The IoT Analytics Market is being driven by Need to improve business efficiency
The IoT Analytics Market is expected to grow at a CAGR of 46.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 153664.2 million. The global healthcare industry is experiencing significant growth due to the presence of a large pool of skilled healthcare professionals and doctors, as well as the availability of cost-effective treatments in regions such as APAC. The US Patient Protection and Affordable Care Act (ACA) have driven the expansion of medical tourism, generating substantial revenue in various medical sectors. Key centers for medical tourism include India, the US, China, Thailand, Brazil, Singapore, Malaysia, the Philippines, South Korea, Hungary, Mexico, Colombia, Costa Rica, Belgium, and Turkey. IoT analytics is a prominent factor driving growth in the healthcare industry, particularly in the context of medical tourism, by enabling efficient data collection, analysis, and decision-making for improved patient care and operational efficiency.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Component (Software, Services) End-user (Manufacturing, Retail, Healthcare, Telecommunication and IT, Others) Geography (North America, APAC, Europe, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in IoT Analytics Market Research Report
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The Internet of Things (IoT) market is experiencing significant growth due to the massive data generation from various industries such as manufacturing, healthcare, agriculture, and energy-intensive sectors. This data is used for automation of business processes, optimization of real-time data for industries like autonomous vehicles and supply chain management. IoT technology is revolutionizing sectors like healthcare with patient-centric solutions using wearable devices for heart rate tracking and personalized recommendations. In addition, smart homes, robots, and streaming data are also key areas of application for IoT. Descriptive analytics plays a crucial role in deriving insights from this vast amount of data, leading to improved process efficiency and innovation. Global Positioning System (GPS) is another essential component of IoT, enabling location-based services and real-time tracking in various applications. IoT is transforming industries by providing actionable insights for process optimization and automation.
In the dynamic landscape of business, the Internet of Things (IoT) is revolutionizing data generation and processing through automation and real-time analytics. IoT applications span various industries, from asset management and logistics to autonomous vehicles and GPS tracking. Companies are constantly sourcing and evaluating data inputs from diverse sources, including equipment suppliers, financing institutions, and local transportation services. Establishing strategic partnerships and implementing advanced inventory management systems are crucial to effectively harness the potential of this data deluge. The workforce in this market comprises management and marketing executives, who oversee the direct operations and ensure seamless integration of IoT analytics into business processes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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