Sensor Data Analytics Market Promising Growth Opportunities over 2019-2029
Data analytics (DA) is the field of inspecting raw data with the motive of study and drawing conclusions. Data analytics is used in taking better business decisions based on the conclusions drawn. Sensor data analytics (SDA) is a structured framework build to quickly acquire, transform, analyze and report on different types of log data and sensor data. Sensor data analytics merges and plans the data through different sensor and intensify the information by augmenting the data with additional insights.
Analyzing these data gives us useful insights into the behavioral shifts of need and customer. Sensor data analytics have various applications like, in healthcare biosensors are now used to enable more efficient patient care including telehealth and telemedicine. Sensor data analytics have the capability to analyze sensed data collected from oil drilling stages to confirm safety requirements and advice to improve safety. Sensor data analytics are gaining traction in various electronics and telecommunication applications and being increasingly used by big companies for building infrastructure.
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Global Sensor Data Analytics Market: Segmentation
The sensor data analytics can be classified on the basis of hardware, services, verticals and region. On the basis of hardware used sensor data analytics can be segmented as camera, satellite, mike and other. Sensor data analytics is segmented on the basis of service such as consulting, operation services and maintenance service. On the basis of verticals, the global sensor data analytics market can be segmented into public sector, energy and utility sector, telecommunication sector, health care sector, manufacturing sector, transportation and banking financial services and insurance (BFSI). Regionally, the global sensor data analytics market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA). Among all the regions, North America is leading the market share followed by Western Europe. United States is expected to be the dominant market in the North America region during the forecast period.
Global Sensor Data Analytics Market- Drivers
Rising concern about the need to put the data in a quantified format so that, it can be tabulated and analyzed quickly and the need of accuracy can be the major factors fueling the growth of sensor data analytics market.
Global Sensor Data Analytics Market-Restraints
High installation cost associated of sensor data analytics are restricting the growth of this market. In addition, lack of knowledge and awareness among end users are also acting as restraints for this market.
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Global Sensor Data Analytics Market- Key players
The key players operating in the global sensor data analytics market includes Tata Consulting services Ltd. (TCS), AGT international Inc., talend Inc., SAP SE, Hewlett Packard CO. (commonly known as HP), and International Business Machine Corp. (IBM).