Industrial Analytics Market size is estimated to reach $ 35.8 billion by 2026


Posted February 2, 2023 by Urmila01

The Global Industrial Analytics Market size is estimated to reach $ 35.8 billion by 2026, growing at a CAGR of 17.87% over the forecast period of 2021-2026.

 
The Global Industrial Analytics Market size is estimated to reach $ 35.8 billion by 2026, growing at a CAGR of 17.87% over the forecast period of 2021-2026.
Industrial Analytics (IA) is a term that refers to the gathering, analysis, and use of data created in industrial processes and throughout the product lifecycle for any organization that manufactures and sells physical goods. It entails the use of standard data collection and statistical modeling techniques. Industry 4.0 is revolutionizing the manufacturing industry by leaps and bounds, allowing for a global move toward a future manufacturing sector. With the introduction of Industry 4.0 in the manufacturing industry, numerous facilities are implementing digital technologies such as IIoT, AI, ML, Robotics, and others to improve, automate, and modernize the entire process.
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Market Dynamics
Driver: The increase in IoT adoption is driving the Industrial Analytics Market.
The increase of the Internet of Things (IoT) is a primary driver of the industrial analytics industry. The market demand will likely be driven by advancements in data mining, warehousing, increased usage of real-time applications, and rising acceptance of big data analytics in corporate processes.
Challenge: Complex analytical processes are restraining the market growth.
The processes involved in analytics in the industrial sector are highly complex, requiring skilled professionals for sophisticated work. However, finding experts in the same field isn't easy as it is a new emerging market. This is a restraining factor in the Industrial Analytics Market.
Key Market Players
Key Players in the Global Industrial Analytics Market consist of Intel, Cisco Systems, IBM, General Electric, Amazon.com, Oracle Corporation, Hewlett-Packard, Microsoft Corporation, Genpact, etc.
Developments
According to the company, in June 2020, IBM Watson Discovery underwent several adjustments and enhancements. Users on the Watson Discovery Premium subscription get a redesigned user interface, a guided experience to help them get started with Watson Discovery for their unique use case, and a slew of additional new features, including content mining.
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Report Coverage and Scope
The report "Global Industrial Analytics Market" by Research Informatic covers an in-depth detailed analysis for the following segment covered under the scope.
By Component
• Software
• Services
By Deployment Mode
• Cloud
• On-Premises
By Type
• Predictive Analytics
• Prescriptive Analytics
• Descriptive Analytics
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By Geography
• North America
• Europe
• APAC
• RoW

TOC:
Chapter 1 Industrial Analytics Market Overview
1.1 Product Overview and Scope of Industrial Analytics
1.2 Industrial Analytics Market Segmentation by Component
1.2.1 Software
1.2.2 Services
TOC Continued…
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Last Updated February 2, 2023