing to the rising adoption of IoT. Industrial IoT and growing consumer data are also expected to drive the market during the forecast period 2022-2028

Sensor data analytics is a primary statistical tool that is used to analyze data collected in real time by the sensor. It monitors product performance and consumption in real-time and makes predictions about the behavior of in-service devices. A scalable framework for sensor data analytics connects a variety of data formats from multiple sensors, produces actionable insights, and lowers the cost of data maintenance. 

The increasing adoption of sensor data analytics is mainly attributed to its growing number of applications in technologies such as smart grids, fleet management, healthcare sensing, smart appliances, and others that are driving the market for sensor data analytics. Moreover, the market's expansion is largely driven by an increase in the use of sensors to speed up the analysis processes is also expected to influence the market growth.

Furthermore, the demand for the sensor data analytics market is being driven by

the rising need for accuracy in data process management and the growing concern

about the need to put the data in a quantified form. Additionally, the growing

use of IoT is expected to drive the market during the forecast period. For instance, according to exploring topics, in 2020, IoT spending reached $749 billion. In 2022, global IoT spending was predicted to hit $1 trillion. IoT devices have multiple sensors that constantly collect data which is later used for data analytics.  

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On the basis of component, the market is bifurcated into hardware and software. The hardware segment is expected to

achieve a larger share in 2020 and is expected to maintain during the

forecast period. The demand for hardware platforms is significantly impacted by the rapid rise

in the use of sensor nodes, routers, and gateways to build a network

infrastructure for various customer segments. Additionally, sensors have an

advantage over other components due to their ease of deployment in

technologically inaccessible locations. 

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Based on

application the market is segmented into applications such as manufacturing,

healthcare, automotive, BFSI, and telecommunication. The healthcare segment is

expected to achieve a significant market share in 2021. Factors, including the

rapid rise in the cost of medical care, the growing demand for better clinical

outcomes, and the significant need for better patient care, are expected

to drive the market during the analysis time period. Moreover, in healthcare centers, the use of sensor data

analytics helps with better patient management, which in turn leads to better

patient care, increased operational productivity, and reduced workload on

doctors is expected to significantly influence the market during the forecast

period.  

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For a better

understanding of the market adoption of the Sensor Data

Analytics industry, the market is analyzed based on its worldwide

presence in the countries such as North America (U.S., Canada, Rest of North

America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe),

Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America region is anticipated to dominate the

sensor data analytics market and is expected to maintain this during the forecast period. This is mainly due to the rapid rise

of artificial intelligence (AI) and the internet of things (IoT) within

industries and technological advancements in the Information and communication

technology (ICT) sector in the region. Moreover, the growth of the sensor data

analytics industry is being helped by research and innovation and the development

of wireless sensors for use in consumer electronics and healthcare, as well as

the rising demand for predictive analytics for forecasting and

machine learning in various industries. 

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Some of the

major players operating in the market

include TATA Consultancy Services Limited, IBM, SAP SE, Cisco Systems, Inc, Microsoft, Hewlett Packard Enterprise

Development LP, Qualcomm Technologies, Inc, Schneider Electric, Verizon, and Talend. 

Global Sensor Data Analytics Market Segmentation 

Market Insight, by Component                 

Hardware                

Software 

Market Insight, by Drive Type              

Manufacturing           

Healthcare            

Automotive              

BFSI                

Telecommunication   

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