About Industrial Analytics
Industrial Analytics is a process in which industrial IoT’s components such as device, sensors technologies and others are analyzed in proper way. Industrial analytics utilizes data about various systems such as materials, production efficiency, customer feedback and many IoT based operations across industries. With emergence of industry 4.0, there is a growing focus on increasing the production. Industry analytics helps stakeholders in better decision making and thereby reduction of wastage is minimized.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 17.3% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Industrial Analytics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
General Electric (United States), IBM (United States), Microsoft (United States), Oracle (United States), PTC (United States), SAS Institute (United States), SAP (Germany), Cisco (United States), HPE (United States), Intel (United States) and Hitachi (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are TIBCO (United States), AGT International (Switzerland), BRIDGEi2i (India) and Alteryx(United States).
Segmentation Overview
AMA Research has segmented the market of Global Industrial Analytics market by Type (Predictive, Prescriptive, Descriptive and Diagnostic) and Region.
On the basis of geography, the market of Industrial Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Large enterprises will boost the Industrial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Type, the sub-segment i.e. On-premises will boost the Industrial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Retail and consumer goods will boost the Industrial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Industrial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Automation Across Industries Owing to Growing Focus on Increasing Manufacturing
Market Growth Drivers:
Advent of Industry 4.0 and Growing Focus on Exploiting Its Advantages and Adoption of Advanced Data Analytics Techniques for Better Decision Making
Challenges:
Lack of Expertise in Its Development and Maintaining Data Quality and Ensuring Security
Restraints:
Lack of Integration with Organization Culture and Complexity Involved in Integration of Different Services
Opportunities:
Smart data-driven organization and Focus on Cost reduction Through Utilization of Latest Technologies
Market Leaders and their expansionary development strategies
In August 2022, Infineon Technologies AG has acquired the Berlin-based startup Industrial Analytics. Infineon is thus strengthening its software and services business in artificial intelligence for predictive analysis relating to machinery and industrial equipment. Infineon is acquiring 100% of the company's shares. Both parties have agreed not to disclose the amount of the transaction.
In May 2023, AVEVA, a global leader in industrial software driving innovation and sustainability, announces the launch of its latest AVEVA Predictive Analytics software release, purpose-built for predictive monitoring of industrial assets in oil and gas, power, chemicals, mining and minerals, and manufacturing.
Key Target Audience
Industrial Analytics Service Providers, Components Suppliers/Distributors, Government Agencies, potential Investors, Market and Research Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.