DUBLIN--(BUSINESS WIRE)--The "Connected Device Analytics Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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 increasing need to analyze the data collected through connected devices contribute to the growth of the connected device analytics market
The major growth drivers of the connected device analytics market include the increasing focus on remote monitoring in support of the 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 the 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 the 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 the growth of the 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.
- Increasing Focus on Remote Monitoring in Support of Work from Home Initiative
- Growing Adoption of Smart Payment Technologies
- Business need to Build Digital Infrastructure for Large-Scale Deployments
- Legacy Database Technologies Limiting IoT Product Integration
- Lack of Skilled Professional Workforce
- Real-Time Analytics Emerging As a Key Vital IoT Initiative
- Rising Internet Penetration and Adoption of IoT Devices
- Increasing need for Remote Patient Care and Tracking Infected People in COVID-19 Pandemic Scenario
- Cybersecurity Concerns
- Decline in Industrial Operation and Manufacturing Operations
- Cumulative Growth Analysis
Case Study Analysis
- Rockwell Automation Used Azure IoT Solution to Unlock Business Insights
- Oracle Helped Vinci Facilities to Deliver Business Service and Reinvent Business Model
- Town of Cary Uses Sas Analytics for IoT Solution for Analyzing Water Consumption Rate
- Trans-Siberian Odyssey, a Three-Person Motorcycle Team, Adopted Hpe Universal IoT Solution for Tracking Riders Journey
- Teradata Helped Pacific, Gas, and Electric Utility Provider to Serve Diverse Customer with Specific Needs
- Cort Adopted Adobe Analytics Solution to Reach the Key Demographics Customer
- Smart Parking Adopted Google Cloud IoT Solution to Seize Opportunities in Smart Seize Developments
- Smc Reached Out to Software Ag to Provide Easy Scalable Solution for Its Clients
IoT: Data Sources
- IoT Patents Filed
Value Chain Analysis
- Technology Analysis
- Connected Device Analytics and Ai
- Connected Device Analytics and Blockchain
- Connected Device Analytics and 5G
- Connected Device Analytics Market: COVID-19 Impact
- Arundo Analytics
- SAS Institute
- Software Ag
- Tibco Software
For more information about this report visit https://www.researchandmarkets.com/r/4g07ia