New York, NY, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Industrial Analytics Market By Software (Operational Analytics, Marketing Analytics, Customer Analytics, Risk Analytics, Financial Analytics, And Workforce Analytics), By Analytics Tools (Predictive, Prescriptive, Descriptive, And Diagnostic), For Verticals (Manufacturing, Energy, Retail, Telecommunications And It, Transportation And Logistics, And Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global industrial analytics market was valued at approximately USD 12.79 billion in 2017 and is expected to reach approximately USD 37.03 billion by 2024, having a CAGR of around 16.4% between 2018 and 2024.
The rapid development of information and communication technology along with innovation in computer technology and sensors, it is possible to enlarge advanced analytics to machine learning on a large scale across the globe. Advancements in analytics techniques and algorithm, together with machine learning, are used to analyze a huge amount of data collected from industrial systems. The insights received from analytics can be used to increase the efficiency of operations by streamlining supply chains for components needed for preventive maintenance, anticipating peak usage, and for decision making as well as business planning. By extracting the significant data from the machine, industrial analytics drives the intelligent business and operational process in IT and OT world.
Browse through 42 Tables & 36 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Analytics Market Size 2017: By Type, Technology, Share, Applications Analysis and Forecast, 2024”.
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Advancements in connected space (IoT) with regards to manufacturing are further expected to boost the industrial analytics market growth across the globe. IoT in manufacturing is about connecting and integrating with consumers, developing smarter products, and accelerating innovation. While operating in the current business environment, analytics and IoT helps several organizations to connect with diverse assets. This results in improved efficiency in the manufacturing process. The beginning of Industry 4.0 (fourth industrial revolution) is further expected to drive the global industrial analytics market. Industry 4.0 is all about gathering industrial data from numerous sources into a data pond and then uncovers the necessary analytics, machine learning or artificial intelligence for predicting equipment failures and streamline manufacturing processes. It’s certainly one of the ways data is leveraged by using advanced analytics to attain several Industry 4.0 goals. Furthermore, the introduction of advanced data analytics such as Big Data in the manufacturing process is further expected to boost the demand for industrial analytics on the global level. The big data is an emerging concept in every industry, and the practice of big data is grounded in scientific application and years of mathematical research. It can be a significant tool for making improvements in yield, specifically in any manufacturing sectors in which process variability, process complexity, and capacity restraints exist. However, security concerns in the industrial internet of things (IIoT) data may restrain the industrial analytics market growth on the global level. Most critical and massive IIoT data needs security from hackers, DOS attacks, device breaches and viruses.
Industrial analytics market is segmented based on software, analytics tools, vertical, and region. Software segment included in this market are operational analytics, marketing analytics, customer analytics, risk analytics, financial analytics, and workforce analytics. Industrial tools segment includes predictive, prescriptive, descriptive, and diagnostic. The vertical segment includes manufacturing, energy, retail, telecommunications and IT, transportation and logistics, and others.
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North America is expected to hold the highest revenue share for this market due to increasing adoption big data analytics by numerous organizations in the U.S. and Canada. Approximately 55% of North American companies have adopted big data analytics to improve their operational efficiency, which in turns to surge demand of this market. Rising use of Internet of Things in the manufacturing process has predicted the increased growth of industrial analytics market in North America. North American manufacturing companies are more confident about linking their shop floor operation to the cloud and a tendency of early adoption could give them a competitive advantage from the internet of things technology.
With the foundation of the fourth industrial revolution (industry 4.0) in Germany, Europe has gained massive momentum in the next generation manufacturing technology and this led to an increase in demand for industrial analytics in this region. Industrial analytics and Industry 4.0 for predictive maintenance will primarily change the nature of European industrial site and thus drives the growth of industrial analytics market in Europe. According to the study conducted by Germany’s Federal Minister for Economic Affairs and Energy, the rising adoption of Industry 4.0 will help to grow the country’s economy by USD 175.32 billion in 2020. In addition, there has been a convergence between Information Technology (IT) and Operational Technology (OT) and this will further lead to an increased demand for smart manufacturing in Europe.
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The Asia Pacific is anticipated to be the fastest growing region in the global industrial analytics market. The adoption of industrial analytics in the Asia-Pacific will grow rapidly due to the implementation of predictive analytics in sectors such as BFSI, IT and telecommunications, and manufacturing. Adoption of new technologies, high penetration of multiple domains, a massive amount of data deluge, and rise in small and medium businesses in the Asia Pacific will further trigger the demand of the industrial analytics market in this region. The countries in this region such as China, India, Japan, and Australia will show high adoption of industrial analytics in the near future.
Latin America is anticipated to witness reasonable growth in industrial analytics market in the forecast period. Growing popularity of industrial IoT is one of the key factors that help to grow industrial analytics market in Latin America. Rising competition among the industry players to facilitate efficient production of goods will encourage manufacturing companies to adopt IoT in the production process.
Browse the full "Industrial Analytics Market By Software (Operational Analytics, Marketing Analytics, Customer Analytics, Risk Analytics, Financial Analytics, And Workforce Analytics), By Analytics Tools (Predictive, Prescriptive, Descriptive, And Diagnostic), For Verticals (Manufacturing, Energy, Retail, Telecommunications And It, Transportation And Logistics, And Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/industrial-analytics-market
Major players operating in industrial analytics market are Hewlett Packard Enterprise Company, General Electric Company, Microsoft Corporation, International Business Machines Corporation, SAP SE, Cisco Systems, Inc., Oracle Corp, Intel Corp., Hitachi Ltd., TIBCO Software, Inc., and among others.
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The market segments industrial analytics market into:
Global Industrial Analytics Market: Software Segment Analysis
- Operational Analytics
- Marketing Analytics
- Customer Analytics
- Risk Analytics
- Financial Analytics
- Workforce Analytics
Global Industrial Analytics Market: Analytics Tools Segment Analysis
- Predictive
- Prescriptive
- Descriptive
- Diagnostic
Global Industrial Analytics Market: Vertical Segment Analysis
- Manufacturing
- Energy
- Retail
- Telecommunications and IT
- Transportation and Logistics
- Others
Global Industrial Analytics Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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