The global industrial analytics market is forecast to reach USD 55.52 Billion by 2027, according to a new report by Reports and Data. The rise in demand for business intelligence tools in several industry verticals, such as the retail and manufacturing industries, are driving the market for industrial analytics. The rapid adoption of IIoT, especially in emerging nations, is encouraging the growth of the market.
The growing demand for customer analytics among businesses to gain real-time insights into customer’s buying preferences is a notable factor bolstering the uptake of industrial analytics. The adoption of industrial analytics is gathering traction across the manufacturing vertical and the key benefits garnered are an improvement in product lifecycle and increasing their effectiveness of return on investment (RoI).
North America held the largest market share for industrial analytics. Increase in the adoption of Industry 4.0 policies in the region is leading the industrial automation activities. Companies operating in the region are focused on reducing cost through automation, which in turn, is increasing the demand for predictive and diagnostic analytics solutions, amongst others. Moreover, the rise in demand for resource and process optimization will spur industries to veer towards predictive maintenance based solutions which figure prominently in terms of importance in the field of industrial analytics, in this region.
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Further key findings from the report suggest
- Software held a market share of 58.9% in the year 2019. The software segment includes risk analytics, financial analytics, operational analytics, customer analytics, marketing analytics, and workforce analytics. The segment is expected to increase in the coming years owing to the rising need to measure the performance of customer expectations, and ad-campaign effectiveness, among others.
- Predictive analytics is forecasted to grow with a CAGR of 17.5% during the forecast period. This type of analytics improves the predictive model, considering particular machines in particular environments with more data. It helps the manufacturers to react to potential machine failure, improves productivity, and lead to more cost savings on equipment.
- Large enterprises held a market share of 63.2% in the year 2019. The global industrial analytics market is benefitting from the advent of artificial intelligence technologies as it is creating a new lucrative avenue for vendors across the globe. The rising application of predictive algorithms in real-time multinational corporations such as E-bay and Amazon are driving the market.
- Energy and Utilities are forecasted to grow with a CAGR of 17.4% during the forecast period. This industry generates a chunk of data from smart grids, utility grids, oil wells, gas grids, and other sensors. Industrial data includes data obtained from sensors, RFID, RSS feeds, smart grids, and smart meters. It is crucial to administer field assets such as equipment, oil field, and power generation stations to avoid any major mishap.
- The Asia Pacific region is forecasted to hold a market share of 28.2% during the forecast period. The implementation of predictive analytics in sectors such as IT and Telecommunications, BFSI, and manufacturing are fueling the demand for industrial analytics in the region. Quick adoption of latest technologies, generation of massive data, and rise in SMEs will trigger the market demand. Countries such as India, Japan, China, Australia, and Singapore will show high adoption of industrial analytics in the coming years.
- Key participants include General Electric Company, International Business Machines Corporation, SAS Institute, Inc., Cisco Systems, Inc., Tibco Software, Inc., AGT International GmbH, General Electric Company, Bridgei2i Analytics Solutions, Hitachi, Ltd., and Microsoft Corporation, among others.
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The Global Industrial Analytics Market is segmented as follows:
Component Outlook (Revenue: USD Billion; 2017-2027)
- Software
- Services
Analytics Type Outlook (Revenue: USD Billion; 2017-2027)
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
- Diagnostic Analytics
Organization Size Outlook (Revenue: USD Billion; 2017-2027)
- Small and Medium enterprises
- Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2017-2027)
- On-Premises
- On-Demand
Industry Verticals Outlook (Revenue: USD Billion; 2017-2027)
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
- Transportation & Logistics
- Telecommunications & IT
- Others
Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered by the Report:
- Which market segment or sub-segment is expected to grow at the highest CAGR during the forecast timeline?
- What is the forecast valuation of the Industrial Analytics market?
- Who are the leading players in the industry? What are the weaknesses and strengths of these players?
- What are the strategic business steps and initiatives taken by the key competitors in the industry?
- What region is expected to dominate the market in the forecast period?
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