Global Industrial Analytics Market - Growth, Trend and Forecasts (2018 - 2023)
The global industrial analytics market is expected to grow at a CAGR of over 17%, during the forecast period (2018 - 2023). The scope of the report is limited to solutions offered by various market players from various end-user sectors including retail, automotive, transportation & logistics, manufacturing, healthcare, and banking and financial services. The regions considered under the scope of the report include Asia-Pacific, North America, Europe, South America, and Middle East & Africa.
Industrial analytics application in the cloud computing is expected to be in high demand mostly in small and medium-sized enterprises (SMEs) because of their time, and cost-efficient features. Further, analytics is the most logical way to host in the cloud, as it is typically not real-time. So the aspect of lack of performance is not a significant concern for cloud deployment model.
Retail and Manufacturing Sector to Dominate the Market over the Forecast Period
Industrial analytics finds application in emerging industry of retail and manufacturing sector, and this is primarily because of its significant demands through ever-changing technology. Companies like Amazon, E-bay are capable of building and executing predictive algorithms in real time on big data environment. In early days, simple basket analysis was used to make the prediction, but after the execution of industrial analytics in the retail and manufacturing sector, this is done by using customer-specific predictive algorithms.
Implementation of Industrial IoT in the era of industry 4.0 generates a scope for the market of connected hardware that is collecting and sharing data via a secured network. To move towards business intelligence and become an intelligent business company, they are embedding analytics across the entire value chain.
Soaring Demand of Customer Analytics leads to Increasing Adoption of Industrial Analytics in Various End-User applications
Customer analytics is expected to witness significant growth during the forecast period, among different industry analytics software. Part of data analytics that is customer analytics could improve its adoption significantly, as there is a need to evaluate the performance of key metrics such as the effectiveness of return on investment (ROI) and customer expectation in future ventures. Customer analytics renders an organization with a consolidated and real-time scenario of a costumer's buying behavior and preferences. Businesses capitalize on this information will help in creating campaigns that target audience more accurately and gain a better understanding of the effectiveness of marketing efforts in the business-to-consumer market.
Asia-Pacific to Emerge as one of the Leading Region in the Industrial Analytics Market
The Asia-Pacific is expected to be the region with the highest growth owing to the increasing penetration of industry 4.0 across various sectors, such as manufacturing, retail, healthcare, etc. There is a considerable demand for Industrial IoT (IIoT) in countries, like China, Japan, India, and South Korea, where this demand is attributed to the significant growth of the end-user industries. With continuous developments in Big Data analytics in IIoT, the data can now be used to generate meaningful insights that can help in the generation of revenue and to capture the untapped potentials of the market in this region.
Notable Developments in Industrial Analytics Market:
April 2018: IBM collaborated with top startups to accelerate quantum computing. Membership in the network will enable these startups to run experiments and algorithms on IBM quantum computers via cloud-based access.
April 2018: Oracle AI announced a series of innovations that help marketing, sales, commerce, and customer service professionals meet the rapidly changing expectations of today’s empowered customers, through their latest updates of Oracle Customer Experience (CX) Cloud Suite support for connected digital enterprise by introducing new artificial intelligence based applications, data analytics solutions, and innovative search, voice, and video capabilities.
Major Players: INTEL CORPORATION, QUALCOMM INC., CISCO SYSTEMS, INC., IBM CORPORATION, GENERAL ELECTRIC COMPANY, AMAZON.COM, INC., ORACLE CORPORATION, HEWLETT PACKARD ENTERPRISE COMPANY, ROBERT BOSCH GMBH, ALPHABET INC., TECH MAHINDRA LIMITED, MICROSOFT CORPORATION, GENPACT LTD., and SAP SE, amongst others.
Reasons to Purchase Industrial Analytics Market Report
To understand the impact of enterprise WLAN in the IT & Telecom sector.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
The region that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet (in Excel)
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