Industrial Analytics Market Worth $55.3 Billion by 2029

Meticulous Research®-a leading global market research company, published a research report titled, 'Industrial Analytics Market, by Offering, Type (Descriptive, Diagnostic, Predictive, Prescriptive), End-use Industry (Automotive, Food & Beverage, Oil & Gas, Electronics & Semiconductor, Pharmaceuticals & Biotechnology), and Geography-Global Forecast to 2029'.

The Industrial Analytics Market is slated to register a CAGR of 16.6% from 2022-2029, to reach $55.3 billion by 2029. The growth of this market is driven by increasing investments in Industry 4.0, the growing emphasis on real-time data analysis and predictive maintenance, and the rising implementation of IoT devices. However, the lack of integration with organizational culture and the complex analytical process can restrain the growth of this market. Government initiatives to promote industrial automation and the surge in adoption of advanced data analytics techniques are expected to offer significant opportunities for the growth of this market.

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The industrial analytics market is segmented by offering, type, and end-use industry. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the global industrial analytics market is segmented into platforms and services. In 2022, the platforms segment is expected to account for the largest share of the global industrial analytics market. The large market share of this segment is attributed to the rising adoption of industrial analytics platforms in various end-use industries to improve operational efficiency and the rising need for superior monitoring technologies and overall improvement of plant performance. This segment is also slated to register the highest CAGR during the forecast period.

Based on type, the global industrial analytics market is segmented into descriptive, diagnostic, predictive, and prescriptive. In 2022, the predictive analytics segment is expected to account for the largest share of the global industrial analytics market. The large market share of this segment is attributed to the surge in the adoption of Big Data technologies & predictive modeling tools and the growing emphasis on massive data generation to predict future outcomes using predictive analytics solutions among organizations. This segment is also slated to register the highest CAGR during the forecast period.

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Based on end-use industry, the global industrial analytics market is segmented into oil & gas, automotive, food & beverages, electronics & semiconductor, chemical & materials, consumer goods, mining & metals, power, pharmaceuticals & biotechnology, machine & tools, paper & pulp, aerospace & defense, and other end-use industries. In 2022, the oil & gas segment is expected to account for the largest share of the global industrial analytics market. The large market share of this segment is attributed to the rise in implementation of automation technologies for improved decision-making, troubleshooting, and performance efficiency in oil & gas exploration activities and the growing need to monitor highly influenced operations, including pipeline and weather monitoring systems, drilling operations, and pressure & flow systems. However, the pharmaceuticals & biotechnology segment is slated to register the highest CAGR during the forecast period.

Based on geography, the industrial analytics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, the Asia-Pacific region is expected to account for the largest share of the industrial analytics market. The large market share of this region is attributed to the increasing focus on technological innovation, growing industrialization, the rising adoption of IoT devices to optimize operational efficiency, and favorable government initiatives to support industrial automation.

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Over the years, Asia-Pacific emerged as the manufacturing hub for various sectors, including automobiles, electronics, consumer goods, pharmaceuticals, and other products. This has led to an increase in the adoption of automation technologies in the region. Industrial analytics solutions are employed highly in Asian countries, including China, Japan, South Korea, and India, for transformation initiatives at manufacturing facilities. In addition, the rising focus on enhancing process efficiencies and reducing costs in the production process is driving market growth. This region is also slated to register the highest CAGR during the forecast period.

Key Players:

The key players operating in the industrial analytics market are General Electric Company (U.S.), Hewlett Packard Enterprise Company (U.S.), International Business Machines 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 Ltd (Switzerland), and Robert Bosch GmbH (Germany).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/big-data-security-market-4984

Key questions answered in the report-

Which are the high-growth market segments based on offering, type, and end-use industries?
What was the historical market for industrial analytics?
What are the market forecasts and estimates for the period 2022-2029?
What are the major drivers, restraints, opportunities, and challenges in the global industrial analytics market?
Who are the major players, and what share do they hold in the global industrial analytics market?
How is the competitive landscape in the global industrial analytics market?
What are the recent developments in the global industrial analytics market?
What are the different strategies adopted by the major players in the global 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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