Connected Device Analytic Market Overview
Connected Device Analytic Market Size was estimated at 4.89 (USD Billion) in 2022.
The Connected Device Analytic Market Industry is expected to grow from 5.7(USD Billion) in 2023 to 22.4 (USD Billion) by 2032. The Connected Device Analytic Market CAGR (growth rate) is expected to be around 16.43% during the forecast period (2024 - 2032).
Key Connected Device Analytic Market Trends Highlighted
Key market drivers for connected device analytics include the proliferation of IoT devices, increasing adoption of cloud computing, and the need for real-time data analysis. Opportunities exist in developing advanced analytics solutions, leveraging artificial intelligence (AI) and machine learning (ML), and exploring new applications in healthcare, manufacturing, and energy. Recent trends include the rise of edge computing, which brings analytics closer to the data source, and the adoption of low-code/no-code platforms, making data analysis accessible to a wider range of users. These trends are shaping the connected device analytics market, driving innovation and creating growth opportunities for vendors and enterprises alike.
Figure1: Connected Device Analytic Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected Device Analytic Market Drivers
Increasing Adoption of IoT Devices
The proliferation of IoT devices is a major driver of growth for the connected device analytics market. As more and more devices are connected to the internet, businesses are generating vast amounts of data that can be used to improve operations, make better decisions, and create new products and services. Connected device analytics solutions can help businesses to make sense of this data and extract valuable insights. For example, a manufacturing company can use connected device analytics to monitor its machines and identify potential problems before they occur.This can help to prevent downtime and improve productivity. A retailer can use connected device analytics to track customer behavior and identify opportunities to improve the customer experience. This can help to increase sales and improve customer satisfaction.
Growing Demand for Data-Driven Insights
Businesses are increasingly looking for ways to make data-driven decisions. Connected device analytics solutions can provide businesses with the insights they need to make better decisions about product development, marketing, and operations. For example, a connected device analytics solution can help a business to identify the most popular features of its products. This information can then be used to develop new products or features that are more likely to be successful.Connected device analytics can also help businesses to identify trends in customer behavior. This information can be used to develop more effective marketing campaigns and improve the customer experience.
Advancements in Artificial Intelligence (AI) and Machine Learning (ML)
Advancements in AI and ML are making connected device analytics solutions more powerful and easier to use. AI and ML algorithms can be used to automate the process of analyzing data and identifying insights. This makes it easier for businesses to get the most value from their connected device data. AI and ML can also be used to develop new connected device analytics solutions that are more tailored to the needs of specific industries and businesses.
Connected Device Analytic Market Segment Insights
Connected Device Analytic Market Solution Insights
The Connected Device Analytic Market is segmented into solution, which includes analytics software and analytics services. The analytics software segment is expected to account for a larger market share in 2023 due to the growing adoption of data analytics solutions by businesses to improve decision-making and gain insights into their operations. The analytics services segment is also expected to grow at a significant rate due to the increasing demand for outsourced analytics services from businesses that lack the expertise and resources to manage their data analytics in-house.The Connected Device Analytic Market revenue is expected to reach USD 22.4 billion by 2032, growing at a CAGR of 16.43% from 2023 to 2032. The market growth is attributed to the increasing adoption of connected devices, the growing volume of data generated by these devices, and the need for businesses to analyze this data to improve their operations.
The Connected Device Analytic Market segmentation provides insights into the different solution segments that are driving market growth. The analytics software segment is expected to continue to dominate the market due to the increasing adoption of data analytics solutions by businesses.The analytics services segment is also expected to grow significantly due to the increasing demand for outsourced analytics services from businesses that lack the expertise and resources to manage their data analytics in-house. The Connected Device Analytic Market data shows that the market is highly competitive, with a number of vendors offering a variety of solutions. Some of the key vendors in the market include IBM, SAP, Oracle, Microsoft, and Google. These vendors are investing heavily in research and development to improve their offerings and gain market share.The Connected Device Analytic Market statistics indicate that the market is expected to witness significant growth in the coming years. The growing adoption of connected devices and the increasing volume of data generated by these devices are expected to drive the market growth. Additionally, the increasing need for businesses to analyze this data to improve their operations is expected to contribute to the market growth.
Figure2: Connected Device Analytic Market, By Solution, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected Device Analytic Market Deployment Model Insights
The deployment model segment of the Connected Device Analytic Market is bifurcated into cloud-based and on-premises. The cloud-based deployment model is expected to dominate the market in the coming years owing to its benefits such as cost-effectiveness, scalability, and flexibility. The on-premises deployment model, on the other hand, is expected to witness a steady growth rate over the forecast period due to its advantages such as data security and control. In 2023, the cloud-based deployment model accounted for a market share of around 60%, while the on-premises deployment model accounted for the remaining 40%.By 2032, the cloud-based deployment model is projected to reach a market valuation of approximately USD 13.4 billion, while the on-premises deployment model is expected to reach a market valuation of around USD 9 billion. The growth of the cloud-based deployment model is attributed to the increasing adoption of cloud computing services by enterprises, which results in a reduction in IT infrastructure costs and an improvement in operational efficiency.
Connected Device Analytic Market Application Insights
The Connected Device Analytic Market is segmented by application into predictive maintenance, performance optimization, risk assessment, and fraud detection. Predictive maintenance is expected to hold the largest market share in 2023, due to the increasing need for businesses to optimize their operations and reduce downtime. Performance optimization is expected to be the fastest-growing segment, due to the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. Risk assessment is expected to be the third-largest segment, due to the increasing need for businesses to protect themselves from cyber threats and other risks.The growth of the market is attributed to the increasing adoption of connected devices, the growing need for data analytics, and the increasing awareness of the benefits of connected device analytics.
Connected Device Analytic Market End User Industry Insights
The Connected Device Analytic Market segmentation by End User Industry provides insights into various industry applications of connected device analytics. The Manufacturing segment is expected to account for a significant share of the market in 2023, driven by the increasing adoption of IoT sensors and analytics to optimize production processes, improve efficiency, and reduce downtime. The Energy Utilities segment is also growing rapidly, as utilities leverage connected device analytics to enhance grid reliability, reduce energy consumption, and improve customer service.The Transportation Logistics segment is another key contributor, with connected devices enabling real-time tracking, fleet management, and predictive maintenance. The Healthcare segment holds immense potential, as connected devices and analytics empower remote patient monitoring, personalized medicine, and early disease detection.
Connected Device Analytic Market Regional Insights
The Connected Device Analytic Market industry is segmented into North America, Europe, APAC, South America, and MEA. In 2023, North America held the largest share of the market, and it is expected to maintain its dominance throughout the forecast period. The growth of the North American market is attributed to the increasing adoption of connected devices and the growing demand for data analytics solutions. Europe is the second-largest market for connected device analytics, and it is expected to grow steadily over the forecast period.The growth of the European market is driven by the increasing adoption of connected devices in various industries, including manufacturing, healthcare, and transportation. The APAC region is expected to witness the highest growth rate during the forecast period, owing to the increasing adoption of connected devices and the growing demand for data analytics solutions. The growth of the market is attributed to the increasing adoption of connected devices, the growing demand for data analytics solutions, and the rising need for real-time insights to improve operational efficiency and decision-making.
Figure3: Connected Device Analytic Market, By Regional, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected Device Analytic Market Key Players And Competitive Insights
Major players in Connected Device Analytic Market are continuously striving to gain competitive edge by introducing advanced solutions that cater to evolving customer needs. Strategic acquisitions and partnerships are prevalent in the industry, as companies seek to expand their capabilities and geographical reach. Leading Connected Device Analytic Market players are investing heavily in research and development to stay ahead of the curve and maintain market leadership. They are also focusing on developing innovative technologies to meet the growing demand for real-time data analysis and insights. The Connected Device Analytic Market industry is characterized by intense competition, with numerous established and emerging players vying for market share. Key players are adopting various strategies to differentiate themselves, such as offering tailored solutions, providing value-added services, and establishing strong partnerships with device manufacturers and service providers.
A notable leading company in the Connected Device Analytic Market is IBM. IBM offers a comprehensive suite of connected device analytics solutions, including the IBM Watson IoT Platform. This platform provides a range of capabilities for data collection, analysis, and visualization, enabling businesses to gain insights from their connected devices. IBM has a strong presence in various industries, including manufacturing, healthcare, and retail, and leverages its expertise in artificial intelligence (AI) and machine learning (ML) to enhance its connected device analytics offerings.A key competitor in the Connected Device Analytic Market is Google Cloud. Google Cloud provides a range of cloud-based connected device analytics solutions, including Google Cloud IoT Core and Google Cloud AI Platform. These solutions enable businesses to collect, analyze, and store data from their connected devices at scale. Google Cloud has a strong focus on AI and ML, and its connected device analytics offerings are integrated with its AI and ML tools, allowing businesses to gain deeper insights from their data.
Key Companies in the Connected Device Analytic Market Include
- IBM
- Dell EMC
- Splunk
- Tableau Software
- Qlik
- SAS Institute
- Microsoft
- HPE
- Hitachi
- Oracle
- Teradata
- Cisco
- Informatica
- Tibco Software
- SAP
Connected Device Analytic Market Industry Developments
The Connected Device Analytic Market is projected to reach $22.4 billion by 2032, exhibiting a CAGR of 16.43% from 2024 to 2032. Advancements in IoT and the increasing adoption of connected devices drive market growth. The rising demand for data analytics solutions to optimize operations and enhance decision-making further fuels market expansion. Key industry players are focusing on strategic partnerships and acquisitions to expand their product portfolios and gain a competitive edge. Recent developments include IBM's acquisition of Databand.ai to enhance its data observability capabilities and Google Cloud's partnership with SAP to offer advanced analytics solutions for connected devices.
Connected Device Analytic Market Segmentation Insights
Connected Device Analytic Market Solution Outlook
- Analytics Software
- Analytics Services
Connected Device Analytic Market Deployment Model Outlook
Connected Device Analytic Market Application Outlook
- Predictive Maintenance
- Performance Optimization
- Risk Assessment
- Fraud Detection
Connected Device Analytic Market End User Industry Outlook
- Manufacturing
- Energy Utilities
- Transportation Logistics
- Healthcare
Connected Device Analytic Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
4.89(USD Billion) |
| Market Size 2023 |
5.7(USD Billion) |
| Market Size 2032 |
22.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
16.43% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
IBM, Dell EMC, Splunk, Tableau Software, Qlik, SAS Institute, Microsoft, HPE, Hitachi, Oracle, Teradata, Cisco, Informatica, Tibco Software, SAP |
| Segments Covered |
Solution, Deployment Model, Application, End User Industry, Regional |
| Key Market Opportunities |
Realtime data insights Improved customer experience Predictive maintenance Remote monitoring Enhanced security |
| Key Market Dynamics |
Growing demand for data driven insights Advancements in cloud computing and AI Proliferation of IoT devices Increasing emphasis on predictive maintenance Evolving regulatory landscape |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Connected Device Analytic Market is expected to reach an overall valuation of 22.4 billion USD by 2032.
The Connected Device Analytic Market is projected to grow at a CAGR of 16.43% from 2024 to 2032.
North America is anticipated to dominate the Connected Device Analytic Market throughout the forecast period, owing to the presence of major technology companies and early adoption of advanced technologies.
Connected Device Analytics finds applications in various sectors, including healthcare, manufacturing, retail, transportation, and energy management.
Prominent players in the Connected Device Analytic Market include IBM, Microsoft, SAP, Oracle, and Cisco.
The increasing adoption of IoT devices, the growing need for data-driven insights, and the rising demand for predictive maintenance solutions are key factors fueling market growth.
Data security concerns, privacy issues, and the lack of skilled professionals are some of the challenges hindering market growth.
Edge computing, artificial intelligence (AI), and machine learning (ML) are emerging trends shaping the future of the Connected Device Analytic Market.
5G technology is expected to revolutionize the Connected Device Analytic Market by enabling faster data transmission, lower latency, and increased connectivity.
The market is anticipated to witness continued growth driven by advancements in technology, increasing adoption of IoT devices, and growing demand for data-driven insights.
