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Industrial Analytics: Insights Driving Efficiency and Growth
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According to The Business Research Company's, The industrial analytics market size has grown rapidly in recent years. It will grow from $26.27 billion in 2023 to $30.47 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to efficiency and optimization, predictive maintenance, cost reduction strategies, globalization and supply chain optimization, regulatory compliance.
The industrial analytics market size is expected to see rapid growth in the next few years. It will grow to $57.52 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to cybersecurity focus, edge computing integration, customization for industry-specific needs. Major trends in the forecast period include integration of sensor technologies, industry 4.0 adoption, digital twins integration, integration of IoT sensors, cybersecurity for industrial systems.
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Market Drivers and Trends:
The rising demand from the e-commerce sector is expected to drive the growth of the industrial analytics market. The increasing adoption of smartphones, easy and affordable access to technology, and the convenience of purchasing from anywhere, at any time are the driving factors of online commerce's recent surge. Furthermore, due to COVID-19 pandemic, carrying out all the operations at home or remotely is seen, so people tend to use e-commerce platforms to purchase goods and services. For instance, in November 2023, according to The United States Census Bureau, a US-based government agency, during the third quarter of 2023, retail e-commerce sales reached an estimated $284.1 billion, reflecting a notable growth of 7.8% compared to the same period in 2022. Therefore, the rise in demand for E-commerce is driving the industrial analytics market growth.
Major companies operating in the industrial analytics market are developing innovative software such as analytics enterprise to increase their profitability in the market. Analytics enterprise refers to specific technology or software solution that provides centralized data management, analysis tools, and workflow automation for an organization. For instance, in November 2022, The International Business Machines Corporation, a US-based technology provider launched IBM Business Analytics Enterprise. IBM Business Analytics Enterprise is crafted to empower enterprises in dismantling data and analytics silos. Its primary objective is to expedite data-driven decision-making and enhance adaptability in navigating unforeseen disruptions. IBM Business Analytics Enterprise empowers organizations with an integrated performance view, offering customizable dashboards and AI-driven analytics for accurate forecasts, role-based content recommendations, and streamlined, governed workflows for enhanced decision-making and planning processes. The suite includes data mining, reporting, forecasting, talent pipeline management, and advanced data cleaning and visualization capabilities.
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Major Key Players of the Market:
Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Microsoft Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Hewlett Packard Enterprise Company, Emerson Electric Co., Rockwell Automation Inc., Yokogawa Electric Corporation, SAS Institute Inc., Splunk Inc., PTC Inc., TIBCO Software Inc., Fair Isaac Corporation, Software AG, Altair Engineering Inc., Aspen Technology Inc., OSIsoft LLC, Telit Communications PLC, Cognite AS, Seeq Corporation, Uptake Technologies Inc.
Industrial Analytics Market 2024 Key Insights:
• The industrial analytics market size is expected to see rapid growth in the next few years. It will grow to $57.52 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%.
• E-Commerce Surge And Industrial Analytics Market Expansion
• Innovation With Analytics Enterprise Software To Drive Profitability In Industrial Analytics
• North America was the largest region in the industrial analytics market in 2023
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