Industrial Analytics Market Expected to Surpass $78.8 Billion by 2031

Roshani

posted on 2 months ago — updated on 1 second ago

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Industrial Analytics Market Expected to Surpass $78.8 Billion by 2031

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 Forecasts to 2031

Meticulous Research®, a prominent global market research organization, has published a comprehensive 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.”

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According to this report, the industrial analytics market is anticipated to reach $65.22 billion by 2030, expanding at a CAGR of 18.2% from 2023 to 2030. The primary drivers for this growth include increasing investments in Industry 4.0 technologies, the demand for real-time data analysis and predictive maintenance, the adoption of IoT and IIoT devices, and supportive government initiatives for industrial automation. Additionally, the rising need for industrial analytics platforms among SMEs and the necessity to analyze vast volumes of data from multiple sources offer substantial growth opportunities. However, the market growth may be restrained by challenges such as cultural integration issues and the complexity of analytical processes.

The market is segmented by offering, type, and end-use industry, with an evaluation of industry competitors and regional and country-level markets.

In terms of offering, the market is segmented into platforms and services. The platforms segment is expected to hold the largest market share in 2023, driven by the widespread adoption of industrial analytics platforms across various industries to improve operational efficiency and the growing need for advanced monitoring technologies. This segment is also expected to record the highest CAGR during the forecast period. For example, KX (UK) and Telit (UK) partnered in September 2021 to deliver a comprehensive industrial analytics platform that combines KX’s real-time streaming analytics with Telit’s deviceWISE® Industrial IoT platform.

By type, the market includes 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 harness the potential of increasing enterprise data. This segment is also anticipated to record the highest CAGR, driven by growing awareness of predictive analysis solutions, big data technologies, and predictive modeling tools.

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Regarding end-use industry, the market is broadly segmented, with oil & gas expected to dominate in 2023 due to digitalization, reliance on data, and the integration of big data & machine learning technologies. The automotive segment is expected to record the highest CAGR, driven by the benefits of 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 supportive government initiatives, technological innovation, and the growing adoption of IoT devices to optimize operational efficiency. The region’s manufacturing hub status 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?