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Industrial Analytics Market Projected to Reach $78.8 Billion by 2031
Meticulous Research®, a top global market research company, has released a 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 2030.”According to this report, the industrial analytics market is expected to reach $65.22 billion by 2030, with a CAGR of 18.2% from 2023 to 2030. The growth is driven by factors such as increased investment in Industry 4.0 technologies, the rising demand for real-time data analysis and predictive maintenance, the growing adoption of IoT and IIoT devices, and government initiatives promoting industrial automation. Additionally, the rising demand for industrial analytics platforms by SMEs and the need to analyze large volumes of data from multiple sources offer significant growth opportunities. However, challenges such as a lack of integration with organizational culture and complex analytical processes may restrain market growth.
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sThe industrial analytics market is segmented by offering, type, and end-use industry. The report also evaluates industry competitors and regional and country-level markets.
Based on offering, the market is divided into platforms and services. The platforms segment is expected to hold the largest market share in 2023, driven by the adoption of industrial analytics platforms across various industries to enhance operational efficiency and the growing need for advanced monitoring technologies. This segment is also projected to have the highest CAGR during the forecast period. For instance, in September 2021, KX (UK) partnered with Telit (UK) to offer a comprehensive industrial analytics platform combining KX’s real-time streaming analytics with Telit’s deviceWISE® Industrial IoT platform.
By type, the market is categorized into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Predictive analytics is expected to hold the largest share in 2023, driven by the adoption of big data technologies and predictive analytics tools, and the need to maximize the potential of rising enterprise data. This segment is also expected to record the highest CAGR, driven by increasing awareness of predictive analysis solutions, big data technologies, and predictive modeling tools.
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Regarding end-use industry, the market is segmented into various sectors, with oil & gas expected to dominate in 2023 due to digitalization, reliance on data, and the incorporation of big data & machine learning technologies. The automotive segment is projected to have the highest CAGR, benefiting from predictive maintenance and real-time data collection from vehicle sensors and systems.
Geographically, Asia-Pacific is expected to account for the largest share of the industrial analytics market in 2023, driven by favorable government initiatives, technological innovation, and the growing adoption of IoT devices to optimize operational efficiency. The region’s role as a manufacturing hub for various sectors further supports this growth.
Key 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.
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Key questions answered in the report-
- Which are the high-growth market segments based on offering, type, and end-use industry?
- What was the historical market for industrial analytics?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, and opportunities in the industrial analytics market?
- Who are the major players, and what shares do they hold in the industrial analytics market?
- How is the competitive landscape in the industrial analytics market?
- What are the recent developments in the industrial analytics market?
- What are the different strategies adopted by the major players in the industrial analytics market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global industrial analytics market, and how do they compete with the other players?
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