New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Analytics Global Market Report 2023" - https://www.reportlinker.com/p06319909/?utm_source=GNW
, General Electric Company, Intel Corporation, Bridgei2i Analytics Solutions, Cisco Systems Inc., Oracle Corporation, Alteryx Inc., Amazon Web Services Inc., Robert Bosch GmbH, Genpact and ABB Ltd.
The global industrial analytics market grew from $23.25 billion in 2022 to $27.07 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The industrial analytics market is expected to grow to $50.79 billion in 2027 at a CAGR of 17.0%.
Industrial analytics refer to the collection, analysis (using R programming), and use of data (Big Data) generated throughout industrial activities and over the course of a product’s entire lifespan.It includes data collection methods as well as statistical and dynamic modelling methods (Vensim).
It requires multiple tools and techniques for data collection and statistical and dynamic modeling.
The main types of industrial analytics are predictive, prescriptive, descriptive and diagnostics analytics.Predictive analytics uses statistics and modeling techniques based on current and historical data to determine future performance and to make predictions outcomes.
Predictive analytics are used to determine customer response to promote cross-sell opportunities and purchases.Industrial analytics deployed on cloud or on-premises and components are software and services.
Industrial analytics are used by small, medium and large organizations in information technology and telecom, energy and utilities, transportation and logistics, retail and consumer goods, manufacturing and other sectors.
The industrial analytics market includes revenues earned by entities by providing analytics for promoting efficient business processes and industry operations. The market value includes the value of related goods sold by the service provider or included within the service offering.
The rising demand from the e-commerce sector is expected to drive the growth of the industrial analytics market.The increasing adoption of smartphones, easy and affordable access to technology, and the convenience of purchasing from anywhere, at any time are the driving factors of online commerce’s recent surge.
Furthermore, due to COVID-19 pandemic, carrying out all the operations at home or remotely is seen, so people tend to use e-commerce platforms to purchase goods and services.For instance, in May 2021, according to a report published by United Nations Conference on Trade and Development experts.
The e-commerce sector’s percentage of total retail sales increased significantly from 16% to 19% by 2020. Therefore, the rise in demand for E-commerce is driving the industrial analytics market.
Advancement in technology is a key trend gaining popularity in the industrial analytics market.Major companies operating in the industrial analytics market are focused on providing technologically-advanced solutions to strengthen their market position.
These companies are implementing next-generation industrial technologies into their services and tools, such as data virtualization, data integration, stream analytics, discovery tools, artificial intelligence, machine learning, and others, to improve the decision-making process and increase the efficiency of the work.For instance, in July 2020, ABB, a Swiss automation company launched the ‘ABB Ability Genix Industrial Analytics and AI Suite’, a scalable advanced analytics platform along with pre-designed, easy-to-use applications and services.
The advanced industrial analytics platform collects, contextualizes and transforms operational, engineering and information technology data into actionable insights to aid industries optimize asset management, improve operations, and streamline business functions sustainably and safely.
In November 2021, Aspen Technology, a US-based industrial software company, acquired Camo Analytics for an undisclosed amount.This acquisition will strengthen AspenTech’s portfolio with Process Analytical Technology (PAT) and Overall Equipment Effectiveness (OEE) solutions to ensure compliance while decreasing waste and enabling improvement.
Camo Analytics AS is a Norway-based industrial analytics company.
North America was the largest region in the industrial analytics market in 2022.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 and Africa.
The countries covered in the industrial analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The industrial analytics market research report is one of a series of new reports that provides industrial analytics market statistics, including industrial analytics industry global market size, regional shares, competitors with an industrial analytics market share, detailed industrial analytics market segments, market trends and opportunities, and any further data you may need to thrive in the industrial analytics industry. This industrial analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319909/?utm_source=GNW
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