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 Analytics Market: Overview
The global industrial analytics market is envisaged to receive bankable business prospects due to increasing applications in industrial firms looking to increase their revenue through the creation of new business models, changing existing ones, or updating current products. There is a drastic shift in industrial analytics deployed on various types of projects, where descriptive analytics is expected to fade away and more importance could be given to prescriptive, predictive, and real-time analytics. For instance, a sharp increase in the application of advanced analytics tools and business intelligence could be witnessed over the importance of spreadsheets in the foreseeable future.
The report offered herewith is a comprehensive compilation of factors affecting the growth of the global industrial analytics market. Seasoned analysts have authored this publication in the best interest of industry players planning to gain a strong foothold in the market.
Global Industrial Analytics Market: Dynamics
Industrial analytics plays a critical role in reshaping some vital industrial principles and changing paradigms long held in rather conservative industrial environments. Apart from enabling select new business cases, industrial analytics has a crucial part in the decision-making process of industrial firms operating today. Several industrial companies have a dedicated organizational unit for data analytics and devise company-wide data analytics strategies for improved business decisions. Industrial analytics could be highly demanded on the lines of three main applications, i.e. analysis of product usage in fields, marketing or customer-related analytics, and prescriptive and predictive maintenance of machines.
Global Industrial Analytics Market: Segmentation
The international industrial analytics market is foreseen to be segmented as per four categories, viz. component, end user, application, and industry. According to a segmentation by component, the market could be divided into software, professional services, managed services, and other support services. Amongst these, the software segment is foretold to secure a stronger share in the market in the near future. In 2017, it recorded a share of 48.0%.
In respect of end user, the international industrial analytics market could be segregated into large enterprise and small and medium enterprise. By application, advanced robotics, advanced materials, smart factories, smart, connected machines, and other applications are anticipated to be key segments of the market. As per industry, there could be segments such as oil and gas, energy and utilities, government, manufacturing, telecommunication, automotive, and others.
Regionally, the international industrial analytics market is predicted to be classified into North America as a major region accounting for a leading share. Asia Pacific Excluding Japan (APEJ) and Europe could be among the markets with better revenue growth. However, the Middle East and Africa (MEA) and Japan are expected to struggle with their growth in the coming years. Latin America could be another important region to consider.
Global Industrial Analytics Market: Competition
Some of the crucial players of the worldwide industrial analytics market are projected to be 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.