The global connected device analytics market accounted for a value of USD 13.1 billion in 2019 and is projected to register growth at a CAGR of 19.3% during forecast period.
COVID-19 has impacted the connected device analytics. The customer behavior is immensely affected along with economies due to outbreak of corona virus. The major upcoming IoT and analytics projects are kept on hold due to COVID-19 and this is likely to intensify the competition among companies. The remote monitoring and smart payment technologies are gaining traction due to social distancing norms. The focus towards health is increasing and the demand for health related wearable is also increasing. The ongoing pandemic leads to slowdown in growth of connected device market in 2020.
For more details, visit: Global Connected Device Analytics Market By Component (Solution & Services), By Deployment Mode (Cloud & On-premises), By Application (Remote Monitoring and Others), By Vertical (BFSI, Others), By Region, Forecast & Opportunities to 2026
The focus towards remote work monitoring, time tracking is widely increasing as it is a vital tool among organization that drive revenue and productivity among organization. The spread of corona virus increases the work from home trend among companies and this leads to higher adoption of remote monitoring technology. The adoption of technologies such as IoT, ML, AI and analytics is increasing and this drives growth in connected device analytics during forecast period.
On the basis of application, the connected device analytics market is segmented into security & emergency management, sales & customer management, remote monitoring, predictive maintenance & asset management, inventory management, energy management, building automation and others. The security & emergency management application is estimated to hold largest market share during forecast period. The companies are majorly focusing on reducing hacking and cyber threats to maintain confidentiality of data. Due to development of technologies, the threats are increasing and this need updated solutions and services to reduce threats and secure data from hackers. This increases adoption of connected device analytics in security & emergency management application during forecast period.
On the basis of vertical, the connected device analytics market is segmented into manufacturing, transportation & logistics, energy & utilities, retail & ecommerce, healthcare & life science, BFSI, government & defense and others. The retail & ecommerce segment is estimated to register growth at highest CAGR during forecast period. The adoption of connected device analytics solution is increasing among retail & ecommerce vendors. The connected device analytics solutions are used to identify product demand and to maintain their inventory efficiently in retail &ecommerce vertical. These industry verticals are focusing on providing more holistic shopping experience with contextualized and personalized interactions which leads to high level of engagement of customer. This drives growth in connected devices analytics among retail and ecommerce vertical during forecast period.
North America region is estimated to hold largest market share during forecast period. The adoption of connected device technologies is higher in this region and the developments in connected device analytics are widely increasing. The investment in technologies such as AI, machine learning, IoT and analytics is rapidly increasing along with R&D activities in this region. The government is providing immense support for growth of connected device analytics solution in this region. Thus, drives growth in North America region during forecast period.
The key market players in connected device analytics industry are Microsoft, Oracle, SAP, IBM, PTC, AWS, Cisco, Google, Adobe, Teradata, Hitachi, HPE, SAS Institute, Software AG, GE, Cloudera, Guavus, and Splunk.
- What are the expected industry trends over the next three to five years?
- Which of the connected device analytics vertical is likely to lead by 2026?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?