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Industrial Analytics Market To Reach USD 47.46 Billion By 2026

Market Summary The emergence of smart meters, smart sensors, and IoT based technologies are driving the demand for industrial analytics market. Market Size – USD 13.36 Billion in 2018, Market Growth CAGR of 17.0%, Market Trends – An increasing number of IoT and IIoT installations in industries.

The global industrial analytics market is forecast to reach USD 47.46 Billion by 2026, according to a new report by Reports and Data. The rise in demand for business intelligence tools in several industry verticals, such as the retail and manufacturing industries, are driving the market for industrial analytics. The rapid adoption of IIoT, especially in emerging nations, is encouraging the growth of the market.

Market Summary Our Approach The growing demand for customer analytics among businesses to gain real-time insights into customer’s buying preferences is a notable factor bolstering the uptake of industrial analytics. The adoption of industrial analytics is gathering traction across the manufacturing vertical and the key benefits garnered are an improvement in product lifecycle and increasing their effectiveness of return on investment (RoI).

North America held the largest market share for industrial analytics. Increase in the adoption of Industry 4.0 policies in the region is leading the industrial automation activities. Companies operating in the region are focused on reducing cost through automation, which in turn, is increasing the demand for predictive and diagnostic analytics solutions, amongst others. Moreover, the rise in demand for resource and process optimization will spur industries to veer towards predictive maintenance based solutions which figure prominently in terms of importance in the field of industrial analytics, in this region.

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Market Summary Our Approach

Further key findings from the report suggest • Software held a market share of 58.9% in the year 2018. The software segment includes risk analytics, financial analytics, operational analytics, customer analytics, marketing analytics, and workforce analytics. The segment is expected to increase in the coming years owing to the rising need to measure the performance of customer expectations, and ad-campaign effectiveness, among others. • Predictive analytics is forecasted to grow with a CAGR of 17.5% during the forecast period. This type of analytics improves the predictive model, considering particular machines in particular environments with more data. It helps the manufacturers to react to potential machine failure, improves productivity, and lead to more cost savings on equipment. • Large enterprises held a market share of 63.2% in the year 2018. The global industrial analytics market is benefitting from the advent of artificial intelligence technologies as it is creating a new lucrative avenue for vendors across the globe. The rising application of predictive algorithms in realtime multinational corporations such as E-bay and Amazon are driving the market. To identify the key trends in the industry, click on the link below:

Market Summary Our Approach Key participants include General Electric Company, International Business Machines Corporation, SAS Institute, Inc., Cisco Systems, Inc., Tibco Software, Inc., AGT International GmbH, General Electric Company, Bridgei2i Analytics Solutions, Hitachi, Ltd., and Microsoft Corporation, among others. Component Outlook (Revenue: USD Billion; 2016-2026) Software Services Analytics Type Outlook (Revenue: USD Billion; 2016-2026) Predictive Analytics Prescriptive Analytics Descriptive Analytics Diagnostic Analytics Organization Size Outlook (Revenue: USD Billion; 2016-2026) Small and Medium enterprises Large Enterprises

Market Summary Our Approach

Industry Verticals Outlook (Revenue: USD Billion; 2016-2026) Retail and Consumer Goods Manufacturing Energy and Utilities Transportation & Logistics Telecommunications & IT Others

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About OurUs Approach

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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Industrial Analytics Market Evolving Technology and Business Outlook 2019 to 2026  

An extensive study of the product application and services conducted by subject matter experts assessing the market will help product owners...

Industrial Analytics Market Evolving Technology and Business Outlook 2019 to 2026  

An extensive study of the product application and services conducted by subject matter experts assessing the market will help product owners...