Global Industrial Analytics Market is expected to reach approximately USD 29 billion by the end of 2023 with approximately 11% CAGR during the forecasted period from 2017 – 2023
— Industrial Analytics Market Highlights:
The gathering, analysis and usage of data generated in the industrial operations and through the life cycle of the product is described as Industrial analytics. Industrial analytics generally involves some of the traditional methods like data gathering and statistical modelling. Further with the increased growth of emerging companies, the organizations see other benefits like cost cutting, up gradation of existing products and upgrading the business model. The industrial analytics see the predictive and prescriptive maintenance of machines as the widely used application followed by customer analytics and product quality and usage analytics.
The Industrial Analytics Market is segmented on the basis of analytics tools, deployment, organization size, industry and by region. On the basis of Analytics tools, the segmentation is further divided as Business intelligence, predictive analysis, artificial intelligence, cognitive analytics and others. Out of these, the predictive analysis holds the largest share of the market. This generally includes the analytics for the maintenance of machines for which more than 40% organization consider it as extremely important in the forecasted period. Tools such as Business Intelligence tools are expected to grow and considered extremely important from manufacturing perspective.
The Industrial Analytics Market is expected to be driven majorly by the advancements in connected space (IoT) and improved techniques for analyzing and interpreting the data. The major benefits organizations take out from the industrial analytics is in the growth of revenue, customer analytics for customer satisfaction and increasing the quality of the product.
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Major Key Players:
• IBM Corporation (U.S.)
• General Electric (U.S.)
• Microsoft Corporation (U.S.)
• Oracle Corporation (U.S.)
• PTC Inc (U.S.)
• SAP SE (Germany)
• Cisco Systems (U.S.)
• Hewlett Packard Enterprise (U.S)
• Hitachi (Japan), SAS Institute (U.S.)
The industrial analytics market is divided under North America, Europe, Asia Pacific and rest of the world on the basis of region. The market is led by North America followed by Europe.
This majorly due to the presence of large analytics organizations in U.S. Also due to the progressive innovation and growth in research and development the organizations in the U.S and Canada have adopted to the technology earlier than others. Other reasons for the growth of the industrial analytics in North America is the Internet of Things (IoT).
There’s a huge significant growth in the IoT which is driving the companies to adopt towards the technologies prevailing the IoT and thus requiring huge amount of data to correctly analyze and take the correct decisions. Also due to the rise in the real time data, it has become necessary and easy for the organizations to take the crucial strategic decisions based on the present data and not on the past data.
However the market growth in Asia pacific is expected to grow significantly because of the increasing growth of Industrial Internet of Things and smart technologies. This also includes some of the government initiatives such as smart cities in emerging economic countries China and India.
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For the purpose of this study, Market Research Future has segmented the market of industrial analytics market into analytics tools, deployment, organization size, industry and region.
• Business Intelligence
• Predictive Analytics
• Artificial Intelligence
• Cognitive Analytics
• On premise
• On Cloud
• North America
• Asia pacific
• Rest of the world.
• Software providers
• Network Solutions providers
• Consumer goods and retail units
• Logistics solutions
• Research firms
• Software investors
• Software Developers
• IT enablers
• Cloud service providers
• Wireless service providers
• Telecommunication companies
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research objective
1.3 Market Structure
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List of Tables
Table 1 Industrial Analytics Market, By Analytics Tools
Table 2 Industrial Analytics Market, By Deployment
Table 3 Industrial Analytics Market, By Organization Size
List of Figures
Figure 1research Methodology
Figure 2industrial Analytics Market, By Analytics Tools (%)
Figure 3industrial Analytics Market, By Deployment (%)
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