According to market research report on "Connected
Device Analytics Market by
Component, Deployment Mode, Organization Size, Application (Security and
Emergency Management, and Sales and Customer Management), Industry Vertical,
and Region - Global Forecast to 2025", published by MarketsandMarkets™, 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
major factors fueling the market growth include the such as the increasing
focus on remote monitoring in support of the work from home initiative, the
growing adoption of smart payment technologies, and the rising business need to
build digital infrastructure for large-scale deployments are expected to drive
the adoption of Connected
Device Analytics Market solutions and services.
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in-depth TOC on “Connected Device Analytics Market”
240 - Tables
70 - Figures
345 - Pages
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.
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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 are 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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North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global Connected
Device Analytics Market. The region is witnessing significant developments in the
Connected Device Analytics Market. Many connected device
analytics solution providers in North America are experimenting in the Connected
Device Analytics Market by integrating IoT, AI, and ML functionalities with their
existing connected device analytics solutions. They are also adopting various
growth strategies to strengthen their positions in the market. The US
government has provided support by promoting an ideal environment for research
and innovation, leading to advancements in various fields of science and
technology. The government is focused on enhancing the quality of life of its
citizens and has made investments toward the integration of big data, AI, and
IoT solutions and services across application sectors driving the growth of the
US. APAC has witnessed the advanced and dynamic adoption of new technologies
and is expected to record the highest CAGR during the forecast period. The
commercialization of the IoT technology and need for further advancements to
leverage its benefits to the maximum are expected to drive the adoption of
connected device analytics solutions in the region.
Major vendors in the global Connected Device Analytics Market include 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), and Striim (US).
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Source: https://www.marketsandmarkets.com/PressReleases/connected-device-analytics.asp
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