What are the Historical Developments and Current Growth Metrics of the Industrial Analytics Market?
The industrial analytics market has seen considerable growth due to a variety of factors.
• The market size for industrial analytics has seen a swift expansion in the past years. Its growth is projected to rise from $29.82 billion in 2024 to $34.23 billion in 2025, with a compound annual growth rate (CAGR) of 14.8%.
The historic period's growth can be credited to improvements in efficiency and optimization, anticipation of maintenance needs, strategic cost reduction, globalization, and advancements in supply chain optimization along with regulatory compliance.
What Can Be Expected from the Industrial Analytics Market in the Coming Years?
The industrial analytics market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a swift expansion is anticipated in the industrial analytics market, with its value reaching $69.37 billion by 2029 due to an impressive 19.3% compound annual growth rate (CAGR). This expected growth during the forecast period is primarily attributed to a concentrated focus on cybersecurity, the incorporation of edge computing, and customization to meet the unique requirements of different industries. Key trends projected for this period include the integration of sensor technologies, embracing the industry 4.0 revolution, the integration of digital twins, integrating IoT sensors, and strengthening cybersecurity in industrial systems.
What Main Forces Are Fueling Expansion In The Industrial Analytics Market?
The upsurge in the e-commerce industry is predicted to fuel the expansion of the industrial analytics market. Factors such as the widespread use of smartphones, easy and cost-effective access to technology and the flexibility of shopping from anywhere, at any time, are all contributing to the dramatic growth of online commerce. Additionally, the COVID-19 pandemic has prompted most operations to be conducted remotely, thereby increasing people's reliance on e-commerce platforms for goods and services. To exemplify, per The United States Census Bureau, a governmental entity in the US, retail e-commerce sales peaked at an approximate $284.1 billion in the third quarter of 2023, marking a substantial 7.8% growth relative to the same timeframe in 2022. Consequently, the escalating demand for E-commerce is propelling the industrial analytics market forward.
How Is the Industrial Analytics Market segmented?
The industrial analytics market covered in this report is segmented –
1) By Analytics Type: Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, Diagnostic Analytics
2) By Organization Size: Large Organizations, Small And Medium Organizations
3) By Deployment Mode: Cloud-Based, On-Premises
4) By Component: Software, Services
5) By Vertical: Information Technology (IT) And Telecom, Energy And Utilities, Transportation And Logistics, Retail And Consumer Goods, Manufacturing, Other Verticals
Subsegments:
1) By Predictive Analytics: Forecasting Maintenance Needs, Predicting Equipment Failures, Demand Forecasting
2) By Prescriptive Analytics: Optimization Of Operations, Resource Allocation Strategies, Supply Chain Management Recommendations
3) By Descriptive Analytics: Reporting And Visualization Tools, Historical Data Analysis, Key Performance Indicator (KPI) Tracking
4) By Diagnostic Analytics: Root Cause Analysis, Anomaly Detection, Performance Analysis
Pre-Book The Industrial Analytics Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing the Industrial Analytics Market?
Key players in the industrial analytics market are developing cutting-edge software such as analytics enterprise in an effort to improve their market profitability. Analytics enterprise is a specific technology or software solution that offers centralized data management, analysis tools, and workflow automation for an organization. As an example, in November 2022, IBM, an American technology company, launched IBM Business Analytics Enterprise. This platform is designed to assist businesses in breaking down data and analytics barriers, and its main aim is to accelerate data-driven decision-making and improve resilience in dealing with unexpected disruptions. IBM Business Analytics Enterprise provides organizations with an integrated performance perspective, featuring adaptable dashboards and AI-powered analytics for precise predictions, content recommendations based on roles, and streamlined, managed workflows for improved decision-making and planning. The suite encompasses data mining, reporting, forecasting, management of talent pipeline, and sophisticated data cleaning and visualization functions.
Who Are the Key Players in the Industrial Analytics Market?
Major companies operating in the industrial analytics market include:
• Robert Bosch GmbH
• Hitachi Ltd.
• Amazon Web Services Inc.
• Siemens AG
• General Electric Company
• Microsoft Corporation
• International Business Machines Corporation (IBM)
• Cisco Systems Inc.
• Oracle Corporation
• Schneider Electric SE
• Honeywell International Inc.
• SAP SE
• ABB Ltd.
• Hewlett Packard Enterprise Company
• Emerson Electric Co.
• Rockwell Automation Inc.
• Yokogawa Electric Corporation
• SAS Institute Inc.
• Splunk Inc.
• PTC Inc.
• TIBCO Software Inc.
• Fair Isaac Corporation
• Software AG
• Altair Engineering Inc.
• Aspen Technology Inc.
• OSIsoft LLC
• Telit Communications PLC
• Cognite AS
• Seeq Corporation
• Uptake Technologies Inc.
What Is The Most Dominant Region In The Industrial Analytics Market?
North America was the largest region in the industrial analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
