Predictive, Prescriptive Analytics is the Big Differentiator in IoT Deployments; Helps Businesses Cut Costs and Drive Top-Line Revenue
Strategy Analytics IoT Strategies report "Big Data Analytics: The Internet of Things (IoT) Differentiator" predicts that Big Data Analytics software revenues will experience strong growth, doubling its current global 2015 revenue of $36.20 billion (US Dollars) to $73.77 billion by 2021and reaching $81 billion by 2022, a compound annual growth rate (CAGR) of 12% in the next seven years.
Laura DiDio, Director in the IoT Strategies Service and author of Big Data Analytics: The Internet of Things (IoT) Differentiator report, said corporations' increased use of analytics – particularly in the healthcare, financial, industrial and manufacturing IoT vertical market segments, enables them to "interpret the vast amounts of data they generate and respond to market dynamics in ways that benefit the corporation and its customers." Big Data Analytics is the difference between being proactive and reactive, said Andrew Brown, Executive Director of the Enterprise and IoT Research. "Predictive analytics software can help businesses respond in a proactive way by dealing with issues before they occur," Brown said, adding, "while, prescriptive analytics on data sources can suggest decision options that take advantage of the predictive elements and provide real differentiation and competitive advantage for companies leveraging these technologies."
Among the other highlights of the report:
IBM, SAS and SAP are the current and traditional market leaders but there are many powerful challengers including: Bosch, Cisco, Dell, General Electric, Intel, Microsoft, Oracle and others who are coming on strong. And there is room for many competitors in this burgeoning market.
The Big Data Analytics Healthcare vertical segment will grow from $7.964 billion in software revenue in 2015 to $17.031 billion in 2022, a CAGR of 11% worldwide.
The Financial sector is the second largest Big Data Analytics vertical market. SA forecasts that 2015 worldwide revenue reached $6.87 billion and will double to $13.78 billion by 2022.
Much of Big Data Analytics software will be open source which is less expensive than proprietary software. It will also have the ability to run on commodity hardware, which OEM vendors are betting will help broaden its appeal to small and midsize (SMBs) and midsize enterprises (SMEs).
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