Industrial Analytics Market Worth $55.3 Billion by 2029 - by Meticulous Research®

According to a new market research report titled, 'Industrial Analytics Market By Offering, Type (Descriptive, Diagnostic, Predictive), End-use Industry (Automotive, Food & Beverage, Oil & Gas, Electronics & Semiconductor, Pharmaceuticals & Biotechnology), and Geography - Global Forecast to 2029', the industrial analytics market is expected to reach $55.3 billion by 2029, at a CAGR of 16.6% from 2022 to 2029.

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The digital transformation generates huge amounts of heterogeneous data across the industrial value chain, from simulation of data in engineering to sensor data in manufacturing and telemetry data on product use. Extracting insights from these data constitutes a critical success factor for industrial enterprises, such as optimizing processes and enhancing product features. Industrial analytics is interdisciplinary between data science and industrial engineering and is at the core of Industry 4.0.

The growth of the global industrial analytics market is driven by factors such as consistently rising investments to promote Industry 4.0, growing emphasis on real-time data analysis and predictive maintenance, the surge in the adoption of IoT devices, increasing need for high productivity and efficiency, and government initiatives to support industrial automation. However, a lack of integration with organizational culture and the complex analytical process can restrain the market growth of this market. The surge in advanced data analytics techniques is expected to offer significant growth opportunities for this market.

Impact of COVID-19 on the Industrial Analytics Market

The COVID-19 pandemic emerged in Wuhan, China, in December 2019. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. Governments worldwide imposed countrywide lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The pandemic impacted several industries, including industrial manufacturing, oil & gas, construction machinery, rubber & plastic machinery, and power generation. These industries faced a high impact due to changes in consumer behavior, low production, and dependency on end-use markets and are expected to recover slowly. Some of the moderately impacted industries include mining, robotics, building technology, electronics, paper & pulp, and processing equipment. These industries are expected to make a speedy recovery as they cater to a broad range of application areas. The least hit industries include agricultural machinery, food & beverage processing & packaging, and medical & scientific manufacturers as they offer essential goods globally.

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However, organizations increased their investments in industrial automation technologies despite the disruption. The COVID-19 pandemic highlighted the importance of industrial automation, as it allowed personnel to remotely manage operations, enhanced worker safety & security, and enabled predictive maintenance across industries. According to mobile satellite communications provider Inmarsat (U.K.), there was a rapid increase in the adoption of the Industrial Internet of Things (IIoT) technology in agriculture. According to a research study conducted throughout the Americas, Europe, Middle East & Africa, and Asia-Pacific, 80% of agricultural respondents fully deployed at least one IoT project, and the remaining planned to accelerate the adoption of IoT in response to the COVID-19 pandemic. IoT investments have reached a high level of maturity across most organizations, with businesses planning to invest the largest proportions of their IT budgets on IoT projects over the next three years.

COVID-19 has influenced business operations globally, with organizations adopting cutting-edge technologies to sustain and enhance business operations. With the rising need for data analytics and insights, manufacturing is becoming 'smarter' through technology and connected devices. Thus, the COVID-19 pandemic has accelerated the adoption of Industrial analytics among industries.

The global industrial analytics market is segmented by offering (platforms [operational management analytics, maintenance analytics, asset & inventory management analytics, resource management analytics, risk analytics, financial analytics, customer/marketing management analytics, and other platforms], and services [professional, and managed]), type (descriptive, diagnostic, predictive, and prescriptive), end-use industry (oil & gas, automotive, food & beverage, electronics & semiconductor, chemical & materials, consumer goods, mining & metals, power, pharmaceuticals & biotechnology, machine & tools, paper & pulp, aerospace & defense, and other end-use industries), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

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Based on offering, 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 growing adoption of industrial analytics platforms across different industries to improve operational efficiency and the increasing need for superior monitoring technologies. In addition, the growing need to uninterruptedly monitor and manage several processes, including asset & inventory management, operations & resource management, and the increasing focus on risk & financial analysis and marketing strategies, are driving the market growth. This segment is also slated to register the highest CAGR during the forecast period.

Based on type, in 2022, the predictive analytics segment is expected to account for the largest share of the global industrial analytics market. The surge in the adoption of predictive modeling tools, increasing government investment to support big data technology, and the growing need to extract the maximum potential from the rising enterprise data are some of the major factors driving the market growth. This segment is also slated to register the highest CAGR during the forecast period.

Based on end-use industry, 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 rising integration of automation technologies in oil & gas exploration activities, the increasing need to monitor highly influenced operations, the growing reliance on data, and the need to move frontiers in the research and production process. In addition, the growing government focus on shaping the next generation of oil & gas innovations and the rising implementation of automation and AI to help surpass human limitations are driving the market growth. However, the pharmaceuticals & biotechnology segment is slated to register the highest CAGR during the forecast period.

Based on geography, in 2022, Asia-Pacific 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 adoption of IoT devices to optimize operational efficiency, technological innovations, government investment in Industry 4.0 initiatives, rapidly growing industrial organizations, and the presence of several leading and local players in the region. The growing adoption of disruptive technologies such as AI, machine learning, big data, and IoT drives cloud adoption across the region, accelerating the demand for industrial analytics solutions. This region is also slated to register the highest CAGR during the forecast period.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the global 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/industrial-analytics-market-5330

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