Industrial Analytics Market: Major Trends Reshaping the Future of the Industry

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What Will the Industrial Analytics Industry Market Size Be by 2025?
The size of the industrial analytics market has seen a significant expansion in the past few years. It is projected to increase from a value of $29.82 billion in 2024 to $34.23 billion in 2025, signifying a compound annual growth rate (CAGR) of 14.8%. This surge over the historical period can be credited to factors like improved efficiency and optimization, anticipatory maintenance, strategies to cut down costs, globalization and optimizations of supply chain, along with regulatory compliance.

What's the Long-Term Growth Forecast for the Industrial Analytics Market Size Through 2029?
In the coming years, the industrial analytics market is projected to experience swift expansion. Its value is estimated to reach $69.37 billion in 2029, growing at a compound annual growth rate (CAGR) of 19.3%. This growth in the projected period can be accredited to an intensified focus on cybersecurity, incorporation of edge computing, and tailoring to suit specific industry requirements. Some of the key trends expected during this forecast period involve the integration of sensor technologies, adoption of industry 4.0, the inclusion of digital twins, the incorporation of IoT sensors, and implementing cybersecurity for industrial systems.

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What Are the Key Growth Drivers Fueling the Industrial Analytics Market Expansion?
The industrial analytics market is anticipated to expand due to the growing requirement from the e-commerce industry. Factors causing this upsurge in online trading include the widespread usage of smartphones, easy and economical technology access, and the ease of shopping anytime, from any location. Also, the COVID-19 pandemic situation emphasised operating from home or remotely, prompting people to leverage e-commerce platforms for procuring goods and services. For example, the third quarter of 2023 saw retail e-commerce sales touching an approximate $284.1 billion, according to the United States Census Bureau, a government agency in the US. This represented a significant 7.8% growth compared to the corresponding period in 2022. Hence, e-commerce's escalating demand is fuelling the development of the industrial analytics market.

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What Are the Key Trends Driving Industrial Analytics Market Growth?
Leading firms in the industrial analytics sector are innovating with software like analytics enterprise to boost their financial performance in the market. Analytics enterprise employs specific technology and software solutions enabling central data management, analytical tools, and automated workflow within an organization. For example, The International Business Machines Corporation, an American technology company, introduced IBM Business Analytics Enterprise in November 2022. IBM Business Analytics Enterprise is designed to assist businesses in breaking down data and analytics barriers. Its key goal is to hasten the process of making decisions based on data and improve adaptability in dealing with unexpected disturbances. IBM Business Analytics Enterprise provides organizations an integrated performance view through customizable dashboards and AI-based analytics creating precise forecasts, suggesting content based on roles, and offering streamlined, governed workflows to elevate decision-making and planning processes. The suite is equipped with data mining, reporting, forecasting, talent pipeline management, as well as advanced data purification and graphic representation abilities.

How Is the Industrial Analytics Market Segmented?
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 Companies Are Leading the Charge in Industrial Analytics Market Innovation?
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.

Which Regions Are Leading the Global Industrial Analytics Market in Revenue?
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.

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