Industrial Analytics Market Size, Share, Trends, Growth and Forecast 2032

Industrial Analytics Market: Size

The global Industrial Analytics Market size was worth around USD 40.42 Billion in 2023 and is predicted to grow to around USD 150.15 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 15.82% between 2024 and 2032.

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Industrial Analytics Market: Overview

Industrial analytics is the collection, usage, and analysis of data generated in the entire product lifecycle and industrial operations, applicable to any organization that is manufacturing and selling material products. Industrial analytics involves traditional methods of data collection and statistical modeling. The future of industrial analytics is depending on advancements in the Internet of Things and improved process for data analysis and data interpretation (Machine Learning). Industrial analytics is a next-generation integration method when applied to machine and process data, it provides new intelligence and insights to optimize decision making significantly. Data analytics is the new engine for the new fuel called data that propels the transformation of IIoT. 

Rising applications of customer analytics are the major factor to drive industrial analytics market on the global level. With the increasing trend toward investment in industrial analytics, customer analytics is the business function that will be anticipated to rank high on the top management agenda. The budget spent on marketing analytics, their applications are increasing drastically, and the value that customer analytics is supposed to bring to the company’s success. Increasing popularity of industrial Internet of Things (IIoT) and its connectivity with data analytics is further anticipated to fuel demand for the industrial analytics market across the globe. Several startup companies are now adopting IIoT analytics solutions for particular verticals such as the energy or oil and gas sector market. while others are even applying these machine learning and analytics models to solve very definite problems like well pump maintenance or wind turbine energy efficiency. However, insufficient infrastructure to aggregate the data from dissimilar sources may hinder the global industrial analytics market growth. Most of this data is unstructured and dissimilar, without any standards in formatting or versioning. This problem is occurring due to the current data infrastructure in which tools were designed to process standard and human-generated data that are low in velocity.

Global Industrial Analytics Market: Growth Factors

The Industrial Analytics Market is expanding rapidly owing to the transition from traditional industrial Business Intelligence (BI) techniques to advanced BI and analytics techniques, and the enormous rush in the volumes of industrial data across industry verticals due to the arrival of technology. Rising investment in Industry 4.0, a greater emphasis on real-time data analysis and predictive maintenance, increased adoption of IoT & IoT devices, a surge in the adoption of predictive analytics platforms, and increased government initiatives in Big Data are the primary factors driving the growth of this market. The increased demand for industrial analytics by SMEs, the growing requirement to analyze fast generating enormous volumes of data from diverse sources, and the increased use of linked and integrated technologies are likely to provide the substantial potential for market expansion.

The report covers forecast and analysis for the industrial analytics market on a global and regional level. The study provides historic data for 2017, 2019, and 2023 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The study includes drivers and restraints for the industrial analytics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the industrial analytics market on a global level.

In order to give the users of this report a comprehensive view of the industrial analytics market, we have included a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the industrial analytics market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. 

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Global Industrial Analytics Market: Segmentation

Industrial analytics market is segmented based on software, analytics tools, vertical, and region.

Software segment included in this market are operational analytics, marketing analytics, customer analytics, risk analytics, financial analytics, and workforce analytics. Customer analytics software is anticipated to grow significantly in coming years due to the rising need for measurement of key performance indicators (KPI), for example, ROI, customer satisfaction, etc. 

Industrial tools segment includes predictive, prescriptive, descriptive, and diagnostic. Among these, the predictive analytics tool holds the largest market share in the industrial analytics market. Many organizations considered this an extremely important tool for the maintenance of machines.

The vertical segment includes manufacturing, energy, retail, telecommunications and IT, transportation and logistics, and others. Manufacturing vertical segment holds the largest market share. Industrial analytics in manufacturing helps to improve the efficiency of product life-cycle and strengthen the relationship between return on investment (ROI) and decision-making. 

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further fragmented into major countries including the U.S., France, UK, Germany, China, India, Japan, and Brazil.

Industrial Analytics Market: Report Scope

Some of the major players operating in the Industrial Analytics Market are:

The report covers a detailed competitive outlook including company profiles of the key participants operating in the global industrial analytics market. Key players profiled in this report include-

• Hewlett Packard Enterprise Company
• General Electric Company
• Microsoft Corporation
• International Business Machines Corporation
• SAP SE
• Cisco Systems
• Oracle Corp
• Intel Corp.
• Hitachi Ltd.
• TIBCO Software
• among others.

The report segments the global industrial analytics market as follows:

Global Industrial Analytics Market: Software Segment Analysis 

• Operational Analytics
• Marketing Analytics
• Customer Analytics
• Risk Analytics
• Financial Analytics
• Workforce Analytics

Global Industrial Analytics Market: Analytics Tools Segment Analysis 

• Predictive
• Prescriptive
• Descriptive
• Diagnostic

Global Industrial Analytics Market: Vertical Segment Analysis

• Manufacturing
• Energy 
• Retail 
• Telecommunications and IT
• Transportation and Logistics
• Others

Global Industrial Analytics Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa