Advanced Analytics To Overtake Descriptive Analytics' Market
One of the greatest IoT market challenges for enterprises is how to manage, track, and analyze all of their data. ABI Research forecasts global revenues from the integration, storage, analysis, and presentation of IoT data to triple over the forecast period and top US$30 billion in 2021, with a 29.4 percent CAGR.
“Descriptive analytics currently generate more than 75 percent of IoT analytics revenue. But over the next five years, rapid uptake of advanced analytics will overtake descriptive analytics’ share of revenue to the extent that predictive and prescriptive analytics will account for more than 60 percent of IoT analytics revenue by 2021″, says Ryan Martin, Senior Analyst at ABI Research.
The general shift from batch to event-based processing signals a growing interest in real-time/streaming analytics as a lever for IoT value creation. ABI Research data analysis suggests that early adoption of predictive and prescriptive analytics is occurring in more developed, mature M2M/IoT verticals. Growth is specifically targeting asset-intensive industries in which machinery cost is high, such as within the industrial, manufacturing, field, oil, and gas sectors.
“The need to harmonize IoT ecosystem components without creating or simply shifting the bottlenecks that come with the management of high-velocity variable data puts pressure on connectivity providers, edge analytics platform players, and system integrators to stand up new and distributed frameworks,” concludes Martin. “The purpose of these frameworks is to not only support and add value to data, but to also be able to do so at any level.”
Major investments from companies like Cisco, Dell, GE, IBM, Microsoft, PTC, and SAP, as well as a flurry of startup-level vendors like Blue Yonder, mnubo, Mtell, Predixion, and Seeq, further underscores the momentum and importance of analytics in IoT.
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