Industrial Analytics Market Report 2020 Share and Size, Expected CAGR, Analysis across the Region and Globe, Opportunities and Growth till 2023

As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.

Market Synopsis of Industrial Analytics Market:

The Industrial analytics market holds some of the major players like IBM Corporation (U.S.), General Electric (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), PTC Inc (U.S.), SAP SE (Germany), Cisco Systems (U.S.), Hewlett Packard Enterprise (U.S), Hitachi (Japan), SAS Institute (U.S.). The market for industrial analytics is growing at a significant rate and includes many new entrants in the industrial analytics market and is majorly driven by the Internet of Things.

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The gathering, analysis and usage of data generated in the industrial operations and through the life cycle of the product is described as Industrial analytics. Industrial analytics generally involves some of the traditional methods like data gathering and statistical modelling. The industrial analytics market is expected to be driven majorly by the advancements in connected space (IoT) and improved techniques for analyzing and interpreting the data. The major benefits organizations take out from the industrial analytics is in the growth of revenue, customer analytics for customer satisfaction and increasing the quality of the product. Further with the increased growth of emerging companies, the organizations see other benefits like cost cutting, up gradation of existing products and upgrading the business model. The industrial analytics see the predictive and prescriptive maintenance of machines as the widely used application followed by customer analytics and product quality and usage analytics.

The industrial analytics market is segmented on the basis of analytics tools, deployment, organization size, industry and by region. On the basis of Analytics tools, the segmentation is further divided as Business intelligence, predictive analysis, artificial intelligence, cognitive analytics and others. Out of these, the predictive analysis holds the largest share of the market. This generally includes the analytics for the maintenance of machines for which more than 40% organization consider it as extremely important in the forecasted period. Tools such as Business Intelligence tools are expected to grow and considered extremely important from manufacturing perspective.

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On the basis of Industrial vertical, the segmentation is divided under telecommunication, IT, retail, manufacturing, transportation and utilities. Out of these, the utilities including energy and power is expected to grow significantly in the forecasted period. This is majorly due to the increased demand of the real time data.

On the basis of deployment the segmentation is done on the basis of on premise and on cloud. Industrial analytics being a software enablement platform includes analytics tools requiring huge amount of data to be gathered and interpreted. Most of the organizations in the North America, especially U.S. are implementing the on cloud deployment because of cheaper installation and benefit of data retrieval anytime, anywhere.  And on the basis of size of organizations, the segmentation is done majorly into Large and SME’s.

The industrial analytics market is divided under North America, Europe, Asia Pacific and rest of the world on the basis of region. The market is led by North America followed by Europe. This majorly due to the presence of large analytics organizations in U.S. Also due to the progressive innovation and growth in research and development the organizations in the U.S and Canada have adopted to the technology earlier than others. However the market growth in Asia pacific is expected to grow significantly.The industrial analytics market is expected to reach approximately USD 29 billion by the end of 2023 with approximately 11% CAGR during the forecasted period from 2017 – 2023.

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Segments

For the purpose of this study, Market Research Future has segmented the market of industrial analytics market into analytics tools, deployment, organization size, industry and region.

Analytics Tools

Business Intelligence

Predictive Analytics

Artificial Intelligence

Cognitive Analytics

Others

Deployment

On premise

On Cloud

Organization Size

Large

SME’s

Industry

Telecommunication

IT

Retail

Manufacturing

Utilities

Transportation

Region

North America

Europe

Asia pacific

Rest of the world.

Intended Audience

Software providers

Network Solutions providers

Consumer goods and retail units

Logistics solutions

Research firms

Software investors

Software Developers

IT enablers

Database

Cloud service providers

Wireless service providers

Telecommunication companies

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