Strategy Analytics Report Offers Bright Outlook for IoT Big Data Analytics Software
A new report by Strategy Analytics predicts that Big Data Analytics software will experience strong growth over the next decade, fueled by predictive and prescriptive analytics, which Strategy Analytics said will be the “big differentiator” in IoT deployments. The report, titled “Big Data Analytics: The Internet of Things (IoT) Differentiator,” said the software, which can help businesses cut costs and drive top-line revenue, will help the IoT industry double its current global 2015 revenue of $36.2 billion to $73.77 billion by 2021 and reach $81 billion by 2022, a compound annual growth rate (CAGR) of 12 percent over the net seven years.
The increased use of analytics by corporations—particularly in IoT industry verticals like healthcare, financial, manufacturing—enables companies to “interpret the vast amounts of data they generate and respond to market dynamics in ways that benefit the corporation and its customers," Lauren DiDio, director in the IoT Strategies Service and author of the report, said in a statement.
Major findings from the report include: