Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Analytics Market by Offering (Platform, Services), Type (Descriptive, Diagnostic, Predictive, Prescriptive), End-use Industry (Oil & Gas, Automotive, Food & Beverage, Semiconductor & Electronics, Others), and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Industrial analytics market is projected to reach $65.22 billion by 2030, at a CAGR of 18.2% from 2023 to 2030. Some of the major factors driving the growth of this market are rising investment in Industry 4.0 technologies, growing demand for real-time data analysis and predictive maintenance, increasing adoption of IoT and IIoT devices, government initiatives to promote industrial automation, and high productivity and efficiency requirements. In addition, the rising demand for industrial analytics platforms by SMEs and the growing need for analyzing rapidly generating a massive volume of data through multiple sources are expected to offer significant opportunities for the growth of this market. However, a lack of integration with organizational culture and complex analytical processes can restrain the growth of this market.
The industrial analytics market is segmented by offering, type, and end-use industry. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on offering, the industrial analytics market is segmented into platforms and services. In 2023, the platforms segment is expected to account for the larger share of the global industrial analytics market. The large share of this segment is mainly attributed to the rising adoption of industrial analytics platforms by different industry verticals to improve operational efficiency, along with the increasing need for superior monitoring technologies.
Moreover, the segment is also expected to record the highest CAGR during the forecast period. The growing focus of companies operating in the market on product development and enhancement is expected to drive segment growth. For instance, in September 2021, KX (U.K.), a worldwide leader in real-time streaming analytics, partnered with Telit (U.K.), a global enabler of the Internet of Things (IoT), to deliver an end-to-end, enterprise-grade industrial analytics platform that combines KX’s real-time streaming analytics capabilities with Telit’s deviceWISE® Industrial IoT platform.
Based on type, the industrial analytics market is segmented into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. In 2023, the predictive analytics segment is expected to account for the largest share of the global Industrial analytics market. The large share of this segment is mainly attributed to the surge in the adoption of big data technologies and predictive analytics tools, the growing demand for deriving the maximum potential from the rising enterprise data, and the increasing number of IIoT applications.
Moreover, the segment is also expected to record the highest CAGR during the forecast period. Factors such as rising awareness among organizations about the massive volume of data generated to predict future outcomes by using predictive analysis solutions, a rise in the adoption of big data technologies, and an increase in the adoption of predictive modeling tools are expected to drive segment growth.
Based on end-use industry, the industrial analytics market is broadly segmented into oil & gas, automotive, food & beverage, semiconductors & electronics, chemicals & materials, consumer goods, mining & metals, power, pharmaceuticals & biotech, machines & tools, paper & pulp, aerospace & defense, other end-use industries. In 2023, the oil & gas segment is expected to account for the largest share of the global industrial analytics market. The large share of this segment is mainly attributed to the rising digitalization in the oil & gas sector, growing reliance on data and the need to move frontiers in the research and production processes, increasing incorporation of big data & machine learning technologies, the growing focus of government in shaping the next generation of oil & gas innovations.
However, the automotive segment is expected to record the highest CAGR during the forecast period. Industrial analytics solutions help organizations predict events in the production process and allow proactive planning. Also, the data collected from vehicle sensors, real-time health monitoring systems, automated maintenance scheduling systems, seatbelts, anti-drowsiness solutions, and in-lane position control mechanisms help the user understand the vehicle better, thus ensuring predictive maintenance. Thus, automotive manufacturers tend to prefer industrial analytics as the technology provides real-time data, enabling smooth decision-making during product development.
Based on geography, the industrial analytics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the Industrial analytics market. Factors such as favorable government initiatives, technological innovation, growing industrial organizations, and the increasing adoption of IoT devices to optimize operational efficiency drive the growth of the industrial analytics market in this region.
Asia-Pacific is the manufacturing hub for various sectors, including automobile, electronics, consumer goods, pharmaceuticals, and several other products, which is a major factor in adopting automation technologies in the region. Industrial analytics solutions are witnessing adoption in Asian countries, including China, Japan, South Korea, and India, due to manufacturing facility transformation initiatives. Also, the rising focus on enhancing process efficiencies and reducing costs in the production process is driving market growth.
The key players operating in the industrial analytics market are General Electric Company (U.S.), Hewlett Packard Enterprise Company (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), PTC, Inc. (U.S.), SAP SE (Germany), SAS Institute, Inc. (U.S.), Bridgei2i Analytics Solutions (India), Cisco Systems, Inc. (U.S.), Intel Corporation (U.S.), Oracle Corporation (U.S.), Tibco Software, Inc. (U.S.), Alteryx, Inc. (U.S.), Hitachi, Ltd. (Japan), AGT International (Switzerland), ABB (Switzerland), Robert Bosch GmbH (Germany) and among others.
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