According to study of new market research
report "Industrial analytics Market by Component
(Software, Service), Analytics Type (Descriptive, Diagnostic, Predictive, and
Prescriptive), Deployment Model, organization size, Industry Vertical, and
Region - Global Forecast to 2022", The industrial analytics
market is expected to grow from USD 11.29 Billion in 2017 to USD 25.51 Billion
by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%.
The major forces driving the industrial analytics market are
beginning of the fourth industrial revolution - industry 4.0, advent of
Industrial Internet of Things (IIoT), and introduction of advanced data
analytics techniques. The industrial analytics market is growing rapidly
because of the transformation from traditional industrial Business Intelligence
(BI) techniques for analyzing industrial data to advanced techniques and
massive surge in the volumes of structured and unstructured data.
Browse and in-depth TOC on “Industrial analytics Market”
78
- Tables
49
- Figures
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Manufacturing vertical is estimated to have the
largest market size in 2017
The industrial analytics market is also segmented
into various industry verticals. Out of them, the adoption of industrial
analytics is expected to be the highest in the manufacturing vertical. The
benefits of using industrial analytics in the manufacturing vertical are to
gain a competitive advantage by improving the efficiency across the product
life-cycle and providing a relationship between decision-making and Return on
Investment (ROI).
North America is expected to dominate the industrial
analytics market during the forecast period
North America is estimated to hold the largest share
of the industrial analytics market in 2017, due to technological advancements
and early adoption of analytics solutions in the region. The market in APAC is
expected to grow at the highest CAGR between 2017 and 2022. The primary driving
forces for this growth are increasing technological adoption and huge
opportunities across industry verticals in APAC countries, especially India,
China, and Japan.
Customer analytics software is expected to grow at
the highest CAGR
Industrial analytics tools comprise various
software, including operational analytics, risk analytics, financial analytics,
marketing analytics, customer analytics, and workforce analytics. Customer
analytics is expected to witness growth at the highest CAGR during the forecast
period, among all industry analytics software. Customer analytics provides an
organization with a consolidated and real-time picture of a customer’s buying
behavior and preferences. Businesses capitalize on this information, which
helps in creating campaigns that target audience more accurately and gain a
better understanding of effectiveness of marketing efforts.
The report also encompasses different strategies,
such as acquisitions, partnerships & collaborations, and product
developments, adopted by major players to increase their share in the market.
Major technology vendors in the industrial analytics market include General
Electric (US), IBM Corporation (US), Microsoft Corporation (US), Oracle
Corporation (US), PTC, Inc. (US), SAS Institute (US), SAP SE (Germany), Cisco
Systems, Inc. (US), HPE (US), Intel Corporation (US), Hitachi, Ltd. (Japan),
TIBCO Software, Inc. (US), AGT International (Switzerland), Bridgei2i Analytics
Solutions (India), and Alteryx, Inc. (US).
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