Overview:
The global industrial analytics market is growing by leaps and bounds. The market growth attributes to rising adoptions of the industrial internet of things (IIoT) and the growing volume of digital data generated by IoT devices. Increasing numbers of enterprises today are incorporating industrial analytics tools to improve industrial operations and their business. Besides, rising implementations of cloud deployment due to its cost-efficiency and benefit of real-time data retrieval escalate the market demand.
According to Market Research Future (MRFR), the global Industrial Analytics Market Growth valuation is projected to reach approximately USD 29 BN by 2023, growing at 11% throughout the forecast period (2017-2023). Capabilities of analytics tools to analyze complexities of data accelerate the growth of the market. Moreover, developments in industrial analytics tools led by the advancements in AI and redirective analytics substantiate the market growth. Besides, smart data discovery capabilities increase the adoption of these analytics.
Additionally, upgrades in machine learning and automation technologies increase the size of the market, improving the entire analytics workflow. Increasing investments to develop data analytics tools that can support real-time data streaming impact the growth of the market positively. On the other hand, reluctance to adopt industrial analytics and the lack of awareness are major factors anticipated to impede the market growth. Nevertheless, the increasing adoption of analytics platform for cloud deployment would support the growth of the market over the forecast period.
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Market Scope
The industrial analytics market is expected to reach approximately USD 29 billion by the end of 2023 with approximately 11% CAGR during the forecasted period.
Advances in connected devices, automation, and industrial internet of things (IIoT) are one of the primary drivers of the market. Benefits of industrial analytics such as improvements in product quality, analytics for customer satisfaction, and rise in profit margins of companies can drive its adoption. Emergence of new companies, changing standards, and rise of faster production due to the growth in population can influence the market growth.
Segmentation
The industrial analytics market is segmented on the basis of analytics tools, deployment, organization size, and industry.
On the basis of analytics tools, it is segmented into business intelligence, cognitive analytics, predictive analysis, artificial intelligence, and others. Out of these, the predictive analysis holds the largest share of the market. This generally includes the analytics for the maintenance of machines for which more than 40% organizations consider it pertinent for future production during the forecasted period. Tools such as business intelligence can gain revenue share owing to its importance from the manufacturing perspective.
On the basis of deployment, the segmentation is divided into on premise and on cloud. Industrial analytics being a software enablement platform includes analytics tools requiring huge amount of data to be gathered and interpreted. The on cloud segment is expected to garner revenues owing to major organizations in North America, especially U.S., are implementing the method due to cheaper installation and benefit of data retrieval.
On the basis of size of organizations, the segmentation is segmented into large and small and medium enterprises (SMEs).
On the basis of industrial vertical, the market is segmented into utilities, telecommunication, IT, transportation, retail, and manufacturing. Out of these, the utilities segment including energy and power is expected to grow significantly in the forecasted period. This is majorly due to the increased demand of real time data which can play a major role in handling sudden power outages, load of power, and unpredicted calamities.
Regional Analysis
The global industrial analytics market considers the regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). The market is led by North America followed by Europe. This is majorly due to the presence of large analytics organizations in U.S. Presence of various manufacturing, food and beverage manufacturers, and other industrial component manufacturers can drive the market growth. Investments in research and development in the U.S and Canada have adapted to the technology earlier than others.
However, the market growth in APAC is expected to grow significantly over the forecast period. The ease of lockdown rules during the COVID-19 pandemic can lead to the use of cameras for ensuring workers at factories can adhere to preventive measures. The use of IoT solutions as people counters to measure footfall at malls and development of smart analytic solutions can fuel the regional market growth.
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Industrial Analytics Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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