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In-Depth Analysis of the Industrial Analytics Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Industrial Analytics Market Size
The expected growth of the industrial analytics market is powered by the e-commerce sector's escalating demand. The recent upswing in digital commerce is fueled by the widespread use of smartphones, accessible and low-cost technology, and purchasing flexibility anywhere at any time. Additionally, due to the COVID-19 outbreak, operations are mostly conducted from home or remotely, leading to an increased tendency of utilizing e-commerce platforms to procure goods and services. As reported by The United States Census Bureau, a government agency based in the US, retail e-commerce sales in the third quarter of 2023 amounted to an estimated $284.1 billion, marking a significant 7.8% increase compared to the same timeframe in 2022. Thus, the surge in demand for E-commerce is propelling the growth of the industrial analytics market.
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What Is the projected market size and growth rate for the industrial analytics market?
The size of the industrial analytics market has seen a substantial increase in recent years. The market, which is projected to rise from $29.82 billion in 2024 to $34.23 billion in 2025, will grow at a compound annual growth rate (CAGR) of 14.8%. The expansion in the historic period can be tied to improvements in efficiency and optimization, predictive maintenance, strategies for reducing costs, globalization, and supply chain optimization, as well as regulatory compliance.
Expectations for the industrial analytics market size point to swift expansion in the coming years, with a projected rise to $69.37 billion by 2029, thanks to a compound annual growth rate (CAGR) of 19.3%. This predicted advancement could be a result of increased focus on cybersecurity, the merging of edge computing, and personalization catered to distinct industry requirements. The forecast period may also experience significant trends like the incorporation of sensor technologies, adoption of industry 4.0, integration of digital twins, the inclusion of IoT sensors, and enhanced cybersecurity for industrial systems.
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What new trends are reshaping the industrial analytics market and its opportunities?
Leading firms in the industrial analytics market are introducing novel software, such as analytics enterprise, to enhance their market profitability. An analytics enterprise refers to a distinct technology or software solution delivering centralized data administration, analysis tools, and streamlined workflows within an organization. In November 2022, The International Business Machines Corporation, an American technology provider, unveiled IBM Business Analytics Enterprise. Designed to assist corporations in dismantling data and analytics barriers, this tool aims to accelerate data-fueled decision-making and strengthen agility amidst unpredictable disruptions. IBM Business Analytics Enterprise equips businesses with a unified performance perspective, offering tailored dashboards and AI-powered analytics to ensure precise forecasts. It recommends content based on roles, streamlines workflows under governance for heightened decision-making and planning processes. This comprehensive package also includes data exploration, report generation, forecasting, talent pipeline management, and sophisticated data tidying and visualisation functionalities.
What major market segments define the scope and growth of the industrial analytics market?
The industrial analytics market covered in this report is segmented -
1) By Analytics Type: Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, Diagnostic Analytics
2) By Organization Size: Large Organizations, Small And Medium Organizations
3) By Deployment Mode: Cloud-Based, On-Premises
4) By Component: Software, Services
5) By Vertical: Information Technology (IT) And Telecom, Energy And Utilities, Transportation And Logistics, Retail And Consumer Goods, Manufacturing, Other Verticals
Subsegments:
1) By Predictive Analytics: Forecasting Maintenance Needs, Predicting Equipment Failures, Demand Forecasting
2) By Prescriptive Analytics: Optimization Of Operations, Resource Allocation Strategies, Supply Chain Management Recommendations
3) By Descriptive Analytics: Reporting And Visualization Tools, Historical Data Analysis, Key Performance Indicator (KPI) Tracking
4) By Diagnostic Analytics: Root Cause Analysis, Anomaly Detection, Performance Analysis
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Which region dominates the industrial analytics market?
North America was the largest region in the industrial analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the industrial analytics industry growth?
Major companies operating in the industrial analytics market include 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.
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What Is Covered In The Industrial Analytics Global Market Report?
•Market Size Forecast: Examine the industrial analytics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the industrial analytics market for a structured understanding.
•Key Players Overview: Analyze major players in the industrial analytics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial analytics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the industrial analytics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial analytics market.
•Industry Challenges: Identify potential risks and obstacles affecting the industrial analytics market.
•Competitive Landscape: Review strategic developments in the industrial analytics market, including expansions, agreements, and new product launches.
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Learning Objective
• To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Analytics as a service Market.
• To provide insights about factors affecting the market growth.
• To Analyze the Analytics as a service Market based on various factors- porters five force analysis, mega trend analysis, macroeconomic indicators etc.
• To provide historical and forecast revenue of the…
