Industrial Analytics Market Highlights:
In the latest report published by Market Research Future (MRFR), the global industrial analytics market share is expected to grow at 15.40% for the forecast period (2022-2030), and the market valuation will reach USD 54.7 Billion. The world is witnessing industrial revolution 4.0 which is the key driver of the market growth for industrial analytics. Industries are moving towards digitalization to keep up with their competitors. Technology and industrial analytics are now an inevitable part of operations, decision making, efficiency, etc.
Some of the factors that can positively affect the growth of the Industrial Analytics Market are better techniques for data analyzing and processing, innovation in Industrial Internet of Things (IIoT), etc. The benefits that can be amassed by industrial analytics such as reduced costs, better production quality, maximum productivity, improved customer relationship, customer satisfaction, impetus to adapt with changing market trends, etc. will encourage the adoption of industrial analytics and, thereby, fuel market growth.
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Competitive Landscape:
The most prominent major key players in the industrial analytics market in the global market are as follows:
- 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)
Market Potential and Pitfalls:
The global industrial analytics trends has witnessed a tectonic surge over the past few years due to the enhanced techniques for interpreting and analyzing data and advancements made in the connected space. Customer analytics for customer satisfaction, growth of revenue, and increased product quality are some of the key benefits offered by industrial analytics. This is likely to foster the growth of industrial analytics market across the globe. With the growth of emerging companies, organizations gain benefits like upgradation of existing products, cost-cutting, and upgrading the business model. Innovation made in IIoT is further estimated to impact the market growth positively. Industrial analytics also offers benefits like improved production quality, reduced costs, improved customer relationships, maximum productivity, and impetus to adopt the transforming market trends. Such benefits will further encourage the growth of the market across the globe.
On the contrary, the factors restricting the growth of the market in the foreseeable future are the complex analytical procedure and a dearth of integration with the organization culture.
Industrial Analytics Market Segmental Analysis:
The industrial analytics is segregated on the basis of deployment, analytics tools, industry vertical, and organization size.
- By analytics tools, the industrial growth analytics market is segmented into predictive analysis, business intelligence, cognitive analytics, artificial intelligence, and others. Among these, predictive analysis is estimated to acquire the largest share in the global market. Predictive analysis comprises analytics for maintaining machines, due to which more than 40% of organizations consider it to be important.
- By deployment, the industrial for analytics market is segmented into on-premise and on-cloud. As industrial analytics is a software-enabled platform, it requires a huge amount of data to be interpreted and gathered. Organizations in North America, especially in the US, are extensively implementing on-cloud deployment as it is cheaper and offer the benefit of data retrieval. Such factors are promoting the growth of on-cloud.
- By organization size, the industrial analytics market is segmented into SMEs and large enterprises.
- Based on industry vertical, the market comprises IT, telecommunication, manufacturing, retail, transportation, and utilities. Among these, the utilities segment is likely to expand at a significant rate due to the surging demand for real-time data.
Regional Frontiers:
Geographically, the industrial analytics business across the Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
Considering the global scenario, North America leads the industrial analytics market, closely followed by Europe. The regional growth can be attributed due to the existence of large analytics organizations in the US. Due to the growth in RD, along with the progressive innovation in the region, Canada and the US have adopted the technology earlier than other regions. North America adopted industrial analytics earlier than any other region. This early adoption has catapulted the growth of the regional market. The existence of technologically advanced nations like the US and Canada that have a presence of analytics enterprises, RD sector, and next-gen innovation are likely to favor the growth of the market.
Europe bags the second spot in the global market due to its widespread industrialization. Meanwhile, Asia Pacific is likely to expand at a significant rate in the coming years due to the existence of emerging countries like China and India, rapid industrialization and urbanization, and the high adoption of technology.
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Industry Updates:
June 2019: US Conglomerate General Electric has recently released a brand-new portfolio of predictive analytics technologies that help to achieve improved operational grid efficiency. The grid analytics will highly focus on network connectivity, storm readiness, and effective inertia. The storm readiness toll will further use outage history, high-resolution weather forecasts, GIS, and crew response to forecast the impact of the storm.
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