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.

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.

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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.

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.

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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.

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.

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Scope of the Report:

Industrial Analytics Market, by Offering

Platforms
Operational Management Analytics
Maintenance Analytics
Asset & Inventory Management Analytics
Resource Management Analytics
Risk Analytics
Financial Analytics
Customer/Marketing Management Analytics
Other Platforms
Services
Professional Services
Managed Services

Industrial Analytics Market, by Type

Descriptive Analytics
Diagnostic Analytics
Predictive Analytics
Prescriptive Analytics

Industrial Analytics Market, by End-use Industry

Oil & Gas
Upstream
Midstream
Downstream
Automotive
Food & Beverage
Beverages & Distilleries
Dairy Processing
Bakery & Confectionary
Meat, Poultry, and Seafood Products
Fruits & Vegetables
Oil & Fats
Other F&B Processing
Power
Consumer Goods
Chemicals & Materials
Paper & Pulp
Pharmaceuticals & Biotech
Mining & Metals
Machines & Tools
Electronics & Semiconductors
Aerospace & Defense
Other End-use Industries

Industrial Analytics Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Netherlands
Sweden
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Singapore
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/industrial-analytics-market-5330

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