Global Industrial Analytics Market: Snapshot
The global industrial analytics market is forecast to surge its growth on the back of the increasing value of data analytics in industrial applications. This trend could be backed by three chief enablers, viz. advanced data analytics techniques, connected products and machines, and next-generation industrial infrastructure such as Industry 4.0. Industrial companies are envisioned to take a significant stride forward with the combination of the internet of things (IoT), Industry 4.0 technologies, and advancements in data analytics. This unique combination could facilitate higher efficiency levels and new business streams. Industrial analytics is expected to play a major part in all related activities.
The global industrial analytics market is prophesied to earn a valuation of US$21.6 bn by the completion of 2022 while rising at a CAGR of 11.3% during the forecast period 2017-2022. In 2017, the market was valued at a US$12.6 bn.
Components Envy of Software’s Leading Growth in Foreseeable Future
The world industrial analytics market is prognosticated to be classified into software, professional services, managed services, and other support services, according to component. Out of these components, software could be marked as a dominant segment of the market with a US$10.0 bn expected to be earned by the end of 2022. It is anticipated to rise at a US$0.7 bn annually during the course of the forecast period.
In terms of end user, the world industrial analytics market is predicted to be segregated into large enterprise and small and medium enterprise. On the basis of application, there could be vital segments such as advanced robotics, advanced materials, smart factories, smart, connected machines, and other applications taking shape in the market. By industry, the market is foretold to see a classification into oil and gas, energy and utilities, government, manufacturing, telecommunication, automotive, and others.
North America Takes on Most Regions of Market with Dominating Share
On the regional front, the international industrial analytics market is envisaged to witness the prominence of North America as a leading segment. This region could rise at a CAGR of 12.4%. In 2017, it garnered a revenue of US$3.5 bn. It is foreseen to be followed by other dominating regions such as Asia Pacific Excluding Japan (APEJ) and Europe. APEJ could expand at an 11.3% CAGR. Between 2017 and 2022, Europe is expected to generate an absolute revenue prospect of US$2.6 bn.
However, Japan and the Middle East and Africa (MEA) could demonstrate a slow-moving growth in the international industrial analytics market. The MEA is projected to lose 60 basis points (BPS) during the course of the forecast period. Japan could produce a lower absolute revenue opportunity of US$1.0 bn during the same period.
All of these regions and also Latin America are carefully studied in the publication based on revenue comparison by component, end user, application, and industry for the 10-year review period 2012-2022.
The worldwide industrial analytics market could include popular industry names such as General Electric Company, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, SAP SE, Cisco Systems, Inc., Intel Corp., Oracle Corp, TIBCO Software, Inc., and Hitachi Ltd.
Global Industrial analysis Market: Synopsis
The world industrial analysis market is prophesized to attract growth owing to increasing demand for industry analytics software solutions across various industries worldwide. In a bid to obtain competitive advantage over its rivals, many vendors are adopting industrial analytics. Companies are, as such, strategizing in a way that could strengthen the relation between decision making and return on investment (ROI).
The growth of the market for industrial analytics banks upon three different factors, namely next-generation infrastructure of various industries, connected machines and products, and advanced techniques of data analytics. A combination of advanced data analytics, Industry 4.0 technologies, and Internet of Things (IoT) is predicted to enhance efficiency and make way for new businesses. In all of these activities, industrial analytics is predicted to play an important role.
The report anticipates that the world industrial analysis market to be appropriately catalogued into five segments, namely component, end user, application, industry, and geography. The segment of software that comes under the category of component is expected to account for a lion’s share and propel the market for industry analytics towards its growth during the period of forecast that extends from 2017 to 2022.
The analysts of this report have included a comprehensive analysis of the global industrial analysis market together with a strong focus on its competitive matrix. Each of the geographical regions of the market has been carefully studied and evaluated to disclose opportunities that had previously not been identified and emerging growth prospects of the said market.
Global Industrial Analysis Market: Trends and Prospects
The world industrial analysis market is predicted to gain impetus and experience substantial market growth due to a significant rise in the demand for cloud based products among small and medium sized enterprises. Furthermore, in the competitive market when every vendor is striving for a bigger share of the market, industry analytics comes to their rescue.
In addition to that, industrial analytics find its usage in a wide variety of industries such as oil and gas, smart and connected machines, robotics, energy and utilities, telecommunications, automotive, government, and so on. As industrial analytics find its application in such a wide range of industries, it is expected the market for industrial analytics will expand at a robust CAGR rate over the period of forecast that stretches from the year 2017 to 2022.
Industry analytics helps in reshaping a few of the crucial changing paradigms and principles of the industry. In many of the companies there is a dedicated and separate team for industry data analytics that play an important role in devising strategies that would help the company to maximize revenue and market share.
Global Industrial Analysis Market: Geographical Evaluation
When geographical dominance is taken into account, North America plays the leader of the market for industrial analysis and is foreseen to retain its regional supremacy throughout the period of forecast period that stretches from 2017 to 2025. Much of the growth of the region is attributed to the region’s tendency of fast adoption latest technology and presence of numerous industries across the continent. Likewise Europe is also poised for substantial growth and it is to be followed by Asia Pacific and Middle East and Africa.
Global Industrial analysis Market: Key Players
Some topnotch vendors of the market which are worth assessing and mentioning are Oracle Corp., Microsoft Corporation, Hewlett Packard Enterprise Company, International Business Machines Corporation, General Electric Company, Hitachi Ltd., Intel Corp, SAP SE, and Cisco Systems, Inc. The report also comes with a detailed insight into the basic characteristics and nature of the market’s competitive landscape.
Global Industrial analysis Market: By Component
- Professional Services
- Managed Services
- Other Support Services
Global Hosted Industrial analysis Market: By End-User
- Large Enterprise
- Small and Medium Enterprise
Global Industrial analysis Market: By Application
- Advanced Robotics
- Advanced Materials
- Smart Factories
- Smart, Connected Machines
Global Hair el Market: By Industry
- Oil and Gas
- Energy and Utilities
Global Industrial analysis Market: Geography
- North America
- Latin America
- Asia Pacific Except Japan
- Middle East and Africa