Industrial Analytics
Industrial Analytics Market by Component (Service, Software), Analytics Type (Descriptive, Diagnostic, Predictive), Organization Size, Deployment Model, Industry Vertical - Global Forecast 2024-2030
360iResearch Analyst
SPEAK TO ANALYST? OR FACE-TO-FACE MEETING?
Want to know more about the industrial analytics market or any specific requirement? Ketan helps you find what you're looking for.
DOWNLOAD A FREE PDF
This free PDF includes market data points, ranging from trend analysis to market estimates & forecasts. See for yourself.

[191 Pages Report] The Industrial Analytics Market size was estimated at USD 25.75 billion in 2023 and expected to reach USD 27.74 billion in 2024, at a CAGR 7.87% to reach USD 43.78 billion by 2030.

Industrial analytics involves using data-driven processes and tools to enhance operations, efficiency, and profitability by collecting, processing, and analyzing data from machinery, sensors, IT systems, and employee feedback to predict outcomes and improve processes. It is essential for competitiveness, optimizing production, reducing costs, improving product quality, enhancing supply chain management, and boosting productivity and is applied in sectors including manufacturing, energy, healthcare, automotive, and aerospace. Key end-users include manufacturing companies, energy providers, healthcare facilities, automotive firms, and aerospace companies. Growth in the industrial analytics market is driven by technological advancements such as IoT, AI, ML, big data analytics, increased demand for efficiency, regulatory compliance, and globalization, necessitating the management of complex global supply chains. However, growth may be impeded by high initial investments, data security concerns, skill gaps, and integration issues. Opportunities exist to invest in AI and machine learning for predictive analytics, integrate IoT devices for real-time data collection, and develop user-friendly analytics platforms. Areas of innovation include advanced predictive analytics, edge computing, blockchain for secure supply chain management, and digital twins for simulating processes.

Regional Insights

The United States excels in industrial analytics due to its rapid adoption of IoT, AI, and big data, coupled with a focus on digital transformation and stringent regulatory compliance. Canada benefits from substantial government support and a growing technology sector. The European Union contributes to Industry 4.0 and smart manufacturing initiatives. The Middle East, including the UAE and Saudi Arabia, is investing in smart cities and diversifying economies. Africa's adoption is slower, with South Africa and Nigeria showing the most promise. In Asia, China harnesses rapid industrialization and smart manufacturing initiatives, Japan leverages technological capabilities, and India benefits from rapid digitization and initiatives such as Make in India. Consumer needs across these regions focus on efficiency, regulatory compliance, and sustainability. Recent advancements include numerous patents in AI analytics, ongoing research in machine learning, and significant investments in IoT and cloud computing. Engaging in regions with advanced technology adoption and strategic initiatives proves particularly advantageous.

The regulatory landscape for industrial analytics is complex, with the United States, European Union (EU), China, Japan, and India each having distinct frameworks. The U.S. focuses on stringent data privacy and security laws such as the California Consumer Privacy Act (CCPA) and the Health Insurance Portability and Accountability Act (HIPAA). The EU's General Data Protection Regulation (GDPR) demands strong data protection measures, while China emphasizes government oversight and cross-border data regulation through its Cybersecurity Law and Data Security Law. Japan's Act on the Protection of Personal Information (APPI) and India's upcoming Personal Data Protection (PDP) Bill also provide comprehensive data protection.

Industrial Analytics Market
To learn more about this report, request a free PDF copy
Market Dynamics

The market dynamics represent an ever-changing landscape of the Industrial Analytics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Growing need to optimize their processes and improve operational efficiency in the industrial sector
    • Demand for data-driven decision-making solutions and predictive maintenance
    • Shift towards Industry 4.0 and rise in industrial automation
  • Market Restraints
    • High initial investment for implementation of industrial analytics
  • Market Opportunities
    • Integration of innovative technologies in industrial analytics
    • Significant investments for introduction of novel industrial analytics solutions
  • Market Challenges
    • Concerns associated with data privacy and security
Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Industrial Analytics Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Industrial Analytics Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Industrial Analytics Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Industrial Analytics Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Industrial Analytics Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Industrial Analytics Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Industrial Analytics Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Industrial Analytics Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Industrial Analytics Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Industrial Analytics Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Analytics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Analytics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Analytics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Industrial Analytics Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Adobe Inc., Amazon Web Services, Inc., Cisco Systems, Inc., General Electric Company, Google LLC by Alphabet Inc., Hewlett Packard Enterprise Development LP, Hitachi Vantara LLC, Infineon Technologies AG, INTECH Process Automation Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Software AG, TIBCO by Cloud Software Group, Inc., Tredence, Inc., USU Software AG, and Xylem Analytics Germany Sales GmbH & Co. KG..

Industrial Analytics Market - Global Forecast 2024-2030
To learn more about this report, request a free PDF copy
Market Segmentation & Coverage

This research report categorizes the Industrial Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Service
      • Managed Services
      • Professional Services
        • Consulting Services
        • Deployment & Integration
        • Support & Maintenance
    • Software
      • Customer Analytics
      • Financial Analytics
      • Marketing Analytics
      • Operational Analytics
      • Risk Analytics
      • Workforce Analytics
  • Analytics Type
    • Descriptive
    • Diagnostic
    • Predictive
    • Prescriptive
  • Organization Size
    • Large Enterprises
    • Small & Medium-Sized Enterprises
  • Deployment Model
    • On-Cloud
    • On-Premises
  • Industry Vertical
    • Energy & Utilities
    • Manufacturing
    • Retail & Consumer Goods
    • Telecommunications & IT
    • Transportation & logistics

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Industrial Analytics Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Industrial Analytics Market, by Component
  7. Industrial Analytics Market, by Analytics Type
  8. Industrial Analytics Market, by Organization Size
  9. Industrial Analytics Market, by Deployment Model
  10. Industrial Analytics Market, by Industry Vertical
  11. Americas Industrial Analytics Market
  12. Asia-Pacific Industrial Analytics Market
  13. Europe, Middle East & Africa Industrial Analytics Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 740]
  18. List of Companies Mentioned [Total: 24]
Industrial Analytics: A Game-Changer for Industry 4.0
August 7, 2023
BLOG
Industrial Analytics: A Game-Changer for Industry 4.0
The advent of Industry 4.0 has resulted in huge shifts in manufacturing, logistics, and operations. With the increase in industrial automation, there are more data points, more sensors, and more opportunities for optimization and improvement. This is where industrial analytics comes in – by leveraging the power of big data, machine learning, and artificial intelligence, industrial analytics is revolutionizing the world of manufacturing. This blog post shares the basics of industrial analytics, its applications, and the benefits it offers for Industry 4.0.

What is Industrial Analytics?

Industrial analytics refers to the use of data and advanced technologies to optimize manufacturing processes and improve operational efficiency. These technologies include machine learning (ML), artificial intelligence(AI), and predictive analytics. By analyzing significant amounts of data from multiple sources, industrial analytics can provide insights that help manufacturers make informed decisions to reduce downtime, improve quality, and enhance productivity.

Applications of Industrial Analytics:

Industrial analytics has a wide range of applications across different sectors. These include predictive maintenance, energy management, quality control, supply chain optimization, and many more. Predictive maintenance, for instance, can help manufacturers detect equipment failures before they occur, preventing costly downtime. Energy management can help increase operational efficiency by identifying high-consumption areas and optimizing energy usage. Quality control can help improve product reliability and reduce waste, while supply chain optimization can reduce lead times and improve customer satisfaction.

Benefits of Industrial Analytics:

The benefits of industrial analytics go beyond just operational efficiency – it can also help manufacturers increase revenue and improve customer satisfaction. By improving product reliability and reducing lead times, manufacturers can improve customer satisfaction, leading to repeat business and positive brand perception. By optimizing energy usage and reducing waste, manufacturers can also save on costs, increasing their revenue and profitability.

Industrial analytics is quickly emerging as a game-changer for Industry 4.0. By leveraging the power of big data, machine learning, and artificial intelligence, manufacturers can improve productivity, reduce costs, and enhance customer satisfaction. As the world continues to move towards Industry 4.0, industrial analytics will be a critical enabler for businesses willing to stay competitive in an increasingly digital landscape.

Frequently Asked Questions
  1. How big is the Industrial Analytics Market?
    Ans. The Global Industrial Analytics Market size was estimated at USD 25.75 billion in 2023 and expected to reach USD 27.74 billion in 2024.
  2. What is the Industrial Analytics Market growth?
    Ans. The Global Industrial Analytics Market to grow USD 43.78 billion by 2030, at a CAGR of 7.87%
  3. When do I get the report?
    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
  4. In what format does this report get delivered to me?
    Ans. We will send you an email with login credentials to access the report. You will also be able to download the pdf and excel.
  5. How long has 360iResearch been around?
    Ans. We are approaching our 7th anniversary in 2024!
  6. What if I have a question about your reports?
    Ans. Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available and included in every purchase to help our customers find the research they need-when they need it.
  7. Can I share this report with my team?
    Ans. Absolutely yes, with the purchase of additional user licenses.
  8. Can I use your research in my presentation?
    Ans. Absolutely yes, so long as the 360iResearch cited correctly.