The internet of things is a phrase used to describe the growing network of connected, intelligent devices. The term was coined by Kevin Ashton in 1999, who at that time predicted that “by 2020 there will be 100 billion connected devices”. Today it is estimated that there are already over 500 million smart objects being utilized worldwide and the number continues to grow every day.
Connected devices range from wearables like fitness trackers or smartphones, to home appliances such as refrigerators or thermostats which can now be controlled remotely through an app on your phone, even Internet-connected cars! They can also include anything from robots with artificial intelligence (AI) capabilities to sensors capable of collecting data about their environment. These types of gadgets are collectively known as ‘smart objects’.
The connected device analytics permit organizations to develop services and platforms that help them to effectively evaluate and manage real-time information streams from multiple data sources. It allows companies to protect, manage, and optimize business processes & operations, neutralize threats, improve product profitability, and efficiency.
With more and more devices getting connected companies are now looking to harness the data created through these connected devices for their needs and this could bolster global connected device analytics market. Adoption of work from home in particular is going to be one of the major encouraging points that will pose huge demand for developing smart digital infrastructure for the implementation of heavy projects.
Also, there has been a significant spike in the adoption of service technologies associated with the healthcare sector including wearable devices. Furthermore, the high diffusion rate of Internet and internet of things devices among users globally is likely to complement the market growth significantly. However, the growing awareness regarding the requirement to extract real-time insights is likely to process the lucrative growth opportunities in the global connected device analytics market.
The retail and e-commerce sectors are witnessing exponential growth over the past few years. In addition, the adoption of advanced technologies like connected devices will further proliferate these sectors. The e-commerce suppliers and retailers are likely to integrate the connected device analytics solutions to recognize the surging demand for the product and also maintain their inventory efficiently.
Also, the need among retailers to offer a comprehensive shopping experience with deep interactions to achieve a high level of customer involvement will also fuel the growth of the global connected device analytics market. Several other factors like offering training and knowledge to new employees along with new software accreditation every year will also encourage the demand for connected devices analytics. The large-scale integration of advanced technologies like machine learning and artificial intelligence are immensely blooming the adoption of connected device analytics globally. However, with the increasing utilization of internet of things devices, there is a high need for an operational intelligence-oriented data analyst panel to manage such a huge amount of data and information generated from connected devices.