Industrial analytics is the process of collection, analysis, and usage of data generated during industrial operations. Industrial analytics is used to identify and address faults in assets, increase uptime, and reduce repair cost. Results of analytics are used to support human decisions. Industrial analytics primarily includes traditional methods such as statistical modelling and data gathering. Major applications of industrial analytics across the industrial value chain includes research & development, manufacturing process, supply chain, and marketing.
Growing penetration of Internet of Things especially in developing economies is expected to boost growth of the global industrial analytics market
Increasing penetration of Internet of Things (IoT) is a key factor driving growth of the global industrial analytics market. In addition, developments in data mining methods & data warehousing, increasing use of real time applications across the globe, and growing adoption of big data analytics in business process are other factors expected to boost growth of the global industrial analytics market over the forecast period.
However, issues related to data security is a key factor restraining growth of the global industrial analytics market. Additionally, high deployment cost, and lack of skilled workforce are other factors expected to hamper growth of the global industrial analytics market over the forecast period. Complex analytical process and lack of organization culture integration are some other factors expected to challenge growth of the global industrial analytics market.
The global industrial analytics market is segmented on the basis of deployment type, organization size, end-user, and region. On the basis of region, the global industrial analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounted for dominant revenue share contribution in the global industrial analytics market. This dominance can be attributed to presence of key analytics organizations, and technological advancements in countries in the region. The market in Asia Pacific is projected to register highest growth rate over the forecast period, owing to growing awareness about benefits of industrial analytics, and increasing adoption of Internet of Things (IoT) in business process in emerging economies such as China and India.
Prominent players in the global industrial analytics market includes General Electric Company, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Intel Corporation, TIBCO Software Inc., BRIDGEi2i Analytics Solutions Private Limited, PTC, Inc., and Hewlett Packard Enterprise Company.