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Redding, California - July 25, 2024

Industrial Analytics Market to be Worth $78.8 Billion by 2031

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 Forecasts to 2031

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 2031’

According to this latest publication from Meticulous Research^®, the Industrial analytics market is expected to reach $78.8 billion by 2031, at a CAGR of 19.1% from 2024 to 2031. The major factors driving the growth of this market are rising investment in Industry 4.0 technologies, growing demand for real-time data analytics, 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. On the other hand, a lack of integration with organizational culture and complex analytical processes can restrain the growth of this market. Security & privacy issues and a lack of skilled professionals is a challenge for the market growth.

The industrial analytics market is segmented by offering, type, and end-use industry. This 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 2024, the platforms segment is expected to account for a larger share of 72% of the global industrial analytics market. This segment’s large market share 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, this segment is also estimated to record the highest CAGR during the forecast period. The growing focus of companies operating in the market on product development and enhancement contributes to this segment’s growth.

Based on type, the industrial analytics market is segmented into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. In 2024, the predictive analytics segment is expected to account for the largest share of 32% of the global Industrial analytics market. This segment’s large market share is primarily attributed to the surge in the adoption of large 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 predictive analytics segment is also poised 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 some factors that contribute to this segment’s 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 2024, the oil & gas segment is expected to account for the largest share of 14.4% of the global industrial analytics market. This segment’s large market share is 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 estimated to record the highest CAGR during the forecast period. Industrial analytics solutions help organizations predict events in the production process and allow proactive planning. Additionally, 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 which ensures 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 2024, Asia-Pacific is expected to account for the largest share of 36% 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. Moreover, the Asia-Pacific region is expected to register the highest CAGR of 10.3% during the forecast period. The rising focus on enhancing process efficiencies and lowering costs in the production process is driving market growth.

Key Players:

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), and Robert Bosch GmbH (Germany).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5330

Key questions answered in the report-

Which are the high-growth market segments based on offering, type, and end-use industry?
What was the historical market for industrial analytics?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the industrial analytics market?
Who are the major players, and what shares do they hold in the industrial analytics market?
How is the competitive landscape in the industrial analytics market?
What are the recent developments in the industrial analytics market?
What are the different strategies adopted by the major players in the industrial analytics market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global industrial analytics market, and how do they compete with the other players?

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Redding, California - July 25, 2024

Industrial Analytics Market to be Worth $78.8 Billion by 2031

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 Forecasts to 2031

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