December 01, 2020
According to the research report titled ‘Global Connected Device Analytics Market Size study, by Component (Solution and Services), by Deployment Mode (On-Premises And Cloud), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), by Application (Security and Emergency Management, Sales and Customer Management, Remote Monitoring, Predictive Maintenance and Asset Management, Inventory Management, Energy Management, Building Automation and Others), by Vertical (Manufacturing, Transportation and Logistics, Energy and Utilities, Retail and eCommerce, BFSI, Healthcare and Life Sciences, Government and Defense and Others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global connected device analytics market was valued at USD 11.6 billion in 2019 and is expected to experience a CAGR of 23% during 2020-2027.
Rising importance of remote monitoring to support the work from home practice, increasing adoption of smart payment technologies, along with focus on building digital infrastructure among organizations for large scale deployments are the major factors expected to fuel the global connected device analytics market.
For the record, connected device analytics platform provides data to companies based on IoT or web-connected devices. Further, it manages the data security, predictive maintenance, remote monitoring, energy management, asset management, and other tasks that aids the connecting devices to detect errors and operate smoothly.
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Increasing demand for accumulating data from the connected devices, along with rising need for data storage management and providing efficiency with tasks, contributes to the industry growth. However, restrictions on existing database technologies for IoT product integration along with lack of skilled professionals are the major factors poised to hamper the growth of global connected device analytics market in coming years.
Based on vertical, global connected device analytics market is segmented into manufacturing, retail & ecommerce, government & defense, transportation & logistics, healthcare & life sciences, energy & utilities, BFSI, and others. With regards to application scope, the industry is bifurcated into remote monitoring, customer & sales management, security management, emergency management, predictive maintenance, energy management, asset management, inventory management, building automation, and others.
With regards to organization size, global connected device analytics industry is bifurcated into small & medium-sized enterprises, and large enterprises. Based on deployment model, the market is segmented into cloud, and on-premises. Speaking of component terrain, the industry is bifurcated into services, and solutions.
From a regional frame of reference, North America connected device analytics market is likely to register significant gains in coming years due to increasing adoption of advanced technologies in the region. Meanwhile, APAC industry is predicted to register momentous growth over 2020-2027.
Major players influencing global connected device analytics market trends include Amazon Web Services, Teradata Corporation, SAP SE, Microsoft Corporation, PTC Inc., Cisco Systems Inc., Google LLC, International Business Machines Corporation (IBM), Adobe Inc., and Oracle Corporation.