Connected Device Analytics Market worth $40.3 billion by 2025
According to a research report "Connected Device Analytics Market Size by Component, Deployment Mode, Organization Size, Application (Security and Emergency Management, and Sales and Customer Management), Industry Vertical, and Region - Global Forecast to 2025" published by MarketsandMarkets, 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 major factors fueling the market growth 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. 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. 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 realtime 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 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,