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. 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 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.
The major applications are seen in the maintenance of machines, customer analytics and product usage analytics for increase in the overall revenue of the organizations, better customer satisfactions and experience analysis for customer retention and loyalty, and increase in the quality of the product. This also includes up gradation of the existing products, changing the existing product business model, and creating the new business model for products.
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Major Key Players:
- 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 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. Other reasons for the growth of the industrial analytics in North America is the Internet of Things (IoT).
There’s a huge significant growth in the IoT which is driving the companies to adopt towards the technologies prevailing the IoT and thus requiring huge amount of data to correctly analyze and take the correct decisions. Also due to the rise in the real time data, it has become necessary and easy for the organizations to take the crucial strategic decisions based on the present data and not on the past data.
However the market growth in Asia pacific is expected to grow significantly because of the increasing growth of Industrial Internet of Things and smart technologies. This also includes some of the government initiatives such as smart cities in emerging economic countries China and India.
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.
- Business Intelligence
- Predictive Analytics
- Artificial Intelligence
- Cognitive Analytics
- On premise
- On Cloud
- North America
- Asia pacific
- Rest of the world.
- Software providers
- Network Solutions providers
- Consumer goods and retail units
- Logistics solutions
- Research firms
- Software investors
- Software Developers
- IT enablers
- Cloud service providers
- Wireless service providers
- Telecommunication companies
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Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research objective
1.3 Market Structure
List of Tables
Table 1 Industrial Analytics Market, By Analytics Tools
Table 2 Industrial Analytics Market, By Deployment
Table 3 Industrial Analytics Market, By Organization Size
List of Figures
Figure 1research Methodology
Figure 2industrial Analytics Market, By Analytics Tools (%)
Figure 3industrial Analytics Market, By Deployment (%)
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