Executives, managers, and frontline employees in various organizations are demanding an access to industrial data and analytics tools to generate insights as per their requirements. Industrial analytics offers crucial benefits to enterprises, such as cutting inevitable losses, creating new opportunities, saving costs by ensuring uninterrupted operations, and increasing efficiency by analyzing and acting on issues. MarketsandMarkets forecasts the global industrial analytics market size to reach USD 25.51 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7% during the forecast period. Major growth drivers of the industrial analytics market include beginning of the fourth industrial revolution - industry 4.0, advent of Industrial Internet of Things (IIoT), and the introduction of advanced data analytics techniques.
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Many organizations across various sectors have been utilizing industrial analytics to enhance the use of analytics for decision-making. However, there are two specific aspects of various industries that make industrial analytics a perfect fit. First, the growing market pressures, such as global rivalry, stringent regulations, slender margins, and quickened design cycles, compel organizations to have the capacity to take quick data-driven decisions on industrial data. Second, owing to rapid digitization, more data is being generated by systems, devices, equipment, automation, and products than ever before, which requires robust analytics tools for real-time analysis. As a result, organizations are adopting industrial analytics to gather valuable insights that would simplify and streamline the decision-making process.
Major software of industrial analytics include operational analytics, risk analytics, financial analytics, marketing analytics, customer analytics, and workforce analytics. Customer analytics is expected to witness the growth at the highest CAGR during 2017–2022. Industrial analytics solutions are used widely by major industry verticals globally, such as retail & consumer goods, telecommunications and IT, transportation & logistics, manufacturing, energy & utilities, and others for various business needs. The energy & utilities vertical is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potential, and market forecast on the basis of software, services, analytics type, organization size, deployment model, and industry vertical. The market is witnessing a rapid growth in various emerging regions such as Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to have the largest market share over the next five years, followed by Europe. APAC is expected to be the fastest growing region in the industrial analytics market during the forecast period. Globally, industrial analytics adoption is increasing due to the growing amount of industrial data generated in the APAC and MEA regions. General Electric (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), PTC, Inc. (US), SAS Institute (US), SAP SE (Germany), Cisco Systems, Inc. (US), HPE (US), Intel Corporation (US), Hitachi, Ltd. (Japan), TIBCO Software, Inc. (US), AGT International (Switzerland), Bridgei2i Analytics Solutions (India), and Alteryx, Inc. (US) offer a competitive product portfolio across these regions.
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