The global connected device analytics market size to grow from USD 14.3 billion in 2020 to USD 40.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period. The connected device analytics market is said to have high growth potential, due to the ability of connected device analytics solutions to empower organizations to recognize undiscovered opportunities and uncover concealed risks covered inside the vast measures of connected device data.
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The connected device analytics market is expected to witness a slowdown in 2020 due to the global lockdown. The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various verticals is badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and food. The availability of the essential items has been impacted due to the lack of manpower to work on production lines, supply chains, and transportation although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021 while the demand for connected device analytics solutions and services is expected increase, which is due to the increased demand for applications, such as remote monitoring, sales and customer management, predictive maintenance and asset maintenance, energy management, and inventory management. Businesses in various verticals are already planning to deploy a diverse array of connected device analytics solutions to enable digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer relationships. The reduction in costs, better customer experiences, improved security and privacy capabilities, enhanced visibility into processes and operations, and improved real-time decision-making are the key business and operational priorities that are expected to drive the adoption of the connected device analytics market.
The security and emergency management segment to hold a larger market size during the forecast period
The connected device analytics market by application has been segmented into security and emergency management,sales and customer management, remote monitoring, predictive maintenance and asset management, inventory management, energy management, building automation, others (IT infrastructure management, product and process management, and cost optimization).The security and emergency management is is expected to grow at a rapid pace in the coming years in the connected device analytics market. The growth can be attributed as emergency management protects communities by coordinating and integrating all activities necessary to build, sustain, and improve the capability to mitigate against, prepare for, respond to, and recover from threatened or actual natural disasters, acts of terrorism, or other man-made disasters.
The manufacturing segment to hold a larger market size during the forecast period
The connected device analytics market is segmented on the basis of industry vertical. The verticals include manufacturing, transportation and logistics, energy and utilities, retail and eCommerce, banking, financial services, and insurance, healthcare and life sciences, government and defense, others (media and entertainment, travel and hospitality, and education). The manufacturing segment is expected to grow at a rapid pace in the coming years in the connected device analytics market. It is one of the leading vertical in connected device analytics market due to the increasing growth of IIoT that employs a network of sensors to collect critical production data and uses cloud software to turn this data into valuable insights about the efficiency of the manufacturing operations.
Among services, the managed services segment to grow at a higher CAGR during the forecast period
The connected device analytics market is segmented on the basis of services into two categories, namely, professional services and managed services. Increasing demand of third-party companies to handle IT infrastructure would drive the growth of managed services. Professional services is further segmented into three categories, namely, deployment and integration, support and maintenance, and consulting services. The consulting services segment is expected to grow at a higher CAGR during the forecast period, as as its adoption help businesses create the right IoT strategy for moving toward the digital transformation initiative or finding the best-fit approach.
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Unique Features in the Connected Device Analytics Market
Connected device analytics processes data streams in real-time as opposed to historical data analysis. This enables quick response and decision-making in response to the most recent interactions between users and devices.
Rather than depending exclusively on centralized cloud computing, data processing and analysis can be carried out at the “edge” of the network, nearer to the devices themselves. This enhances responsiveness and lowers latency in data transfer, which is especially beneficial for applications that need quick responses.
Device connected Analytics is capable of managing a broad range of data types produced by networked devices, such as audio recordings, video feeds, sensor data, and user interactions. This makes it possible to comprehend user experiences and device behavior in a more comprehensive way.
Through the examination of both past and current data regarding device performance, linked device analytics can anticipate possible repair requirements prior to malfunctions. This makes it possible to schedule preventative maintenance, which reduces downtime and lengthens the life of devices.
By enabling remote device management and monitoring, connected device analytics removes the need for in-person assistance. Cost reductions and increased operational efficiency are made possible by this.
Because of these special qualities, connected device analytics are an effective instrument for businesses trying to improve user experiences, streamline processes, and extract more information from their network of connected devices. Connected device analytics will be essential to realizing the full potential of this revolutionary technology as the Internet of Things (IoT) grows.
Major Highlights of the Connected Device Analytics Market
The majority of the market share (more than 57% in 2023) is held by solutions, which include data gathering, analysis, visualization, and the creation of actionable insights. This illustrates the increasing demand for all-inclusive solutions that do more than merely collect data.
Although some organizations prioritize control over their data infrastructure, cloud-based solutions are becoming more popular, even though on-premises implementation is now leading the way. Cloud computing has benefits including cost-effectiveness, scalability, and better accessibility.
Security and emergency management are anticipated to have the biggest market shares in terms of application. This demonstrates how important connected device analytics are for things like threat identification, instantaneous reaction, and enhanced public safety protocols.
The industries leading the charge in connected device analytics adoption are manufacturing, healthcare, and energy. It makes individualized care and remote patient monitoring possible in the healthcare industry. It makes it possible for manufacturing to optimize production processes and do predictive maintenance. It supports effective resource usage and smart grid management in the energy sector.
All things considered, the market for connected device analytics is full of opportunities. Anticipate even more inventive uses and broad acceptance across various industries as the number of connected devices soars and technology innovations such as edge computing and artificial intelligence (AI) persist.
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Top Companies in the Connected Device Analytics Market
Some of the major connected device analytics vendors includes include Microsoft (US), Oracle (US), IBM (US),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). These connected device analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global connected device analytics market.
Microsoft (US) was founded in 1975 and is headquartered in Washington, US. The company develops software, services, devices, and solutions to compete in the era of intelligent cloud and intelligent edge. With continuous investments on a mix-reality cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content, and deliver solution support and consulting services for its clients. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s offering of platforms and tools help drive the productivity of small businesses, competitiveness of large businesses, and efficiency of the public sector. The company provides a global scale cloud platform, Azure, with hybrid consistency, developer productivity, AI capabilities, and trusted security and compliance. Microsoft is focusing on emerging use cases and needs for configuring security at the edge. The platform accelerates innovation across the spectrum of intelligent edge devices, from IoT sensors to gateway devices and edge hardware to build, manage, and secure edge workloads.
Microsoft works on three pillars: privacy, cybersecurity, and responsible AI to provide tools and frameworks for its customers to drive policy change. The company is known to invest in data centers and other hybrid and edge infrastructure to enhance its services offerings. Microsoft operates in three segments that include productivity and business processes, intelligent cloud, and more personal computing. IoT and connected device analytics solutions are offered through the more personal computing segment of the company. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, energy and utilities, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. The company is planning to invest USD 5 billion in IoT and intelligent edge technologies and ecosystem by 2022 and would further advance customer and partner success to enhance its IoT journey. Moreover, in March 2020, Microsoft partnered with Adaptive Biotechnologies to decode the COVID-19 immune response and provide open data access for researchers. The partnership aims at providing advanced solutions for diagnosing, treating, and preventing the virus, augmenting existing research efforts that primarily focus on the biology of the virus. This data will be made freely available to any researcher, public health official, or organization around the world via an open data access portal.
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