Overview and Scope
Connected device analytics refers to the analysis of data collected from sensors and other devices at the point of collection, providing insights and actionable information from the massive amount of data generated by connected devices, such as IoT devices. It is utilized to enhance operational efficiency, predict equipment maintenance needs, detect anomalies, optimize resource allocation, and derive actionable insights from data generated by interconnected devices.
Sizing and Forecast
The connected device analytics market size has grown exponentially in recent years. It will grow from $28.9 billion in 2023 to $35.79 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth in the historic period can be attributed to AI-powered predictive analytics, cross-platform integration, expansion of iot ecosystems and data monetization, demand for hybrid and multi-cloud deployments,vertical-specific analytics solutions.
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Segmentation & Regional Insights
The connected device analytics market covered in this report is segmented –
1) By Component: Solution, Services
2) By Device Connectivity: Wireless Personal Area Networks, Wireless Local Area Networks, Low-Power Wide Area Networks, Cellular Or Machine To Machine, Wired
3) By Deployment Mode: On-Premises, Cloud
4) By Application: Security And Emergency Management, Sales And Customer Management, Remote Monitoring, Predictive Maintenance And Asset Management, Inventory Management, Energy Management, Building Automation, Other Applications
5) By End User: Manufacturing, Transportation And Logistics, Energy And Utilities, Retail And E-commerce, Banking, Financial Services, And Insurance (BFSI), Healthcare And Life Sciences, Government And Defense, Other End Users
North America was the largest region in the connected device analytics market in 2023. Asia-Pacific is expected to be fastest growing region in the forecast period. The regions covered in the connected device analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in penetration of the Internet and IoT devices is expected to propel the growth of the connected device analytics market going forward. The Internet is a global network of interconnected computers, servers, phones, and smart appliances that communicate with each other using the transmission control protocol (TCP) along with other types of services. IoT devices refer to unconventional computing hardware that establishes wireless connections to a network, enabling the transmission of data. Connected device analytics in Internet penetration and IoT devices are crucial for gathering, combining, tracking, and extracting useful insights from the data produced by IoT devices. For instance, in November 2022, according to a publication by the International Telecommunication Union (ITU), a Switzerland-based United Nations agency, global Internet penetration reached an estimated 5.3 billion people, representing 66% of the world’s population in 2022, with a growth of 6.1% over 2021. Furthermore, in August 2022, according to the Health Sector Cybersecurity Coordination Center (HC3), a US-based part of the Department of Health and Human Services (HHS) Cybersecurity Program, approximately 7 billion devices are connected through the Internet of Things (IoT) in 2022, and projections indicate substantial growth, with an estimated 20 billion additional devices expected to leverage this technology by the year 2025. Therefore, the increase in penetration of the Internet and IoT devices is driving the growth of the connected device analytics market.
Key Industry Players
Major companies operating in the connected device analytics market report are Google Inc., Microsoft Corporation, Verizon Communications Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Ericsson AB, Salesforce Inc., Nokia Corporation, Adobe Inc., SAS Institute Inc., Infor, Splunk Inc., PTC Inc., Teradata Corporation, Software AG, TIBCO Software Inc., Cloudera Inc., QlikTech International AB, Guavus Inc., Arundo Analytics
The connected device analytics market report table of contents includes:
1. Executive Summary
2. Connected Device Analytics Market Characteristics
3. Connected Device Analytics Market Trends And Strategies
4. Connected Device Analytics Market – Macro Economic Scenario
5. Global Connected Device Analytics Market Size and Growth
…
32. Global Connected Device Analytics Market Competitive Benchmarking
33. Global Connected Device Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Connected Device Analytics Market
35.Connected Device Analytics Market Future Outlook and Potential Analysis
36. Appendix
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