The worldwide industrial analytics market could include popular industry names such as 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.
The global industrial analytics market is forecast to surge its growth on the back of the increasing value of data analytics in industrial applications. This trend could be backed by three chief enablers, viz.
advanced data analytics techniques, connected products and machines, and next-generation industrial infrastructure such as Industry 4.0. Industrial companies are envisioned to take a significant stride forward with the combination of the internet of things (IoT), Industry 4.0 technologies, and advancements in data analytics.
This unique combination could facilitate higher efficiency levels and new business streams. Industrial analytics is expected to play a major part in all related activities.
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The global industrial analytics market is prophesied to earn a valuation of US$21.6 bn by the completion of 2022 while rising at a CAGR of 11.3% during the forecast period 2017-2022. In 2017, the market was valued at a US$12.6 bn.
Components Envy of Software’s Leading Growth in Foreseeable Future
The world industrial analytics market is prognosticated to be classified into software, professional services, managed services, and other support services, according to component. Out of these components, software could be marked as a dominant segment of the market with a US$10.0 bn expected to be earned by the end of 2022.
It is anticipated to rise at a US$0.7 bn annually during the course of the forecast period.
In terms of end user, the world industrial analytics market is predicted to be segregated into large enterprise and small and medium enterprise. On the basis of application, there could be vital segments such as advanced robotics, advanced materials, smart factories, smart, connected machines, and other applications taking shape in the market.
By industry, the market is foretold to see a classification into oil and gas, energy and utilities, government, manufacturing, telecommunication, automotive, and others.
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North America Takes on Most Regions of Market with Dominating Share
On the regional front, the international industrial analytics market is envisaged to witness the prominence of North America as a leading segment. This region could rise at a CAGR of 12.4%.
In 2017, it garnered a revenue of US$3.5 bn. It is foreseen to be followed by other dominating regions such as Asia Pacific Excluding Japan (APEJ) and Europe.
APEJ could expand at an 11.3% CAGR. Between 2017 and 2022, Europe is expected to generate an absolute revenue prospect of US$2.6 bn.
However, Japan and the Middle East and Africa (MEA) could demonstrate a slow-moving growth in the international industrial analytics market. The MEA is projected to lose 60 basis points (BPS) during the course of the forecast period.
Japan could produce a lower absolute revenue opportunity of US$1.0 bn during the same period.
All of these regions and also Latin America are carefully studied in the publication based on revenue comparison by component, end user, application, and industry for the 10-year review period 2012-2022.
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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