Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market for Industrial Analytics is growing a lot. This is because many things are pushing it to spread and be used more in different businesses. One of the main reasons why Industrial Analytics is growing is because more and more people want to make their factories work better for less money. Companies are starting to realize that using data can help them make their business run better, improve work speeds and reduce times when things don't work well.
Moreover, the arrival of Industry 4.0 and putting more focus on smart factories have made people use Industrial Analytics more. Makers are using smart tools to get useful information from the big amount of data created by their making stuff. This helps them to make smart choices, guess when machines might break down and keep things running better. The joining of IIoT devices and sensors also helps a lot in getting live data. This leads to growth in the area of Industrial Analytics markets. One important reason driving the market is because industrial operations are getting more difficult. As factories get more complex, old ways of watching and controlling them are not enough. Industrial Analytics gives a way out by giving smart tools to understand and find useful information from big data sets. This complication is really seen in areas like cars, planes and energy.
In these parts being accurate quickly matters a lot. Also, the growing understanding of why predictive maintenance is important is making people use Industrial Analytics more. Predictive maintenance helps companies find possible equipment breakages before they happen. This means less downtime and lower costs for fixing things regularly. This helpful way to look after things is becoming more popular in all types of work. Businesses are trying hard to make their machines better at working and keep them going longer. The worldwide effort to be more environmentally friendly is also affecting the Industrial Analytics market. Companies are using data to save energy, cut down on waste and lower the harm they do to nature. This matches the increasing focus on green ways of making things and doing good by companies, making Industrial Analytics a helpful tool for getting factories to run smoothly with less waste.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 15.40% |
Industrial Analytics Market Highlights:
Industrial Analytics Market Overview
Wondering what industrial analytics is all about its proper definition starts with gathering and analyzing new traditional methods linked with industrial analytics which generally involves data gathering in statistical modeling. There are improved techniques for analyzing and also integrating the data that is given. This enhances industrial analytics market demand as well as industrial analytics market revenue. Increasing the quality of the product is a major benefit. In light of emerging companies and their growing profits in the market, there is an up-gradation of all the existing products and the business model. Industrial analytics also assume predictive as well as prescriptive maintenance of machines.
The expected CAGR is about 15.40% approximately from the year 2022 to 2030. The expected USD is 54.7 billion by the end of 2030.
COVID 19 Analysis
As per the current situation of coronavirus the industrial analytics market is thought to see a major downfall. Although there was major progress and significant rates of growth in the industrial analytics industry. But because industrial analytics is majorly driven by the internet of things it still has some scope for profit. Because products are suffering a major loss and seeing these industrial analytics does not find many tasks to do. As it has to generate usage of the data which is through the operations and life cycle of a product. With the growing pandemic, it is difficult for people to move out of the house and buy new things. Product delivery finds difficulty in managing to reach different regions. As the delivery delays, customers usually tend not to buy much of their products. Products are not preferred even online due to known contacts which do not provide the service of cash on delivery. But it is expected that in the year 2022 things would normalize to some extent. Due to the prevailing vaccination situation, things are somehow getting in control. Hope the bright Sun shines again and we find and manage to live in a world free of coronavirus.
Market Dynamics
Drivers
The industrial analytics dynamics are growing in the global market. Many major forces drive its profit. The main reason is new entrants in the industrial analytics market and the internet of things. Also, industrial analytics has many ee benefits like cost-cutting up-gradation of existing products and also upgrading the business model. Predictive and prescriptive maintenance of the machines. There is an immense increase in customer analytics and product quality. Proper usage analytics is the emerging growth reason. In addition to this, the major drive is thought to be made by advancements in connected space improved techniques for analyzing and interpreting the data.
Opportunities
The industrial analytics industry is growing tremendously in the Global market. Few industrial analytics market opportunities stand in the way of further enhancement of the company. This includes new methods of data gathering in statistical modeling which is improving industrial analytics. The old conventional methods of data gathering and industrial analytics market statistics modeling were sophisticated and hard to work on. But since all these traditional methods are now getting low, new techniques are making their way.
Restraints
The industrial analytics market is growing tremendously in the Global market. There are traditional methods of data gathering and statistical modeling that hinder industrial analytics. Also, some tools are conventional to stop business intelligence or growth. All these are the widely used applications that are followed by customer analytics and product quality as well as usage analytics.
Value Chain Analysis
The industrial analytics market is growing rapidly as it has many benefits that add up to the business market. These benefits include gathering and analyzing and using the data of whatever is generated during industrial operations. Industrial analytics also adds up to the life cycle of the product which is described as industrial analytics directly. It adds up to statistical and data gathering.
Market Segmentation
The industrial analytics market in the global market has been divided based on the analytics tools, deployment, organization size, and industry vertical.
Based on the Analytics
The industrial analytics market in the global market has been divided based on analytics tools into business intelligence predictive analysis artificial intelligence cognitive analytics and others. Among all these Transportation Predictive Analytics holds the largest share of all the market. This predictive analysis includes the maintenance of machines for over 40% of the organization. It is considered that extremely important maintenance of machines is to be done in the forecasted period.
Based on the Industrial Vertical
The industrial analytics market in the global market has been divided based on industrial vertical into telecommunication IT retail manufacturing transportation and utilities. Among all these utilities including the energy and power segment is expected to grow and show significant growth in the forecasted period. There is an increased demand for real-time data which is majorly due to it.
Based on the Deployment
The industrial analytics market in the global market has been divided based on deployment into on-premise and cloud. Industrial analytics is a big platform that includes a huge amount of data that has to be gathered and interpreted. Most of the regions such as the US are focusing on cloud deployment. It is because of cheaper installations as well as the benefits of data retrieval anytime and anywhere.
Based on the Organization Size
The industrial analytics market in the global market has been divided based on organization size into large and SMEs.
Regional Analysis
The industrial analytics market in the global market has been divided based on region into North America, Europe, Asia-pacific, and the rest of the world. It is believed that North America holds the largest industrial analytics market share. After North America stands Europe. And The reason North America and Europe lead the market is due to the presence of large industrial analytics market size in the US. This also may be due to progressive innovations that are made in these regions in addition to this growth in research and development of the organizations in the region. These regions also have adopted technologies. Asia-pacific is expected to show some significant growth in the market.
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)
These most prominent major key players in the industrial analytics market in the global market use various strategies to cater to the increase in industrial analytics market growth. They use various policies and strategies to introduce you to industrial analytics market analysis.
Industrial Analytics Industry Developments
January 2024: Databricks Inc. has introduced an additional analytics and artificial intelligence platform that is specifically designed for the needs of network service providers and telecommunications providers. The Data Intelligence Platform for Communications integrates substantial language model functionalities with the organization's data lakehouse. Last summer, Databricks made progress with the acquisition of MosaicML Inc. MosaicML offers an LLM that businesses can inexpensively train and fine-tune using their own data.
The offering, according to Databricks, provides service providers with a comprehensive view of their networks, operations, and user interactions while safeguarding data privacy and preventing the disclosure of sensitive information. It also serves as a unified foundation for the development of AI and data. It integrates machine learning and generative AI tools with data governance, sharing, and management. The organization has been progressively expanding its collection of vertical lakehouses ever since its retail platform debuted two years ago. In addition, industry-specific platforms for the retail, media, public sector, healthcare, and manufacturing sectors are available.
SICK introduced an Industry 4.0 on-premise data intelligence platform in October 2023, which enables logistics and manufacturing organizations to optimize operational performance. Without requiring an organization's current apparatus and systems, SICK Field Analytics can be configured rapidly and without difficulty to deliver application-specific condition monitoring and process insights that are pertinent to the given situation. SICK Field Analytics is a digitalization platform that aggregates and accumulates data from any source, including sensors, machine controllers, and other IIoT devices, without regard to the vendors involved.
The software has the capability of being configured to exhibit data in real-time, deliver prompt notifications and cautions, and visually represent past trends via visually impactful dashboard graphics. By utilizing a dedicated computer and the SICK Field Analytics software solution, users have the ability to aggregate data from various devices and automation systems, or enhance legacy automation systems with supplementary data insights. Users can implement the solution on a broader organizational level or on a project-by-project basis due to its exceptional scalability.
Report Overview
The global industrial analytics market research report consists of the following elements:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Landscape
- Intended audience
This global industrial analytics market research report consists of the factors that drive the industrial analytics market in the global market along with the factors that restrict the industrial analytics market in the global market. This report also contains various growth opportunities in the industrial analytics market in the global market during the forecasted period. The impact of COVID 19 on the industrial analytics market is also estimated. The future growth rate of the industrial analytics market in the global market is mentioned.
Intended Audience
- Software providers
- Network Solutions providers
- Consumer goods and retail units
- Logistics solutions
- Research firms
- Software investors
- Software Developers
- IT enablers
- Database
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
