Connected Device Analytics Global Market Report 2024

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 observed in the historical period can be attributed to several key factors. These include the widespread adoption of AI-powered predictive analytics, the integration of cross-platform systems, the expansion of IoT ecosystems and the monetization of data, the increasing demand for hybrid and multi-cloud deployments, and the adoption of 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%. Anticipated growth in the forecast period can be attributed to several factors, including the widespread adoption of 5G networks, a heightened focus on cybersecurity analytics, the expansion of smart cities and related infrastructure, the increasing prevalence of remote monitoring and telehealth solutions, and the widespread embrace of digital twins. Major trends expected during this period encompass the proliferation of IoT devices, a growing demand for real-time insights, the continued growth of cloud computing, an expansion of edge computing, and an increased focus on predictive maintenance.

The projected increase in Internet penetration and IoT device adoption is poised to propel growth within the connected device analytics market in the foreseeable future. The Internet serves as a global network connecting various devices, facilitating communication via protocols such as TCP. Meanwhile, IoT devices, unconventional computing hardware, establish wireless connections, enabling data transmission. Connected device analytics plays a pivotal role in aggregating, synthesizing, monitoring, and extracting actionable insights from IoT-generated data. As highlighted by the International Telecommunication Union (ITU) in November 2022, global Internet penetration reached an estimated 5.3 billion individuals, constituting 66% of the world's population in 2022, marking a 6.1% increase from 2021. Additionally, as reported by the Health Sector Cybersecurity Coordination Center (HC3) in August 2022, approximately 7 billion devices are interconnected via IoT in 2022, with projections anticipating significant growth, with an estimated additional 20 billion devices expected to leverage IoT technology by 2025. Consequently, the surge in Internet and IoT device penetration drives the expansion of the connected device analytics market.

Prominent entities within the connected device analytics sector are directing their efforts towards introducing sophisticated solutions, such as advanced connected digital analytics solutions, to gain a competitive advantage. These advanced solutions encompass a repertoire of sophisticated techniques and technologies enabling comprehensive analysis of data derived from interconnected devices, including IoT devices. For instance, in September 2021, Piano Software, Inc., a Netherlands-based software solutions provider, unveiled Piano Analytics - a novel digital analytics solution. This connected device analytics solution aggregates and integrates data from various sources, including web browsers, servers, and IoT devices such as smart speakers and televisions. Offering a privacy-centric approach, Piano Analytics delivers unified data aggregation, empowering organizations to collect, unify, and analyze diverse data sources for personalized experiences and granular performance insights. This solution disrupts the market landscape by providing organizations with a robust, compliant, and adaptable analytics tool, empowering analysts to delve into digital performance intricacies.

In July 2022, Renesas Electronics Corporation, a leading semiconductor manufacturer headquartered in Japan, completed the acquisition of Reality AI for an undisclosed sum. This strategic move enhances Renesas Electronics Corporation's embedded AI capabilities by integrating Reality AI Tools. This integration facilitates the smooth development and deployment of AI-driven solutions, thereby strengthening Renesas' foothold in the connected device analytics market. Reality AI, a Japan-based company specializing in connected device analytics solutions, offers industrial IoT analytics and modeling technologies.

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.

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. The countries covered in the connected device analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Connected device analytics involves the analysis of data collected from sensors and devices at the point of collection, offering valuable insights and actionable information from the vast data generated by connected devices, such as those in the Internet of Things (IoT). This process is applied to enhance operational efficiency, predict equipment maintenance requirements, detect anomalies, optimize resource allocation, and extract actionable insights from data generated by interconnected devices.

The primary components of connected device analytics include solutions and services. Solutions entail the identification and implementation of actions to address problems or answer questions. Various types of device connectivity, such as wireless personal area networks, wireless local area networks, low-power wide area networks, cellular or machine-to-machine, and wired connections, contribute to the overall landscape. Deployment options encompass on-premises and cloud modes, serving various applications such as security and emergency management, sales and customer management, remote monitoring, predictive maintenance, asset management, inventory management, energy management, building automation, among others. End-users span sectors such as manufacturing, transportation and logistics, energy and utilities, retail and e-commerce, banking, financial services, and insurance (BFSI), healthcare and life sciences, government and defense, and other industries.

The connected device analytics market research report is one of a series of new reports that provides connected device analytics market statistics, including connected device analytics industry global market size, regional shares, competitors with a connected device analytics market share, detailed connected device analytics market segments, market trends and opportunities, and any further data you may need to thrive in the connected device analytics industry. This connected device analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The connected device analytics market includes revenues earned by entities by providing services such as data collection, aggregation, analysis, and visualization for extracting insights. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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