Connected device analytics market is expanding in a fast pace

What is Connected device analytics? 

Device that is connected In computing, analytics is the use of specialised analytical tools and processes to extract value from large amounts of data produced by linked devices and other sources. Gadget that is connected In the Internet of Things (IoT), or web-connected devices, analytics is the platform that delivers data to organisations. This data includes information on the item itself as well as technical problems, the network, the device's operating state, and other unique characteristics. 

It handles security data, remote monitoring, predictive maintenance, asset management, energy management, and other functions, which further assists in connecting devices to detect problems and ensure that they are functioning correctly. Market growth will be driven by factors such as increasing emphasis on remote monitoring in support of work-from-home initiatives, increasing adoption of smart payment technologies, and the requirement of businesses to develop digital infrastructure in order to support large-scale deployment.

What are the opportunities in the  Connected device analytics market?

Real-time analytics is developing as a critical component of the Internet of Things project

The increasing recognition of the need to produce real-time insights that can be acted upon in real time via IoT sensor data will provide a great opportunity for companies to thrive in the digital transformation environment. Organizations in the consumer, industrial, and business sectors are quickly assessing and implementing programmes to gain instant value from the Internet of Things, with an emphasis on cost reduction, maintenance, and monitoring in order to assemble real-time services for fast decision-making. Organizations produce a large quantity of unstructured data, which complicates the process of making important business choices. These complications emerge as a result of the growing usage of cloud-based apps, sensors, machines, mobile devices, and the Internet of Things (IoT), such as smart homes devices and point-of-sale (PoS) machines.

A broad variety of connected device analytics solutions is being considered for deployment by businesses across a wide range of industry verticals to support digital transformation efforts that will address mission-critical processes, enhance operations, and distinguish customer interactions. It is anticipated that the adoption of connected device analytics will be driven by the following key business and operational priorities: cost reduction, improved customer experiences, improved security and privacy capabilities, enhanced visibility into processes and operations, and improved real-time decision-making.

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Connected device analytics market: 27% CAGR

Projected Revenue: 50 billion 2020 to 2027

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In the near future, the situation should stabilise. The demand for connected device analytics solutions and services is expected to grow, owing to an increase in the demand for applications such as remote monitoring, sales and customer management, predictive maintenance and asset maintenance, energy management, and inventory management, among other things. The increasing emphasis on remote monitoring in support of the work from home initiative, as well as the increasing use of smart payment technologies, are some of the key drivers driving the development of the connected device analytics market. The market for connected devices analytics is expected to expand as internet penetration and the use of Internet of Things (IoT) devices continue to rise.

Published Date : August-2021

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