The global connected device analytics market is predicted to increase at a compound annual growth rate (CAGR) of 23.0% from USD 14.3 billion in 2022 to USD 40.3 billion by 2028.
Connected gadgets are physical appliances that communicate with one another over the internet. It connects desktop PCs and laptops to mobile devices including as tablets and smartphones. However, the list is expanding to include fitness and health trackers, automobiles, cooling and heating systems, home appliances, environmental sensors, and a variety of other items. These devices use innovative technology to collect data, process chips and share it with other devices. Remote control and monitoring are provided for connected devices. It communicates with the internet via various wireless and wired networks. Organizations can use connected device analytics to create services and platforms that help them successfully evaluate and manage real-time information streams from numerous data sources. It enables businesses to safeguard, monitor, and optimize corporate processes and operations, as well as neutralize threats.
Global Connected Device Analytics Market: Growth Factors
The growing usage of remote surveillance for supporting work-from-home trends, as well as the rising acceptance of technologies such as smart payments, is expected to considerably drive the growth of the globally connected device analytics market in the future years. However, the trend of working from home is likely to inspire new habits and create a significant need for establishing smart digital infrastructure for the implementation of large projects. In addition, there has been a considerable increase in the usage of healthcare-related service technologies, such as wearable devices.
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Furthermore, the widespread use of the Internet and internet of things devices among people worldwide is expected to considerably contribute to market growth. The growing awareness of the need to extract real-time information, on the other hand, is likely to fuel the potential growth opportunities in the globally connected device analytics market. Over the last few years, the retail and e-commerce sectors have grown at an exponential rate. Furthermore, the use of new technology such as connected gadgets will accelerate the growth of these sectors. E-commerce providers and merchants are likely to integrate connected device analytics solutions in order to recognize rising product demand and efficiently manage inventories.
Global Connected Device Analytics Market: Segmentation
The global market for connected device analytics may be divided into industrial verticals, applications, organization size, components, and geography.
The market may be divided into industry verticals such as government & defense, healthcare & life sciences, BFSI, retail & e-commerce, energy & utilities, transportation, logistics, manufacturing, and others.
The market may be divided into applications such as building automation, energy management, inventory management, predictive maintenance, asset management, remote monitoring, sales customer management, security & emergency management, and others. Because of the increased emphasis of enterprises on reducing cyber threats and hacking to protect data confidentiality and integrity across the IT infrastructure, the security and emergency management segment accounts for the largest proportion of the global market.
The market can be divided into small and medium-sized firms and large enterprises based on organization size.
The market is divided into two components: services and solutions.
Global Connected Device Analytics Market: Regional Analysis
North America holds the greatest share of the worldwide connected device analytics market, owing to increased public and private sector investments in smart infrastructure and other initiatives. Furthermore, the increasing use of connected device analytic solutions in the region by both large and small enterprises will fuel regional market expansion.
Global Connected Device Analytics Market: Competitive Players
Some of the key players in the globally connected device analytics market are Oracle Corporation, Google LLC., Software AG, Amazon Web Services, Huawei Technologies Co. Ltd., Microsoft Corporation, PTC Inc., Intel Corporation, International Business Machines Corporation, and Cisco Systems Inc., Teradata, SAS Institute Inc, and SAP SE.
Global Connected Device Analytics Market: Regional Segment Analysis
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of the Middle East & Africa
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