The amount of data out
there is unbelievable and big data is here to sift through, analyze and make sense of that huge amount of data. Sensor data analytics refers to the method of collecting, transforming and analyzing sensor data. The increasing number of sensors deployed in various environments requires the data collected by the sensor to be collated and analyzed in order to take informed decisions in the future. The opportunity for deploying Sensor data analytics are endless with sensors being used in practically all possible applications. In the case of healthcare, patients are monitored with a plethora of sensors connected to them and this informative is extremely critical for healthcare practitioners to prescribe further medication if required and also be able to judge the progress of a patient. Consumers’ buying patterns can also be studied by deploying sensors across a departmental store. Several decisions including an optimal layout of the store can also be inferred from the analysis of the data collected from the sensors. These are just a few examples of the need for sensor data analytics. The market is driven by such strong factors that it is expected to experience a double digit growth rate till the end of the forecast period.
With the high cost of initial investment required to set up sensor data analytics coupled with the lack of awareness in certain regions, the growth of the sensor data analytics market will be restricted for a few years.The Sensor data analytics market
can be segmented on the basis of hardware Sensors, Transmitters, Displays, Cameras and Others. The market has also been segmented based on the services offered such as Consulting, Implementation and Operation and Maintenance and Others. In terms of applications, the Sensor data analytics market has been segmented across the following Telecommunications, Retail, Healthcare, BFSI, Government, Transporation, Energy and Utilities and Others.
North America currently accounts for the largest share of sensor data analytics market followed closely by the European regions. This trend will remain the same till the end of the forecast period. Significant amount of research and development work being conducted across the globe makes it likely that the investment costs could be brought down to a nominal amount. The market has been segmented based on the following geographies North America, South America, APAC, Europe, Middle East and Africa.Following are just a few of the companies that are operating in this market:
- Tata Consultancy Services
- SAP AG
- Cisco Systems