Global Industrial Analytics Market Expected to Achieve 19% CAGR by 2029: Growth Forecast Insights

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How Large Will the Industrial Analytics Market Size By 2025?
In the past few years, there has been a fast growth in the industrial analytics market size. This is projected to expand from $29.82 billion in 2024 to $33.99 billion in 2025, indicating a compound annual growth rate (CAGR) of 14.0%. Factors contributing to this growth during the historic period are efficiency and optimization, predictive maintenance, strategic cost reduction, globalization, and optimization of the supply chain, along with regulatory compliance.

How Big Is the Industrial Analytics Market Size Expected to Grow by 2029?
In the forthcoming years, the industrial analytics market is projected to experience significant expansion, reaching $68.09 billion by 2029 with a compound annual growth rate (CAGR) of 19.0%. The expected growth during the forecast period is primarily due to a heightened focus on cybersecurity, integration of edge computing, and customizations tailored to specific industry requirements. Key trends to anticipate during this period encompass the integration of sensor technologies, the adoption of industry 4.0, the incorporation of digital twins, the integration of IoT sensors, and cybersecurity measures for industrial systems.

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Which Key Market Drivers Powering Industrial Analytics Market Expansion and Growth?
The growth of the industrial analytics market is anticipated to be bolstered by the e-commerce sector's escalating demand. The recent spike in online trade can be attributed to factors such as rising smartphone use, easily accessible and affordable technology, and the convenience of being able to shop from anywhere, at any time. Furthermore, the COVID-19 pandemic has led to a shift towards conducting all operations from home or remotely, which encourages the use of e-commerce platforms for goods and services procurement. For example, The United States Census Bureau, a government agency in the US, stated that retail e-commerce sales in the third quarter of 2023 hit approximately $284.1 billion, showing a significant 7.8% increase from the same period in 2022. As a result, the increase in e-commerce demand is fuelling the expansion of the industrial analytics market.

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Which Fast-Growing Trends Are Poised to Disrupt the Industrial Analytics Market?
Leading industry players in the industrial analytics market are creating cutting-edge software like analytics enterprise to boost their market profitability. Analytics enterprise is a specific software solution that offers centralized data management, analytical tools, and automatic workflow for a corporative environment. For example, The International Business Machines Corporation, a technology provider headquartered in the US, unveiled IBM Business Analytics Enterprise in November 2022. This initiative is designed to assist businesses in breaking down data and analytics barriers. It aims to accelerate data-led decision-making and improve adaptability in handling unexpected disruptors. IBM Business Analytics Enterprise provides organizations with a comprehensive performance view, including tailored dashboards and AI-powered analytics for precise predictions, role-specific content suggestions, and streamlined, controlled workflows for improved decision-making and planning processes. It features data extraction, reporting, prediction, talent pipeline management, as well as superior data cleaning and visualization abilities.

What Are the Emerging Segments in the Industrial Analytics Market?
The industrial analyticsmarket 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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Who Are the Global Leaders in the Industrial Analytics Market?
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 are the Top Profitable Regional Markets for the Industrial Analytics Industry?
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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