Industrial Analytics Market

Industrial Analytics Market - An Overview

The global industrial analytics market is expected to witness strong growth during the forecast period between 2021 and 2031.

Industrial analytics can be defined as the collection, usage, and analysis of data obtained from industrial operations and overall product lifecycle.

Industrial analytics applies to any firm, which is producing and selling products and at present, involves the conventional method of statistical modeling.

The future of industrial analytics, however, could revolve around the adoption of new technologies such as artificial intelligence, business intelligence, and other advanced analytics platforms.

The COVID-19 pandemic has had a positive impact on the overall industrial analytics market as post the decline in coronavirus cases and availability of vaccines, an increased adoption of industrial analytics has been witnessed in manufacturing processes, across organizations. 

Industrial Analytics Market - Trends and Opportunities

The rising integration of advanced technologies such as Internet of Things and big data are the key growth drivers for the global industrial analytics market.

In addition to this, the adoption of new methods of data gathering in statistical modeling could help increase the demand for industrial analytics, in the coming years.

Government initiatives and measures promoting the deployment of industrial analytics could also bolster the industrial analytics demand, in future.

The energy end-use industry is expected to make the largest contribution to the overall industrial analytics market owing to an expected increase in demand for real-time data in the industry, in the years ahead.

The predictive analytics market is anticipated to contribute the most to the overall industrial analytics market in future owing to the increased adoption of predictive analytics in machine maintenance across organizations.

Industrial Analytics Market - Competitive Landscape

The global industrial analytics market is extremely competitive, with the presence of several well-established players, who have made a mark on the global market, owing to their consistency in delivering high-quality results, over the years.

Many of these players could look to engage in different growth strategies such as novel product launches, which could give them a competitive edge over other market players.

Research and development activities to produce improved quality of products are expected to be a key growth strategy for the leading players in the industrial analytics market, in the coming years.

The smaller players in the industrial analytics market will seek investments from governments and private investors, which could help in their long-term growth.

Some of the key players in the global industrial analytics market include GE Co. Ltd., Tibco Software Inc., Cisco Systems Inc., SAS Institute Inc., and Microsoft Corporation.

Industrial Analytics Market - Regional Assessment

The global industrial analytics market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

North America is expected to witness significant growth in the industrial analytics market, in the coming years. The integration of advanced technologies such as Internet of Things, artificial intelligence, and big data into businesses in countries such as U.S and Canada is expected to be the key growth driver for the industrial analytics market in North America.

Europe is expected to witness strong growth in the industrial analytics market owing to extensive growth projected in the manufacturing industry in countries such as UK and Germany, due to the expected rise in adoption in advanced technologies in production processes.

Asia Pacific, too, is expected to witness strong growth in the industrial analytics market. Countries such as India and China are looking to integrate advanced technologies into their production process, which could help in the growth of the overall industrial analytics market, in the region.

Other regions such as Middle East and Africa and Latin America are expected to witness moderate growth in the industrial analytics market, in future, owing to the lack of presence of well-established players in countries, in both the regions.