The global connected device analytics market is experiencing rapid expansion and is projected to grow from USD 26.94 billion in 2023 to USD 173.96 billion by 2032 equipped with a compound annual growth rate (CAGR) of 23.0%.

A significant factor contributing to this growth is the rising demand for remote monitoring, real-time data processing and cybersecurity.

The Solutions segment dominated the market and accounting for 64% of total revenue in 2023. The demand is fueled by the need for comprehensive analytics tools that can process and interpret large volumes of data generated by connected devices. Oura introduced the Oura Ring 4 and it leverages advanced analytics for health tracking. Jaguar and Vodafone have integrated connected device analytics into their smart hub-enabled vehicles.

Large enterprises dominated the market in 2023 and contributed 63% of the total revenue. Small and medium-sized enterprises (SMEs) are emerging as the fastest-growing segment due to the availability of affordable as well as scalable cloud-based solutions from providers like AWS and Google Cloud.

North America led the market in 2023 and accounted for about 38% of the global revenue. The Asia-Pacific (APAC) region is expected to witness the fastest growth during the forecast period equipped with a projected CAGR of 25.58%. The smart manufacturing strategies of China and emphasis on agriculture, logistics as well as healthcare analytics of India are contributing significantly to the rising demand for connected device analytics in the region.

Microsoft acquired Aquantive in January 2023 to expand its product offerings in the space. ServiceNow announced an integration with Autonomous Database of Oracle in January 2025 to enhance its Workflow Data Fabric capabilities in order to improve real-time data exchange and operational efficiency.