Connected Device Analytics Market Size, Share, Competitive Landscape, Trend Analysis and Industry Forecast

According to a new report published by Allied Market Research, titled, "Connected Device Analytics Market, by Component (Solution, Service), by Enterprise Size (Large Enterprise, SMEs), by Deployment Model (On-Premise, Cloud), by Application (Sales and Customer Management, Security and Emergency Management, Remote Monitoring, Predective Maintaince and Asset Management, Inventory Management, Energy Management, Building Automation, Others), by Industry Vertical (Manufacturing, Transport and logistics, Energy and Utilities, Retail and eCommerce, BFSI, Health and life science, Government and defense, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031".

The connected device analytics market was valued at $48.2 billion in 2021, and is estimated to reach $378.2 billion by 2031, growing at a CAGR of 23.1% from 2022 to 2031.

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Connected device analytics referred as smart devices connected to each other and also with the system with the help of a network. Connected device analytics is the use of specific analytical tools that are attached to the connected devices in order to extract value from large volumes of data produced in the devices. The data that is collected by these tools include network requests, error events, and device information. These analytical solutions are mainly accountable for gathering, integrating, and filtering data from the devices and the Internet of Things (IoT).

Furthermore, increase in focus on remote monitoring in support of work from home initiatives and increase in penetration of the internet and IoT devices is boosting the growth of the global connected device analytics market. In addition, increase in use of digital transformation technology is positively impacting growth of the connected device analytics market. However, lack of skilled workforce and increase in security concerns is hampering the connected device analytics market growth. On the contrary, increase in real-time analytics emerging as a key vital IoT initiative is expected to offer remunerative opportunities for expansion during the connected device analytics market forecast.

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Competitive Analysis:
The competitive environment of Connected Device Analytics Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Connected Device Analytics Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Adobe
Cisco Systems Inc.
Amazon Web Services Inc.
Hitachi Ltd.
Google LLC
Teradata Corporation
IBM Corporation
SAP SE
Oracle Corporation
Microsoft Corporation and Many More

Region-wise, North America dominated the identity as a service market share in 2021, owing to the adoption of BYOD and increase in the number of online transactions are driving the market in the region. Demand for IDaaS is high in countries such as the U.S. and Canada. However, Asia-Pacific is expected to contribute significant growth in 2021, owing to adoption mobile, cloud, and new generation technologies. It has become highly essential to secure applications and authenticate users and maintain control over business-critical information to minimize the risk associated with the data breach.

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The COVID-19 pandemic is expected to positively impact the overall economy of the connected device analytics market, in addition, with the pandemic eventually receding, sales and service organizations may have to continue accommodating new attitudes and behaviors and take immediate action to meet customer expectations in the post-crisis era. Furthermore, the telecom sector, in particular, plays a vital role across the globe to support the digital infrastructure of countries amid the COVID-19 pandemic.

For instance, according to Global Digital Transformation Survey of Fujitsu in 2021, offline organizations were damaged more, while online organizations witnessed growth in online demand and an increase in revenue. 69% of the business leaders from online organizations have indicated that they witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a drop in revenues. Furthermore, technologies such as IoT, chatbots, and other voice assistants collate massive volume of data to generate significant insights, which may provide cost-saving opportunities, and hence propel the growth of the market. Moreover, investments in deep learning is gaining popularity, owing to increase in attention toward data to help organizations to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which, in turn, contributes toward the growth of the market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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