Sensor Data Analytics Market Size to Accrue Enormously by 2022 Registering a Substantial CAGR
Sensor Data Analytics Market Size
Sensor Data Analytics, a statistical tool developed to collect and analyze the real-time data generated by a wired or wireless sensor. The primary goal of sensor data analytics is to detect irregularities and these real-time data can later be used for various applications such as to detect failure in a machine in manufacturing unit or to get the data collected by drones to safeguard the businesses from various aerial threats posed by other malicious drones, to improve energy management to reduce carbon footprint of a facility or to cut queues and flight delays at the airports and so on.
As technology is growing, the big data have increased substantially, promoting the demand for data analysis for competitive advantage. Growing number of businesses have shaped up an upsurge demand to track activities on the company websites and other associated websites. Similarly, the emergence of social media sites and the increasing importance of sentiment analysis and advances in text analysis has prompted organizations to integrate social media into their business process.
This has resulted in a huge amount of data stored by an enterprise, prompting the immediate need for data analytics. Therefore, the data analysis becomes vital for the competitive advantage which in turn, increases the uptake of sensor data analytics. It is needless to say that the sensor data analytics market enjoys enormous traction, witnessing augmenting demand across the industries.
Acknowledging the exponential growth, the market perceives currently; Market Research Future (MRFR) in its recently published study report asserts that the global sensor data analytics market is estimated to witness an outstanding growth by 2022, in terms of value, registering a stunning CAGR throughout the forecast period (2016–2022).
Augmenting demand to counter the big data challenges that are increasing with the advancements of technologies are some of the key forces acting as a tailwind to the market growth, boosting the demand for sensor data analytics. Additional factors substantiating the market growth include cost reductions from cloud deployment models, benefits of sensor data analytics, and the increasing need to address vertical specific challenges.
Competitive Analysis
The prominent players operating in the smart waste management market are Bigbelly, Inc. (US), Waste Management, Inc.(US), Ecube Labs Co., Ltd.(South Korea), Covanta (US), Pepperl+Fuchs Group (Germany), OnePlus Systems Inc(US), Urbiotica (Spain), IBM Corportaion (US), SAP SE (Germany), and Enevo (Finland).
Regional Analysis
By region, the smart waste management market has been divided into North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America
North America was the second-largest market in 2018 in terms of market share; it is projected to grow at a CAGR of 17.8%. The factors that contribute to the growth of the smart waste management market are growing investments and developments related to waste management technology in the region by key market players. Also, the US is one of the earliest adopters of wireless technology used for waste management.
The market in Europe is projected to gain the highest CAGR in 2018. Europe has been segmented into the UK, Germany, France, and the rest of Europe. Germany holds the largest market share in the European smart waste management market. Also, these countries have stringent rules and regulations for recycling and reuse of electronic waste. These are some of the factors responsible for the growth of the market during the forecast period.
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