Connected Device Analytics Trending among the industries
Connected Device Analytics is highly beneficial in the present scenario. Here is what we all need to know about it. There is increased adoption of these tools due to increased penetration of the internet and adoption of the Internet of Things (IoT), a rise in the adoption of advanced technologies for payment, and an increase in the need for digital infrastructure. Also, factors such as new software approval, training, and knowledge transfer, and infrastructure are required for the growth of the business, and Connected Device Analytics help in achieving this in some or the other way. This Digital transformation environment, possibly created opportunities for the businesses, and thereby the need to make real-time insights has increased. By using Connected Device Analytics, the overall time and cost of operation have been reduced.
Understanding the basics of Connected Device Analytics
What do understand by the term connected devices? They are referred to as smart devices connected to each other and also with the system with the help of a network. Connected device analytics is the use of specific analytical tools that are attached to the connected devices in order to extract value from large volumes of data produced in the devices. The data that is collected by these tools include network requests, error events, and device information. These analytical solutions are mainly accountable for gathering, integrating, and filtering data from the devices and the Internet of Things (IoT).
Facilities offered by Connected Device Analytics
Services offered by Connected Device Analytics include the following two-
Managed Services: It ensures the optimization of service delivery via automation activities. It is actually a third-party management service. Managed Services include business operations, service management, device management, etc.
Professional Services: These services include strategy planning, security, design, deliver and deploy, and many more. On the basis of the requirement of the organizations, it helps to connect with the customers, opens the opportunities to expand the business.
Applications of Connected Device Analytics
- Security and Emergency Management: As Connected Device Analytics is used in security management emergency management, it protects communities by coordinating all activities that are necessary to build, sustain, and expand the capability to mitigate the threat or actual natural disasters, etc.
- Sales and Customer Management: Implementation of Connected Device Analytics in this sector will be helpful in managing equipment maintenance and detecting issues related to the failure. With the swift growth in online shopping, retailers want to access same type of rich data and also high-performance analytics tools.
- Remote Monitoring: It has become possible to monitor the works remotely. In the past few decades, the business methods have been changed at the same time it also put some changes to keep an eye on the running business. Connected Device Analytics is helpful in remote monitoring and provide valuable insight into their asset and also revive the critical files.
- Inventory Management: Implementation of Connected Device Analytics solves the business’s fundamental requirement. It increases productivity, and monitor inventory in real-time for all sized businesses.
Advantages of Connected Device Analytics
- Connected Device Analytics also supports to take smart decision and offer the most efficient processes that are helpful for the businesses growth.
- These tools also offer a considerable benefit to the business by augmenting their decision making and improve safety and security by monitoring the real-time data.
- It will benefit in providing additional operational data and improves asset management and data analysis thereby boost the business's growth.
- This allows small and large companies to manage, analyze, and predict the operations and processes of the business.
- These tools are also helpful in improving profitability, efficiency, and also neutralize the threats in the business.
Effect of COVID-19 connected device analytics
Novel COVID-19 outbreak has a significant effect on the economies of many countries. As many of the countries declared complete lockdown in order to prevent the spread of this highly infectious disease. Although, this has resulted in the decreased adoption of Connected Device Analytics. But as things get a little normal the demand for these devices will increase exponentially. This is because pandemic has led to practicing new things such as work for home and social distancing, and these are generating the need for remote monitoring, smart payment technologies, and building the digital infrastructure for deployment at a large scale.
In addition to it, augmented demand for applications, such as remote monitoring, predictive maintenance customer and sales management, energy management, and asset maintenance will result in the increasing demand for solutions and services.
The bottom line
The Connected Device Analytics Market has been witnessing a rapid growth as the number, type, and purpose of devices is dramatically expanding due to the increased adoption of the Internet of Things (IoT) growing beyond the limited applications. It is expected that in the coming five years, many IoT applications will become interconnected. This will drive the demand for connected device analytics in the coming few years. As these tools are accompanied with many advantages such as reducing the cost, enhanced monitoring, and maintenance service by providing real-time data, it is always considered as beneficial for businesses.
Organizations like industrial, enterprise sectors, and across consumer, are speedily assessing and applying for programs so as to realize its instant value and concentrate on cost reduction, monitoring to collect real-time services which are needed for timely decision-making. Although the outbreak of COVID-19 has resulted in slowing down the market it is predicted to show exponential growth in the coming years. The Global Connected Device Analytics Market has been anticipated to rise at a growth rate of 22.3% CAGR over the forecast period.