ABI Research Sees IoT Analytics Becoming $30 Billion Business by 2021

The integration, storage, analysis and presentation of IoT data is expected to become a $30 billion market in 2021, based on a 29.4 percent compound annual growth rate, ABI Research said in a Monday report. “Descriptive analytics currently generate more than 75 percent of IoT analytics revenue,” the firm said. “But over the next five years, rapid uptake of advanced analytics will overtake descriptive analytics’ share of revenue to the extent that predictive and prescriptive analytics will account for more than 60 percent of IoT analytics revenue by 2021.” There will come the need to “harmonize IoT ecosystem components without creating or simply shifting the bottlenecks that come with the management of high-velocity variable data,” it said. That will put pressure “on connectivity providers, edge analytics platform players, and system integrators to stand up new and distributed frameworks,” it said.