Industrial Analytics Market Size, Share - Technological Advancement, Industry Trends and Forecast 2017 - 2022
The global industrial analytics market is envisaged to receive bankable business prospects due to increasing applications in industrial firms looking to increase their revenue through the creation of new business models, changing existing ones, or updating current products. There is a drastic shift in industrial analytics deployed on various types of projects, where descriptive analytics is expected to fade away and more importance could be given to prescriptive, predictive, and real-time analytics. For instance, a sharp increase in the application of advanced analytics tools and business intelligence could be witnessed over the importance of spreadsheets in the foreseeable future.
The report offered herewith is a comprehensive compilation of factors affecting the growth of the global industrial analytics market. Seasoned analysts have authored this publication in the best interest of industry players planning to gain a strong foothold in the market.
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Global Industrial Analytics Market: Dynamics
Industrial analytics plays a critical role in reshaping some vital industrial principles and changing paradigms long held in rather conservative industrial environments. Apart from enabling select new business cases, industrial analytics has a crucial part in the decision-making process of industrial firms operating today. Several industrial companies have a dedicated organizational unit for data analytics and devise company-wide data analytics strategies for improved business decisions. Industrial analytics could be highly demanded on the lines of three main applications, i.e. analysis of product usage in fields, marketing or customer-related analytics, and prescriptive and predictive maintenance of machines.
Global Industrial Analytics Market: Segmentation
The international industrial analytics market is foreseen to be segmented as per four categories, viz. component, end user, application, and industry. According to a segmentation by component, the market could be divided into software, professional services, managed services, and other support services. Amongst these, the software segment is foretold to secure a stronger share in the market in the near future. In 2017, it recorded a share of 48.0%.
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In respect of end user, the international industrial analytics market could be segregated into large enterprise and small and medium enterprise. By application, advanced robotics, advanced materials, smart factories, smart, connected machines, and other applications are anticipated to be key segments of the market. As per industry, there could be segments such as oil and gas, energy and utilities, government, manufacturing, telecommunication, automotive, and others.
Regionally, the international industrial analytics market is predicted to be classified into North America as a major region accounting for a leading share. Asia Pacific Excluding Japan (APEJ) and Europe could be among the markets with better revenue growth. However, the Middle East and Africa (MEA) and Japan are expected to struggle with their growth in the coming years. Latin America could be another important region to consider.
Global Industrial Analytics Market: Competition
Some of the crucial players of the worldwide industrial analytics market are projected to be General Electric Company, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, SAP SE, Cisco Systems, Inc., Intel Corp., Oracle Corp, TIBCO Software, Inc., and Hitachi Ltd.
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