Industrial Analytics Market Surges, Projected to Reach Nearly US$ 60.49 Billion by 2029

In a groundbreaking revelation, the Industrial Analytics Market, valued at US$ 18.94 billion in 2022, is set to undergo a staggering transformation, with experts forecasting a robust Compound Annual Growth Rate (CAGR) of 18.04%. The market is poised to achieve a monumental revenue milestone, reaching close to US$ 60.49 billion from 2023 to 2029.

Revolutionizing Business with Industrial Analytics

The rise of industrial analytics has ushered in a new era of industrial revolution, driven by significant advancements in analytics techniques, algorithms, and the integration of machine learning (ML) and artificial intelligence (AI). This innovative approach enables the analysis of massive datasets collected from industrial systems, encompassing Descriptive, Predictive, Diagnostic, and Prescriptive analytics.

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Industrial Analytics Market Report Scope and Research Methodology:

The growth of different segments in the Industrial Analytics market helps to identify the key growth factors and develop strategies to target core application areas and fill the gaps in the target market.

The report provides an in-depth analysis of the Industrial Analytics market, including meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. A bottom-up approach was used to estimate the Industrial Analytics market size.

Key players in the Industrial Analytics industry were identified through secondary research, and their market revenues were determined through primary and secondary research. The report also covers mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the Industrial Analytics market by region, by investment, and their strategic intent.

Industrial Analytics Market Regional Insights:

The global Industrial Analytics market is divided into five regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. The report provides regional analysis with the Industrial Analytics market size of each region.

The country-level analysis examines a variety of market factors that are expected to influence current and future Industrial Analytics market trends, as well as changes in market regulations at the country level. Some of the key factors used to forecast the Industrial Analytics market situation in each country include consumption, production location and volume, import/export analysis, pricing analysis, raw material prices, and upstream and downstream value chain analysis.

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Industrial Analytics Market Segmentation:

The market is divided into two segments: software and services, depending on the component. The services segment is anticipated to expand at a compound annual growth rate (CAGR) of 2023–2029. The professional services sector is anticipated to expand at the fastest rate of any service category due to the increasing demand for industrial analytics software solutions across all industries.

The market is divided into four categories: diagnostic, prescriptive, predictive, and descriptive, depending on the type of analytics. The descriptive segment is anticipated to expand at a compound annual growth rate (CAGR) of 2023–2029. A set of historical data that can be used to present financial metrics and make comparisons, such as year-over-year pricing variations, user count, and total revenue per subscriber, is referred to as descriptive analytics. It's a phrase used to describe events that transpired within an organisation over time.

The market is divided into segments based on the vertical, including manufacturing, energy and utilities, retail and consumer goods, logistics and transportation, telecommunications and IT, and others. By 2029, the manufacturing segment is anticipated to have the biggest market share. The manufacturing sector is undergoing a rapid revolution thanks to Industry 4.0, which is enabling a global shift towards the manufacturing sector of the future. With the advent of Industry 4.0 in the manufacturing sector, many facilities are automating, modernising, and improving the entire process by integrating digital technologies like IIoT, AI, ML, robotics, and others. 

Industrial Analytics Market Key Players are:

• Hewlett Packard Enterprise Company
• General Electric Company
• Microsoft Corporation
• International Business Machines Corporation
• SAP SE
• Cisco Systems, Inc.
• Oracle Corp
• Intel Corp.
• Hitachi Ltd.
• TIBCO Software, Inc.
• AGT International
• Bridgei2i Analytics Solutions
• Alteryx, Inc.
• PTC, Inc.
• SAS Institute
• Amazon.com
• Genpact
• Qualcomm Inc.
• Analytics Business Consulting
• Augury

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Key Questions answered in the Industrial Analytics Market Report are: 

  • What is the forecast period?
  • What is the expected Industrial Analytics market size by the end of the forecast period?
  • What are the Industrial Analytics market segments?
  • Which segment in the Industrial Analytics market is expected to grow rapidly during the forecast period?
  • Which are the prominent players in the Industrial Analytics market?
  • What key trends are expected to emerge in the Industrial Analytics market during the forecast period?

 

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