The global connected device analytics market size to 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 connected device analytics market is said to have high growth potential, due to the ability of connected device analytics solutions to empower organizations to recognize undiscovered opportunities and uncover concealed risks covered inside the vast measures of connected device data.
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 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.
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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). 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.
According to MarketsandMarkets, Connected device analytics is the application of specialized analytical tools and procedures to extract value from huge volumes of data generated from connected devices. It is used to understand and improve the digital customer experience, attract and retain users, and analyze operations and actions taken across connected devices. Connected device analytics solutions are defined and judged by their capabilities to reduce the overall operational time, cost, and required expertise and support analytics rich connected device analytics applications. These solutions are primarily responsible for collecting, integrating, cleansing, and filtering data from Internet of Things (IoT) sensors and devices. They are also used to apply model-based and data-driven prediction analytics as well as for optimization and simulation of the collected data to generate useful information.
Some of the major connected device analytics vendors includes include Microsoft (US), Oracle (US), IBM (US),PTC (US), Cisco (US), Google (US), SAS Institute (US), Adobe (US), Teradata (US), AWS (US), HPE (US), Hitachi (Japan), Software AG (Germany), GE (US), Cloudera (US), Guavus (US), Splunk (US), TIBCO Software (US), Qlik (US), Salesforce (US), Infor (US), Mnubo (Canada), Arundo Analytics (US), Iguazio (Israel), and Striim (US). These connected device analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global connected device analytics market.
Microsoft (US) was founded in 1975 and is headquartered in Washington, US. The company develops software, services, devices, and solutions to compete in the era of intelligent cloud and intelligent edge. With continuous investments on a mix-reality cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content, and deliver solution support and consulting services for its clients. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s offering of platforms and tools help drive the productivity of small businesses, competitiveness of large businesses, and efficiency of the public sector. The company provides a global scale cloud platform, Azure, with hybrid consistency, developer productivity, AI capabilities, and trusted security and compliance. Microsoft is focusing on emerging use cases and needs for configuring security at the edge. The platform accelerates innovation across the spectrum of intelligent edge devices, from IoT sensors to gateway devices and edge hardware to build, manage, and secure edge workloads.
Microsoft works on three pillars: privacy, cybersecurity, and responsible AI to provide tools and frameworks for its customers to drive policy change. The company is known to invest in data centers and other hybrid and edge infrastructure to enhance its services offerings. Microsoft operates in three segments that include productivity and business processes, intelligent cloud, and more personal computing. IoT and connected device analytics solutions are offered through the more personal computing segment of the company. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, energy and utilities, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. The company is planning to invest USD 5 billion in IoT and intelligent edge technologies and ecosystem by 2022 and would further advance customer and partner success to enhance its IoT journey. Moreover, in March 2020, Microsoft partnered with Adaptive Biotechnologies to decode the COVID-19 immune response and provide open data access for researchers. The partnership aims at providing advanced solutions for diagnosing, treating, and preventing the virus, augmenting existing research efforts that primarily focus on the biology of the virus. This data will be made freely available to any researcher, public health official, or organization around the world via an open data access portal.
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Oracle (US) was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various size, government agencies, educational institutions, and resellers. The company sells its products and services directly and indirectly through worldwide sales force and the Oracle Partner Network, respectively. It specializes in developing; manufacturing; and marketing hardware systems, databases and middleware software, and application software. The company includes SaaS offerings that are designed to incorporate emerging technologies, such as IoT, AI, ML, blockchain. It operates through three business segments, which includes cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across industry verticals, such as banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities. The company offers its solutions to customers present in more than 145 countries across the Americas, Europe, APAC, and MEA. Moreover, Oracle launched new product in March 2020 named Therapeutic Learning System for the US government. The new system was developed with a unique collaboration of the National Institute of Health, the Food and Drug Administration, the Center for Disease Control and Prevention, Centers for Medicare & Medicaid Services, and the Department of Health and Human Services.
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