In the latest report published by Market Research Future (MRFR), the global industrial analytics market is expected to grow at ~11% for the forecast period (2017-2023), and the market valuation will reach USD ~29 Bn.
The world is witnessing industrial revolution 4.0 which is the key driver of the market growth for Industrial Analytics Market. Industries are moving towards digitalization to keep up with their competitors. Technology and industrial analytics are now an inevitable part of operations, decision making, efficiency, etc.
Some of the factors that can positively affect the growth of the market are better techniques for data analyzing and processing, innovation in Industrial Internet of Things (IIoT), etc. The benefits that can be amassed by industrial analytics such as reduced costs, better production quality, maximum productivity, improved customer relationship, customer satisfaction, impetus to adapt with changing market trends, etc. will encourage the adoption of industrial analytics and, thereby, fuel market growth.
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The top-notch players of the market profiled by MRFR are IBM Corporation (U.S.), General Electric (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Hitachi (Japan). The industrial revolution 4.0 opens up avenues for the players to undertake initiatives such as innovation, partnership & collaboration, merger & acquisition, etc. to secure their place in the competition.
Arundo Analytics, which deals with advanced analytics in heavy industries, has been successfully deployed at Industrial Thread Manufacturer Coats which will garner over 800 machine signals at 1Hz intervals. The deployment facilitates streamlining, insights into machine utilization and effectiveness for taking corrective actions when and where there is a deviation from organizational goals. The Arundo deployment is initiated as a part of Coats Global ‘Factory of the Future’ resolute aimed at connecting and improving operations internally.
Industrial Analytics Market Segmentation:
- By analytical tools, the market has been segmented into business intelligence, predictive analytics, artificial intelligence, cognitive analytics, and, others. Predictive analysis segment will hold maximum share in the projection period as more than 40% of the organizations have expressed their faith in this segment.
- By deployment, the market is segmented into on premise, and, on cloud. Factors like cheap installation and data recovery will drive the market for on cloud segment. This segment shows immense potential for growth.
- By organization size, the market has been segmented into large, and, SME’s. Industrial Analytics market is flocked by enterprises of all scales and sizes. Both the segments, bifurcated on the basis of size, demonstrate potential for growth.
- By industry, the market is segmented into Telecommunication, IT, retail, manufacturing, utilities, and, transportation. The utilities segment of the market is expected to exhibit the highest growth because of increased demand for real-time data. This segment is inclusive of energy and power which is one of the key drivers of the market.
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By region, the market for global industrial analytics has been segmented into North America, Europe, Asia Pacific, and, Rest of the World (RoW). North America was quick in adapting to technological advancements and had adopted industrial analytics as soon as they sensed the changing trends in the market.
This early adoption of the technology has catapulted the growth of the market in this region and placed it on top position among other regional segments in terms of market share. Other factors responsible for the exponential growth of this region are technologically advanced countries such as Canada, U.S. that have a visible presence of noteworthy analytics enterprises, next-gen innovation, thriving research & development sector, etc. Europe segment will hold second place in among the regional segments owing to its standardized and widespread industrialization. The Asia Pacific exhibits significant growth from 2017 to 2023. The reasons for such a prominent growth are numerous, such as the presence of emerging economies as in India and China, thriving urbanization, growing industrialization, adoption of technology, etc.
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