Industrial Analytics Market Poised for Exponential Growth, Projected to Reach US$ 60.49 Billion by 2029
In a groundbreaking revelation, the Industrial Analytics Market, valued at US$ 18.94 billion in 2022, is set to experience a meteoric rise, with projections indicating a staggering CAGR of 18.04% through 2023 to 2029. This surge in growth is attributed to the transformative impact of Industry 4.0, coupled with advancements in analytics techniques, machine learning, and artificial intelligence.
Driving Forces and Market Dynamics
The market's propulsion is attributed to the extraction of substantial data from machines, bolstered by the rising adoption of IIoT, especially in emerging markets. Industry 4.0, marking the onset of the fourth industrial revolution, is expected to be a catalyst, unifying data from diverse sources for predictive analytics, machine learning, and artificial intelligence applications. However, security concerns in IIoT data pose potential challenges to market growth.
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Industrial Analytics Market Report Scope and Research Methodology:
The report provides business statistics and analytical insights to help you understand the Industrial Analytics market size, market share, growth, trends, demand, top players, industry profile, opportunities, value chain, end-users, types, and applications in plain language. The bottom-up approach was used to estimate the global and regional Industrial Analytics market size. Both primary and secondary research methodologies were used to clearly present the Industrial Analytics market structure.
In the secondary research method, data was collected from a selected set of sources. This method was used to gather information on Industrial Analytics key players and current and past trends in the industry. The information gathered through secondary research was validated using the primary research method, in which Industrial Analytics industry experts were interviewed.
The report also includes growth opportunities in micro and macro markets for stakeholders to invest in, with a detailed analysis of the competitive landscape and significant Industrial Analytics competitors' product offerings. SWOT analysis was used to identify the strengths and weaknesses of the Industrial Analytics market.
Industrial Analytics Market Regional Analysis:
The report has been segmented into many key countries. This section provides a detailed analysis of the Industrial Analytics market in all the regions with their key countries including market size, CAGR, and import and export. The regions and their countries studied are:
- North America- U.S., Canada, Mexico
- Europe- UK, Germany, France, Spain, Rest of Europe
- Asia Pacific- China, India, Japan, Australia, South Korea, Asian Countries, Rest of APAC
- South America- Brazil
- Middle East and Africa.
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Industrial Analytics Market Segmentation:
by Component
• Software
• Services
The market is divided into two segments: software and services, depending on the component. The services segment is anticipated to expand at a compound annual growth rate (CAGR) of 2023–2029. The professional services sector is anticipated to expand at the fastest rate of any service category due to the increasing demand for industrial analytics software solutions across all industries.
by Analytics Type
• Descriptive
• Predictive
• Diagnostic
• Prescriptive
The market is divided into four categories: diagnostic, prescriptive, predictive, and descriptive, depending on the type of analytics. The descriptive segment is anticipated to expand at a compound annual growth rate (CAGR) of 2023–2029. A set of historical data that can be used to present financial metrics and make comparisons, such as year-over-year pricing variations, user count, and total revenue per subscriber, is referred to as descriptive analytics. It's a phrase used to describe events that transpired within an organisation over time.
by Organization Size
• Large Enterprises
• Small & Medium Enterprises
by Deployment Model
• Hosted/on-Cloud
• On-Premises
The market is divided into two segments: hosted/on-cloud and on-premises, based on the deployment model. During the forecast period of 2023-2029, the On-Premises deployment model segment is anticipated to grow at a CAGR of rapidly. Using the company's own IT infrastructure, on-premises industrial analytics technologies can be used to gather, organise, and display vital business data. This guarantees the safety and security of data within the organisations.
by Vertical
• Energy and utilities
• Retail and consumer goods
• Transportation and logistics
• Telecommunications and IT
• Manufacturing
• Others
The market is divided into segments based on the vertical, including manufacturing, energy and utilities, retail and consumer goods, logistics and transportation, telecommunications and IT, and others. By 2029, the manufacturing segment is anticipated to have the biggest market share. The manufacturing sector is undergoing a rapid revolution thanks to Industry 4.0, which is enabling a global shift towards the manufacturing sector of the future.
Industrial Analytics Market Key Players 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.
• AGT International
• Bridgei2i Analytics Solutions
• Alteryx, Inc.
• PTC, Inc.
• SAS Institute
• Amazon.com
• Genpact
• Qualcomm Inc.
• Analytics Business Consulting
• Augury
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Key Questions answered in the Industrial Analytics Market Report are:
- What is Industrial Analytics?
- What will be the CAGR of the Industrial Analytics market during the forecast period?
- What trends are expected to generate additional revenue for the Industrial Analytics market?
- What are the opportunities for the Industrial Analytics Market?
- What factors are driving the Industrial Analytics market growth?
- Which company held the largest share in the Industrial Analytics market?
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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