“The increasing need to analyze the data collected through connected devices contribute to the growth of the connected device analytics market”
The global connected device analytics market size is projected 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 major growth drivers of the connected device analytics market include the increase focus on remote monitoring in support of work from home initiative. Lack of skilled professional workforce may restrain the growth of the connected device analytics market. The objective of the report is to define, describe, and forecast the connected device analytics market size based on component, organization size, deployment mode, application, industry vertical, and region.
COVID-19 is disrupting the world, businesses, and economies, thus impacting the livelihood of people live, their interaction, and the way they manage their businesses. The ability to sustain has become the new normal for enterprises as they shift their focus from growth opportunities and concentrate on implementing drastic measures to mitigate the impact of the COVID-19 pandemic. The competition among major connected device analytics companies is expected to be furious as most upcoming IoT and analytics projects are kept on hold due to the pandemic. Hence, several companies will fight to gain a single project. Businesses have already started their efforts to return back to normal and are facing multiple challenges on the customer as well as operational side. Meeting customer expectations in terms of optimizing processes, increasing security concerns due to various connected networks, growing connectivity issues, and declining industrial and manufacturing operations are some of the key challenges faced by businesses. New practices, such as work for home and social distancing, are creating the need for remote monitoring, smart payment technologies, and building digital infrastructure for large scale deployments. With an increased focus on health, there has been an increase in the demand for health-related wearable devices. For instance, Fitbit announced a retail growth of 45% in its wearable unit in 2020.
The services segment to grow at a higher CAGR during the forecast period
The connected device analytics market is segmented on the basis of components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. An efficient connected device analytics service help organization develop a connected environment by integrating connected device analytics solution with their existing IT infrastructure.
The sales and customer management segment to grow at the highest CAGR 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 sales and customer management segment to grow at the highest CAGR during the forecast period, due to the growing business focus to provide optimized customer experience by in-store customer targeting, queue minimization, safety analytics, predictive care, medication monitoring, and citizen self-service.
The retail and eCommerce segment to grow at the highest CAGR during the forecast period
The connected device analytics market by industry vertical has been segmented into 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 retail and eCommerce segment to grow at the highest CAGR during the forecast period, due to the growing complexities to take a wide variety of actions associated with lowering risks, addressing an outage, or making a real-time offer to a customer to capture a sales opportunity in retail and eCommerce industry vertical would drive growth of connected device analytics market
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the connected device analytics market.
- By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
- By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
- By Region: North America: 30%, APAC: 30%, Europe: 25%, MEA: 10%, and Latin America: 5%
The report includes the study of key players offering connected device analytics solutions and services. It profiles major vendors in the global connected device analytics market. The major vendors in the global connected device analytics market 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).
The market study covers the connected device analytics market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment modes, organization size, application, industry vertical, and regions. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall connected device analytics market and its subsegments.
- It would help stakeholders understand the competitive landscape and gain more insights to better position their business and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.