Connect with us

TechNews

Connected device analytics market worth $40.3 billion by 2025

Published

on

Connected device
Connected medical device

A report by MarketsandMarkets has forecasted that the global connected device analytics market size will grow from USD 14.3 billion in 2020 to USD 40.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period.

The major factors fueling the market growth, according to the report received by TechEconomy.ng, include the such as the increasing focus on remote monitoring in support of the work from home initiative, the growing adoption of smart payment technologies, and the rising business need to build digital infrastructure for large-scale deployments are expected to drive the adoption of connected device analytics market solutions and services.

Some of the prominent key players are:

IBM (US)

Microsoft (US)

PTC (US)

SAP (Germany)

Cisco (US)

Google (US)

SAS Institute (US)

Adobe (US)

MarketsandMarkets also predicted that the connected device analytics market is expected to witness a slowdown in 2020 due to the global lockdown.

The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various verticals is badly impacted.

The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and food.

The availability of the essential items has been impacted due to the lack of manpower to work on production lines, supply chains, and transportation although the essential items are exempted from the lockdown.

The condition is expected to come under control by early 2021 while the demand for connected device analytics solutions and services is expected increase, which is due to the increased demand for applications, such as remote monitoring, sales and customer management, predictive maintenance and asset maintenance, energy management, and inventory management.

ALSO READ  Jack Ma steps down as chairman of Alibaba, Daniel Zhang takes over

Businesses in various verticals are already planning to deploy a diverse array of connected device analytics solutions to enable digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer relationships.

The reduction in costs, better customer experiences, improved security and privacy capabilities, enhanced visibility into processes and operations, and improved real-time decision-making are the key business and operational priorities that are expected to drive the adoption of the connected device analytics market.

The security and emergency management segment to hold a larger market size during the forecast period

The connected device analytics market by application has been segmented into security and emergency management,sales and customer management, remote monitoring, predictive maintenance and asset management, inventory management, energy management, building automation, others (IT infrastructure management, product and process management, and cost optimization).

The security and emergency management is expected to grow at a rapid pace in the coming years in the connected device analytics market.

The growth can be attributed as emergency management protects communities by coordinating and integrating all activities necessary to build, sustain, and improve the capability to mitigate against, prepare for, respond to, and recover from threatened or actual natural disasters, acts of terrorism, or other man-made disasters.

The manufacturing segment to hold a larger market size during the forecast period

The connected device analytics market is segmented on the basis of industry vertical. The verticals include manufacturing, transportation and logistics, energy and utilities, retail and eCommerce, banking, financial services, and insurance, healthcare and life sciences, government and defense, others (media and entertainment, travel and hospitality, and education).

ALSO READ  Google launches scholarships for 30,000 African Developers; partners Andela, Pluralsight

The manufacturing segment is expected to grow at a rapid pace in the coming years in the connected device analytics market.

It is one of the leading vertical in connected device analytics market due to the increasing growth of IIoT that employs a network of sensors to collect critical production data and uses cloud software to turn this data into valuable insights about the efficiency of the manufacturing operations.

Among services, the managed services segment to grow at a higher CAGR during the forecast period

The connected device analytics market is segmented on the basis of services into two categories, namely, professional services and managed services.

Increasing demand of third-party companies to handle IT infrastructure would drive the growth of managed services.

Professional services are further segmented into three categories, namely, deployment and integration, support and maintenance, and consulting services.

The consulting services segment is expected to grow at a higher CAGR during the forecast period, as as its adoption help businesses create the right IoT strategy for moving toward the digital transformation initiative or finding the best-fit approach.