Industrial Analytics Market categorizes the global market by component as software & Service, by analytics type, by deployment model, by organization size, industry Vertical, and Region
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According to a new market research report "Industrial analytics Market by Component (Software, Service), Analytics Type (Descriptive, Diagnostic, Predictive, and Prescriptive), Deployment Model, organization size, Industry Vertical, and Region - Global Forecast to 2022", The industrial analytics market is expected to grow from USD 11.29 Billion in 2017 to USD 25.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%.
Browse 78 Market Data Tables and 49 Figures spread through 174 Pages and in-depth TOC on "Industrial analytics Market"
The major forces driving the industrial analytics market are beginning of the fourth industrial revolution - industry 4.0, advent of Industrial Internet of Things (IIoT), and introduction of advanced data analytics techniques. The industrial analytics market is growing rapidly because of the transformation from traditional industrial Business Intelligence (BI) techniques for analyzing industrial data to advanced techniques and massive surge in the volumes of structured and unstructured data.
The major software comprising industrial analytics include operational analytics, risk analytics, financial analytics, marketing analytics, customer analytics, and workforce analytics.
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The adoption of customer analytics is expected to increase significantly in the coming years, owing to the increasing need to measure the performance of key metrics such as customer expectation, ROI, and ad-campaign effectiveness across verticals.
Organizations are deploying industrial analytics solutions either on their premises or on demand (cloud). The demand for cloud-based industrial analytics solutions is expected to grow due to its cost-effective and time-efficient features; its growth is high particularly in Small and Medium-sized Enterprises (SMEs), where low- cost solutions are largely required
Customer analytics software is expected to grow at the highest CAGR
Industrial analytics tools comprise various software, including operational analytics, risk analytics, financial analytics, marketing analytics, customer analytics, and workforce analytics. Customer analytics is expected to witness growth at the highest CAGR during the forecast period, among all industry analytics software.
Customer analytics provides an organization with a consolidated and real-time picture of a customer’s buying behavior and preferences. Businesses capitalize on this information, which helps in creating campaigns that target audience more accurately and gain a better understanding of effectiveness of marketing efforts.
Manufacturing vertical is estimated to have the largest market size in 2017
The industrial analytics market is also segmented into various industry verticals. Out of them, the adoption of industrial analytics is expected to be the highest in the manufacturing vertical.
The benefits of using industrial analytics in the manufacturing vertical are to gain a competitive advantage by improving the efficiency across the product life-cycle and providing a relationship between decision-making and Return on Investment (ROI).
North America is expected to dominate the industrial analytics market during the forecast period
North America is estimated to hold the largest share of the industrial analytics market in 2017, due to technological advancements and early adoption of analytics solutions in the region. The market in APAC is expected to grow at the highest CAGR between 2017 and 2022.
The primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India, China, and Japan.
The report also encompasses different strategies, such as acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Major technology vendors in the industrial analytics market include 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).
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