Connected Device Analytics Market 2024 - By Industry Analysis, Future Prediction, Business Overview And Forecast To 2033

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.

The connected device analytics market size is expected to see exponential growth in the next few years. It will grow to $83.39 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to adoption of 5G networks, focus on cybersecurity analytics, expansion of smart cities and infrastructure, rise of remote monitoring and telehealth, embrace of digital twins. Major trends in the forecast period include proliferation of IoT devices, demand for real-time insights, growth of cloud computing, expansion of edge computing, rising focus on predictive maintenance.

Market Overview -
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.

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Influence Of Internet And IoT Device Growth On Connected Device Analytics
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.

Competitive Landscape -
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

Evolving Landscape Of Advanced Solutions In Connected Device Analytics
Major companies operating in the connected device analytics market are focusing on introducing advanced solutions, such as advanced connected digital analytics solutions, to gain a competitive edge in the market. Advanced connected digital analytics solutions encompass a range of sophisticated techniques and technologies that enable the comprehensive analysis of data from interconnected devices, such as IoT devices. For instance, in September 2021, Piano Software, Inc., a Netherlands-based company that provides software solutions, launched Piano Analytics, a new digital analytics solution. It is a connected device analytics solution that collects and integrates data from various sources, including web browsers, servers, and connected devices, such as smart speakers and televisions. This offers a privacy-centric digital analytics solution with a unified data approach, enabling organizations to collect, unify, and analyze diverse data sources for personalized experiences and detailed performance insights. This solution challenges established players by providing organizations with a powerful, compliant, and flexible analytics tool that empowers analysts to explore digital performance in detail.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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