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Global Connected Device Analytics Market Report 2024: Trends, Innovations, and Growth Opportunities
Connected Device Analytics Market Report
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
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
Connected Device Analytics Market 2024 Key Insights:
• The connected device analytics market is expected to grow to $83.39 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%.
• Influence Of Internet And IoT Device Growth On Connected Device Analytics
• Evolving Landscape Of Advanced Solutions In Connected Device Analytics
• North America was the largest region in the connected device analytics market in 2023. Asia-Pacific is expected to be fastest growing region in the forecast period. The regions covered in the connected device analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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