Information and Communication Technology Connected device analytics Market is projected to grow up to 27% CAGR during the forecasti...

Connected device analytics Market is projected to grow up to 27% CAGR during the forecasting period 2021-2027.

IoT-connected devices collect enormous quantities of data, and the value of these devices is equal to the value of the vital information that they acquire. The number of such devices is growing as a result of the consistent demand for Internet of Things services across a wide range of industries and for a variety of applications. Consequently, the connected device analytics market is enabling businesses to develop platforms and services that enable them to effectively manage and analyse real-time information streams originating from a variety of data sources. Organizations may use this to enhance profitability and efficiency while also reducing risks by optimising company processes and operations, managing risks, and forecasting the future.

As more and more worldwide suppliers turn to IoT analytics solutions, the need for highly trained workers is growing as well. Companies must develop expertise in a variety of areas, including cybersecurity, networking, and applications. They want to utilise IoT data to anticipate outcomes, avoid errors, optimise operations, create new products, and provide advanced analytics competence, which includes artificial intelligence and machine learning. When it comes to total cost reduction, these technologies would be important. With businesses integrating IoT devices via sensor data and other linked devices, there will be an increasing need for operational intelligence-oriented data analyst teams to manage the massive quantities of data produced by IoT devices. The connected device analytics market is allowing businesses to develop platforms and services that will help them in analysing real-time information streams and effectively managing data from a variety of sources. This enables businesses to more effectively enhance, monitor, analyse, and forecast the processes and operations of their businesses, resulting in increased efficiency and profitability, as well as the capacity to identify and neutralise risks.

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Key Driving Factors: The importance of Connected device analytics market in support of the work-from-home effort is growing.

Connected device analytics, which includes time tracking, is a critical weapon in a company's arsenal for increasing income and increasing productivity. In recent years, the use of remote monitoring has become a regular corporate practise as more and more companies embrace the trend of allowing their employees the freedom to work from home. With companies moving toward development, the need for technology would skyrocket, and the increased use of AI, the Internet of Things, and other technologies, and machine learning (ML) would fuel the rise of company income. Training and knowledge transfer, infrastructure, and new software accreditation in the next financial year are all factors that will contribute to the company's commercial development in the future. 

Key driver: The connected device analytics industry is predicted to grow rapidly.

The increasing prevalence of the internet, as well as the use of Internet of Things (IoT) devices, are anticipated to contribute to the development of the connected devices analytics market. One of the major growth drivers in this market is the increasing emphasis on remote monitoring to support the initiative of working from home. Other growth drivers include the increasing adoption of smart payment technologies and the need for businesses to develop a digital infrastructure to support massive deployments. The market is also being driven by the increasing adoption of smart payment technologies, in addition to the growing emphasis on remote monitoring in support of the work from home initiative, the growing adoption of smart payment technologies, and the need for businesses to develop a digital infrastructure for large-scale deployments.

This report offers the major market player’s profiles, such as microsoft (US), oracle (US), IBM(US), SAP(Germany), PTC (US), Cisco (US), Google (US), SAS Institute (US), Adobe (US), Teradata (US), AWS (US), HPE (US), Hitachi (Japan), Software AG (Germany), GE (US), Cloudera (US), Guavus (US), Splunk (US), TIBCO Software (US), Qlik (US), Salesforce (US), Infor (US), Mnubo (Canada), Arundo Analytics (US), Iguazio (Israel), and Striim (US). 

Based on application: 

The connected device analytics market is segmented by application. It can be used for security and emergency management, sales and customer management and other applications (product and process management, IT infrastructure management, and cost optimization)..During the projection period, the security and emergency management applications are anticipated to account for the majority of the market share. The emphasis of businesses on minimising cyber risks and hacking in order to preserve data confidentiality, integrity, and availability throughout the IT infrastructure may be linked to the increase in the market share. Because hackers are persistent in their attacks on Internet of Things devices and the data obtained from them, new threats are certain to emerge in the future. As a result, the “things” in the Internet of Things will require updatable solutions and services in order to adapt throughout their life span.

The Connected Device Analytics Market report has been categorized as below: 

By component:

  • Solutions

  • Services

    • Managed Services

    • Professional Services

      • Deployment and Integration

      • Support and Maintenance

      • Consulting

  • By deployment mode:

    • Cloud

      • Public Cloud

      • Private Cloud

      • Hybrid Cloud

    • On-premises

By organization size:

  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)

By application

  • Security and Emergency Management

  • Sales and Customer Management

  • Remote Monitoring

  • Predictive Maintenance and Asset Management

  • Inventory Management

  • Energy Management

  • Building Automation

  • Others (Product and Process Management, IT Infrastructure Management, and Cost Optimization)

Industry vertical:

  • Manufacturing

  • Transportation and Logistics

  • Energy and Utilities

  • Retail and eCommerce

  • BFSI

  • Healthcare and Life Sciences

  • Government and Defense

  • Others (Media and Entertainment, Education, and Travel and Hospitality)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World
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Published Date : August-2021