DUBLIN--(BUSINESS WIRE)--The "Industrial Analytics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The industrial analytics market is expected to register a cagr of 18% in the forecast period 2019 - 2024. The rising trend of Industry 4.0 will drive the market in the forecast period.
- An increasing number of IoT and IIoT installations are the primary enablers of industrial analytics in the global market. The growing availability of data from multiple sources across the production line, such as sensors, machine vision systems, PLCs, etc., is moving industries from data metrics models to data analytics models.
- Several companies operating in the industry are increasingly adapting to these changes. Several analytics providers have deployed solutions and services that are capable of integrating legacy systems and IIoT components.
- IBM claims that the new product portfolio is designed to help industries to lower costs and reduce the risk of failure from physical assets such as manufacturing robots, electrical transformers etc.
- The major challenge would be the lack of skilled personnel across the industries, which could hinder the market, which can be overcome.
Key Market Trends
Manufacturing Sector to Dominate the Market Over the Forecast Period
- Industrial analytics finds application in the emerging industry of manufacturing sector, and this is primarily because of its significant demands through increasing ever-changing technology. Companies are now capable of building and executing predictive algorithms in real time on a big data environment.
- In early days, simple basket analysis was used to make the prediction, but after the execution of industrial analytics in the manufacturing sector, this is done by using operational-specific predictive algorithms.
- Implementation of Industrial IoT in the era of industry 4.0 generates 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.
North America to Account for Significant Market Share
- North America is one of the largest markets for industrial analytics globally. Process industries currently account for a large portion of the demand in the industrial sector, especially the oil and gas and chemicals industry. In recent times, increasing activity in the upstream oil and gas industry, owing to the Outer Continental Shelf Leasing Program, is creating new opportunities for the market.
- Moreover, a high degree of adoption of Industry 4.0 policies is leading the industrial automation activities in the region. Most of the companies operating in the area are focused on cost reduction strategies through automation. This is increasing the demand for predictive and diagnostic analytics solutions amongst others.
- Also, the growing demand for resource and process optimization will spur industries to veer towards predictive maintenance based solutions which figure prominently in terms of importance in the field of industrial analytics, in this region.
Competitive Landscape
The major players include Intel, Cisco Systems, IBM, General Electric, Amazon.com, Oracle Corporation, Hewlett-Packard, Microsoft Corporation, Genpact, amongst others.
The market is fragmented since there is high competition among major players due to the adoption of industry 4.0 and the companies spending heavy amounts in the R&D for better operational activities. Therefore, the market concentration will be low.
- April 2019 - Aruba, a Hewlett Packard Enterprise company, announced two new offerings to help enterprise customers simplify the adoption of IoT. ArubaClearPass Device Insight delivers a single pane of glass for device visibility employing automated device discovery, machine learning (ML) based fingerprinting, and identification.
- 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.
Market Dynamics
Market Drivers
- Increasing Demand for Big-Data in Information Technology Sector
- Rising Demand from the E-commerce Sector
Market Restraints
- Lack of Skilled Professional Across Industries
Companies Mentioned
- Cisco Systems
- IBM Corporation
- General Electric Company
- Amazon Web Services Inc.
- Oracle Corporation
- Hewlett-Packard Enterprise
- Robert Bosch GmbH
- Microsoft Corporation
- SAP SE
- ABB Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/lx3ug9
