State of the IoT Core Analytics Market in 2020

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By Kateryna Dubrova | 3Q 2020 | IN-5925


The 2020 IoT Core Analytics Market Forecast to Be Downgraded


The initial forecast for the big data analytics market in 2020 expected it to experience a significant shift in dynamics due to the emergence of a new marketplace within the Internet of Things (IoT)— IoT data analytics, which would stimulate uplift in IoT core analytics revenues. The reality of the year is, in fact, different, amid the COVID-19 pandemic that caused the health crisis and global economic decline. ABI Research estimated that the IoT core analytics market would surpass US$7.8 billion in 2020; however, the newly updated forecast has been downgraded by 3% for 2020 to 2022.

In practice, the IoT analytics market slowed down, due to uncertainty and lack of industries' rapid response and business resilience, despite the growing value of the data and commoditization of data as a result of the COVID-19 response. Hence, many companies experienced a "freeze of the contract" or temporary postponement of deals (for companies under US$10 Million revenue, it is still the case). While it is essential to highlight that there is a global i…

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