Industrial Analytics Market: Overview
Industrial analytics has come to occupy an increasingly significant role in smart, automated manufacturing processes in various industry verticals. It is a key component of industrial internet of things (IIoT) and received considerable attention with the advent of fourth industrial revolution, Industry 4.0. The benefit of real-time optimization and value addition to enterprise processes, especially for manufacturing sectors, is a compelling proposition driving the evolution of the global industrial analytics market. Various software and tools encompassed by industrial analytics pertain to areas such as operational, customer, marketing, risk, financial, and workforce. The products encompass data-based business models and data analytics techniques for analysing industrial data. Advanced systems use real-time large scale distributed computing. The various applications include predictive, prescriptive, diagnostics, and descriptive.
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Small and medium-scale enterprises in various regions are increasingly demanding industrial analytics on cloud models as a cost-effective way of deployment. The adoption of the industrial analytics tools enables them to embed analytics across the value chain.
Various assessments presented in the study takes a critical look at the role of the various growth dynamics on the general contours of the industrial analytics market. The insights are helpful for forming a clear view of the evolution trajectories of the global market.
Global Industrial Analytics Market: Trends and Opportunities
The rising demand for business intelligence tools in various industry verticals, especially in the retail and manufacturing industries, is a key factor supporting the steady expansion of the industrial analytics market. The rapid stride made by IIoT, especially in developing economies, is a key trend boosting the market. The rising demand for customer analytics among businesses to gain real-time insights into customer’s buying preferences is a notable factor bolstering the uptake of industrial analytics. The adoption of industrial analytics is gathering traction across manufacturing vertical and the key benefits garnered are improvement in product lifecycle and increasing their effectiveness of return on investment (RoI).
The global industrial analytics market is benefitting from the rising use of predictive algorithms in real time by prominent retail companies such as Amazon and E-bay. The advent of high-end distributed computing technologies in predictive analytics is also boosting the market. The advent of artificial intelligence technologies in industrial analytics is creating new, lucrative avenues for vendors, world over.
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Key Players Mentioned in the Report
The study sheds light on the impacts of recent mergers and acquisitions, collaborations and partnerships, and funding initiatives by various industry players to strengthen their positions in the industrial analytics market. Some of the key players operating in the market are General Electric, IBM Corporation, Microsoft Corporation, PTC, Inc., SAS Institute, , Cisco Systems, Inc., Intel Corporation, Hitachi, Ltd., and TIBCO Software, Inc.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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The following regional segments are covered comprehensively:
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