Industrial Analytics Market Highlights:
Industry analytics are data gathered during the entire production cycle of an industry for pinpointing efficiencies and improving its performance over a period of time. Expansion plans of industry giants and the need for products by consumers and clients can drive its need exponentially. The global industrial analytics market report by Market Research Future (MRFR) considers the impact of the COVID-19 pandemic and the various variables such as drivers, opportunities, and threats for the period of 2017 to 2023 (forecast period).
The Industrial Analytics Marketis expected to reach approximately USD 29 billion by the end of 2023 with approximately 11% CAGR during the forecasted period.
Advances in connected devices, automation, and industrial internet of things (IIoT) are one of the primary drivers of the market. Benefits of industrial analytics such as improvements in product quality, analytics for customer satisfaction, and rise in profit margins of companies can drive its adoption. Emergence of new companies, changing standards, and rise of faster production due to the growth in population can influence the market growth.
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Competitive Outlook:
Hitachi, SAS Institute, General Electric, Hewlett Packard Enterprise, SAP SE, PTC Inc, Microsoft Corporation, Cisco Systems, Oracle Corporation, and IBM Corporation are key players of the global industrial analytics market.
Segmentation:
The industrial analytics market is segmented on the basis of analytics tools, deployment, organization size, and industry.
Regional Analysis:
The global industrial analytics market considers the regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). The market is led by North America followed by Europe. This is majorly due to the presence of large analytics organizations in U.S. Presence of various manufacturing, food and beverage manufacturers, and other industrial component manufacturers can drive the market growth. Investments in research and development in the U.S and Canada have adapted to the technology earlier than others.
However, the market growth in APAC is expected to grow significantly over the forecast period. The ease of lockdown rules during the COVID-19 pandemic can lead to the use of cameras for ensuring workers at factories can adhere to preventive measures. The use of IoT solutions as people counters to measure footfall at malls and development of smart analytic solutions can fuel the regional market growth.
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Industrial Analytics
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…
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List of Tables
Table 1 Industrial Analytics Market, By Analytics Tools
Table 2 Industrial Analytics Market, By Deployment
Table 3 Industrial Analytics Market, By Organization Size
Table 4 Industrial Analytics Market, By Industries
Table 5 Industrial Analytics Market, By Region
List of Figures
Figure 1research Methodology
Figure 2industrial Analytics Market, By Analytics Tools (%)
Figure 3industrial Analytics Market, By Deployment (%)
Figure 4industrial Analytics Market, By Organization Size (%)
Figure 5industrial Analytics Market, By Industries (%)
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