The global industrial analytics market is foreseen to gain impetus due to the rising application of customer analytics in the near future. Part of the software component of industrial analytics, customer analytics could improve its adoption significantly while riding on the mounting need to evaluate the performance of key metrics such as the effectiveness of ad-campaigns, return on investment (ROI), and customer expectation. Industrial analytics solutions based on the cloud could be highly demanded in small and medium-sized enterprises (SMEs) because of their time and cost-efficient features. Besides the cloud, industrial analytics could be deployed on company premises.
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The global industrial analytics market, as researched by Transparency Market Research (TMR), is forecast to rise at an 11.3% CAGR to reach a valuation of US$21.6 bn by the end of 2022. In 2017, the market held a valuation of US$12.6 bn.
Market players are envisioned to find favorable prospects birthing from the rising requirement of industrial analytics software solutions in organizations associated with a range of industries. The manufacturing sector could adopt industrial analytics at a swelling rate owing to the need of gaining a competitive edge over other companies. This could be achieved with the strengthening of the relationship between ROI and decision-making and improvement in efficiency across product lifecycles.
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The international industrial analytics market is anticipated to be cataloged according to four classifications, i.e. component, end user, application, and industry. On the basis of component, the market could be segmented into software, professional services, managed services, and other support services. As per the analysis of the report, software could hold a king’s share in the market for the coming years. It is prognosticated to expand at a 10.6% CAGR.
By end user, the international industrial analytics market could see a segregation into large enterprise and small and medium enterprise.
With respect to application, key segments could be advanced robotics, advanced materials, smart factories, smart, connected machines, and other applications. By industry, oil and gas, energy and utilities, government, manufacturing, telecommunication, automotive, and others are expected to be prime segments of the market.
In terms of regional segmentation, the international industrial analytics market is prophesied to be classified into dominating geographies such as North America, Asia Pacific Excluding Japan (APEJ), and Europe.
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Seasoned analysts foresee North America to take a leading position in the market. By 2022, it could earn a valuation of US$6.3 bn. APEJ is predicted to be valued at a US$3.7 bn by the same year. The Middle East and Africa (MEA) secured only a 5.2% of the total revenue share in 2017. Japan could be another market with a slower growth. The report also studies Latin America as an important region.
Companies looking to make a statement with their progress in the worldwide industrial analytics market could include 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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