Global Connected Device Analytics Market By Component (Solutions, Services), By Deployment Type (Cloud, On-Premises), Application (Security & Emergency, Sales & Customer, Remote Monitoring, Predictive Maintenance & Asset, Inventory, Energy), Industry Vertical (BFSI, Healthcare & Life Sciences, Retail & E-Commerce, Manufacturing, Energy & Utilities), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021-2031

Smart devices are connected to each other and a system via a network. The use of specific analytical tools that are attached to connected devices in order to extract value from massive volumes of data produced by devices are known as connected device analytics. These tools collect information such as network requests and error messages, and device information. The fundamental responsibility of these analytical solutions is to collect, integrate, and filter data from devices, as well as the Internet of Things (IoT).

Some are applications of connected device analytics are:

Emergency and Security Management: As connected device analytics are utilized in security and emergency management solutions, it protects communities by coordinating all operations required to establish, maintain, and increase the capability to minimize the threat of natural catastrophes.

Customer and Sales Management: The use of connected device analytics in this industry will aid in the management of equipment maintenance and the detection of failure concerns. Retailers want access to the same type of rich data as well as high-performance analytical solutions as online transactions grows rapidly.

Remote Monitoring: It is now possible to keep an eye on a construction site from afar. Company tactics have altered over the last few decades, and certain changes have been made to keep an eye on existing businesses. Connected device analytics is useful for remote monitoring and providing significant insight into their assets, as well as reviving important data.

Detailed Segmentation –

Global connected device analytics market is segmented on the basis of – Component, Deployment mode, Application, Industry Vertical, and Region. Represented below is a detailed segmental description:

Based on Component:

• Solutions
• Services

Based on Deployment Type:

• Cloud
• On-Premises

Based on Application:

• Security & Emergency Management
• Sales & Customer Management
• Remote Monitoring
• Predictive Maintenance & Asset Management
• Inventory Management
• Energy Management
• Other Applications

Based on Industry Vertical:

• BFSI
• Healthcare & Life Sciences
• Retail & E-Commerce
• Manufacturing
• Energy & Utilities
• Other Industry Verticals

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Market Dynamics –

Drivers- Remote work monitoring, which includes time tracking, is an important tool in a company’s income and productivity. As more businesses embrace the trend of allowing their employees to work-from-home, remote monitoring is becoming a standard corporate practice. As businesses move toward development, technology demands are subsequently expected to skyrocket, and the increased adoption of technologies such as AI, IoT, and ML will boost corporate revenue growth exponentially.

Training and knowledge transfer, infrastructure, and new software accreditation in the coming fiscal year are all factors that aare anticipated to contribute to the company’s overall success. Whether it’s a permanent move or a temporary transition to remote work, remote monitoring can improve cooperation skills and increase productivity levels, decreasing exposure to COVID.

Manufacturing, energy & utilities, aviation, and logistics are just a few of the industries that are struggling to manage asset monitoring and to keep costs down. Remote monitoring, combined with emerging technologies like IoT, to collect new and additional operational data and enable better asset management through deeper data analysis, will boost the economic trajectory of enterprises post-COVID-19.

To install AI-based IoT technologies and skillsets, trained personnel are necessary to handle the latest software systems. As a result, existing employees must be instructed on how to operate new and improved systems. Verticals are quick to adopt new technology, but they face a labor shortage due to a scarcity of highly skilled individuals. Because a majority of worldwide suppliers are using IoT analytics solutions, the demand for highly skilled workers is also growing.

Companies must develop competence in areas such as cybersecurity, networking, and application development. They must be more capable of leveraging IoT data to forecast outcomes, prevent potential discrepancies, optimize operations, develop new products, and provide advanced analytics expertise, including AI and machine learning. These technologies would play a key role in lowering overall operational expenses.

With organizations integrating IoT devices through sensor data and other linked components, operational intelligence-oriented data analyst teams will be in greater demand to handle the massive amounts of data being created by these devices.

Competitive Landscape –

Some of the key players in this market are –

• Microsoft Corporation
• Oracle Inc
• IBM
• SAP SE
• PTC Inc.
• Cisco Systems Inc.
• Google LLC
• SAS Institute
• Adobe Inc.
• Teradata Corporation
• Amazon Web Services Inc.
• Hewlett Packard Enterprise
• Hitachi Ltd.
• Software AG
• General Electric Company
• Cloudera Inc.
• Guavus
• Splunk Inc.
• TIBCO Software
• Qlik
• Salesforce
• Infor
• Mnubo
• Arundo Analytics
• others

Key developments –

2020:

• In June 2020, Microsoft bought CyberX to help clients solve problems by offering them visibility into IoT devices linked to their networks and allowing them to control the security of such devices.
• In June 2020, IBM and Siemens collaborated on a service lifecycle management system, to constantly improve product performance, maintenance, and operations, the solution combines aspects from Siemens’ Xcelerator portfolio and IBM Maximo. OEMs can also generate important data on asset performance, maintenance, and failures in the field while using this system.

For the Connected Device Analytics Market research study, the following years have been considered to estimate the market size: