PUBLISHER: Meticulous Research | PRODUCT CODE: 1576518
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576518
Industrial Analytics Market by Offering (Platform, Services), Type (Descriptive, Diagnostic, Predictive, Prescriptive), End-use Industry (Oil & Gas, Automotive, Food & Beverage, Semiconductor & Electronics, Others), and Geography-Global Forecast to 2031
The research report titled, 'Industrial Analytics Market by Offering (Platform, Services), Type (Descriptive, Diagnostic, Predictive, Prescriptive), End-use Industry (Oil & Gas, Automotive, Food & Beverage, Semiconductor & Electronics, Others), and Geography-Global Forecast to 2031', provides an in-depth analysis of the industrial analytics market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The industrial analytics market is projected to reach $78.8 billion by 2031, at a CAGR of 19.1% from 2024 to 2031.
Rising investment in Industry 4.0 technologies, growing demand for real-time data analytics, increasing adoption of IoT and IIoT devices, government initiatives to promote industrial automation, and high productivity and efficiency requirements are factors driving the growth of the industrial analytics market. However, market growth is restrained by a lack of integration with organizational culture and complex analytical processes. In addition, the rising demand for industrial analytics platforms by SMEs and the growing need for analyzing rapidly generating a massive volume of data through multiple sources provides considerable potential opportunities for market players. The market faces substantial challenges, including security and privacy issues and a lack of skilled professionals.
The industrial analytics market is segmented based on offering (platform (operational management analytics, maintenance analytics, asset & inventory management analytics, resource management analytics, risk analytics, financial analytics, customer/marketing management analytics, and others), & services), type (descriptive, diagnostic, predictive, and prescriptive), end-use industry (oil & gas, automotive, food & beverage, semiconductors & electronics, chemicals & materials, consumer goods, mining & metals, power, pharmaceuticals & biotech, machines & tools, paper & pulp, aerospace & defense, other end-use industries). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the industrial analytics market is segmented into platforms and services. In 2024, the platforms segment is expected to account for the larger share of over 72.0% of the industrial analytics market. Increased adoption of industry 4.0 technologies, increased investment in industrial automation, and high adoption of industrial automation platforms to optimize production processes and reduce operational costs are factors contributing to the segment's dominant position in the industrial analytics market. Moreover, the segment is also expected to record the highest CAGR during the forecast period.
Based on type, the industrial analytics market is segmented into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. In 2024, the predictive analytics segment is expected to account for the largest share of over 32.0% of the Industrial analytics market. The surge in the adoption of big data technologies and predictive analytics tools and increased demand for predictive analytics by industries to improve decision-making, improve customer experience, and enhance operational efficiency are factors contributing to the segment's dominant position in the industrial analytics market. Moreover, the segment is also expected to record the highest CAGR during the forecast period.
Based on end-use industry, the industrial analytics market is broadly segmented into oil & gas, automotive, food & beverage, semiconductors & electronics, chemicals & materials, consumer goods, mining & metals, power, pharmaceuticals & biotech, machines & tools, paper & pulp, aerospace & defense, other end-use industries. In 2024, the oil & gas segment is expected to account for the largest share of over 14.4% of the industrial analytics market. Increased digitalization in the oil & gas sector, high demand for analytics in the oil & gas industry to optimize their operations to reduce costs and improve productivity, and integration of emerging technologies are factors contributing to the segment's dominant position in the industrial analytics market. However, the automotive segment is expected to record the highest CAGR during the forecast period.
Based on geography, the industrial analytics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 36.0% of the industrial analytics market. Rapid industrialization, increased digitization, and rising investment in technology are factors contributing to the region's dominant position in the industrial analytics market. Moreover, the Asia-Pacific region is expected to register the highest CAGR of 10.3% during the forecast period.
The industrial analytics market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the industrial analytics market are General Electric Company (U.S.), Hewlett Packard Enterprise Company (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), PTC, Inc. (U.S.), SAP SE (Germany), SAS Institute, Inc. (U.S.), Bridgei2i Analytics Solutions (India), Cisco Systems, Inc. (U.S.), Intel Corporation (U.S.), Oracle Corporation (U.S.), Tibco Software, Inc. (U.S.), Alteryx, Inc. (U.S.), Hitachi, Ltd. (Japan), AGT International (Switzerland), ABB (Switzerland), Robert Bosch GmbH (Germany) and among others.
Industrial Analytics Market Assessment-by Offering
Industrial Analytics Market Assessment-by Type
Industrial Analytics Market Assessment-by End-use Industry
Industrial Analytics Market Assessment-by Geography
Note: SWOT Analysis of the Top 5 Companies Will Be Provided*