Industrial Analytics Market Size - By Analytics Type (Descriptive, Diagnostic, Predictive, Prescriptive), Deployment Model (On-premises, Cloud), Enterprise Size (SMEs, Large Enterprise), Component, End Use & Global Forecast, 2023 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndustrial Analytics Market Size
Industrial Analytics Market was valued at USD 35.2 billion in 2022 and is expected to record a CAGR of more than 12% from 2023 to 2032. Growth in the market is being propelled by rising investments in advanced analytics solutions. Organizations in different industries are realizing the potential of data-driven insights to improve operational effectiveness and decision-making. For example, in March 2023, SAS, the renowned analytics firm, made a strategic announcement that it would allocate USD 1 billion in investments over the next three years towards the development of advanced analytics solutions. Through this investment, the company seeks to address the specific needs of manufacturing, energy, government, banking, insurance, healthcare, and retail sectors.
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Industrial analytics solutions are key to tracking and improving product quality for industries. By processing large volumes of data from manufacturing operations, sensors & equipment, these solutions detect patterns and deviations. Real-time monitoring ensures detection of anomalies, with timely intervention to avoid defects. Predictive analytics predicts potential quality problems, allowing proactive action. By data-driven insights, industries can streamline production parameters, ensure consistent quality levels, reduce defects, and ultimately enhance the overall product quality & customer satisfaction.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Industrial Analytics Market Size in 2022 | USD 35.2 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 12% |
| 2032 Value Projection | USD 117 Billion |
| Historical Data for | 2018 - 2022 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 433 |
| Segments covered | Component, Analytics Type, Deployment Model, Enterprise Size, End Use |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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Data integration and quality are key challenges in the industrial analytics industry. Industrial data tends to be gathered from various sources and in multiple formats, which causes inconsistencies & errors. Maintaining the accuracy, completeness, and reliability of the data is imperative for useful analysis. Also, integrating data across different systems, sensors, and devices in industrial settings is difficult. Mismatched data formats and standards prevent seamless integration, with it being difficult to derive unifying insights and preventing the use of effective analytics solutions.
COVID-19 Impact
The pandemic of COVID-19 had a negative effect on the industrial analytics market. Global supply chain disruptions, dampened manufacturing operations, and economic instability forced most industries to cut down on investments in analytics solutions. Companies experienced budget restrictions, postponing or even terminating scheduled analytics projects. Moreover, the emphasis was on short-term cost-saving initiatives, distracting from expenditure and resource allocation on long-term implementations of analytics. These issues suppressed market growth as industries struggled to cope with the economic impact of the pandemic.
Industrial Analytics Market Trends
Predictive maintenance solutions are fueling profitable growth for the industrial analytics market by transforming maintenance operations. Predictive maintenance solutions leverage predictive analytics, IoT sensors, and machine learning software to forecast failures in equipment. For example, in September 2023, Rockwell Automation launched a new AI predictive maintenance solution named Asset Risk Predictor that was created through collaboration with Fiix (Rockwell's cloud-based computer maintenance management system company). The solution leverages AI sensor insights, machine recipes, and operational information to predict asset condition. Through the ability of users to detect and avoid failure before it happens, it optimizes maintenance effectiveness & reduces downtime.
The proliferation of Industry 4.0, characterized by the integration of smart technologies and data-driven automation into industrial processes, is driving the market. Industry 4.0 initiatives leverage IoT devices, big data analytics, and artificial intelligence to create intelligent, interconnected manufacturing systems. These advancements generate vast amounts of data, necessitating sophisticated analytics tools. By harnessing this data, industries can optimize operations, improve efficiency & enhance decision-making, thereby fuelling the demand for industrial analytics solutions and propelling market growth.
Industrial Analytics Market Analysis
Learn more about the key segments shaping this market
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Based on component, the hardware segment accounted for 40% of the market share in 2022, propelled by the widespread adoption of IoT devices and the increasing need for seamless connectivity between industrial machines & systems. IoT devices including sensors and connected equipment drive the demand for hardware components, enabling data collection. Additionally, the emphasis on real-time data processing necessitates hardware solutions, such as gateways & communication modules, to support efficient connectivity. These advancements cater to the growing demand for data-driven decision-making, boosting the hardware segment's significance in the market.
Learn more about the key segments shaping this market
Based on deployment model, the on-premises segment held around 58% of the industrial analytics market share in 2022. Enhanced operational efficiency is driving the preference for on-premises deployment in the market. On-premises solutions offer tailored configurations and optimized performance, leading to faster data processing & analysis. For instance, in September 2023, SICK introduced an Industry 4.0 on-premises data intelligence platform, SICK Field Analytics, enabling manufacturing and logistics organizations to enhance their operational efficiency. The platform enables a swift setup, offering tailored condition monitoring and process insights specific to applications. Moreover, it operates independently of an organization's current machinery and systems, providing flexibility & easy integration.
Looking for region specific data?
Asia Pacific industrial analytics market size dominated around USD 10 billion in 2022. Rapid industrialization in the Asia Pacific region has led to a surge in the adoption of industrial analytics solutions. This trend is bolstered by supportive government initiatives, promoting digital transformation and smart manufacturing practices. Industries in the region are embracing advanced analytics technologies including IoT & machine learning to optimize production processes and enhance operational efficiency. Owing to this factor, the Asia Pacific market for industrial analytics continues to expand. These efforts align with Industry 4.0 principles, fostering a dynamic ecosystem of technological innovation and growth in various industrial sectors.
Industrial Analytics Market Share
Major companies operating in the industrial analytics industry are
- HP Inc.
- IBM
- Intel Corporation
- Microsoft
- Robert Bosch GmbH
- Rockwell Automation
- Siemens
IBM, Intel Corporation and Microsoft are among the dominating players in the industrial analytics market with around 18% revenue share. Major companies in the industrial analytics industry are fiercely competing for market shares by integrating advanced AI systems and leveraging the proliferation of cloud technology. They focus on developing sophisticated analytics solutions, enhancing real-time data processing, and offering scalable cloud-based services to meet diverse industry needs, driving their competitive edge.
Industrial Analytics Industry News
- In February 2023, AVEVA, a pioneer in industrial software fostering innovation & sustainability, unveiled AVEVA Predictive Analytics. Specifically intended for the predictive monitoring of industrial assets in sectors such as manufacturing, chemicals, oil & gas, mining & minerals, and power, this software signifies a substantial advancement in predictive analytics technology.
The industrial analytics market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Component
- Hardware
- Sensors & Actuators
- Data Acquisition Systems
- IoT
- Edge Computing Devices
- Others
- Software
- Operational Analytics
- Risk Analytics
- Financial Analytics
- Marketing Analytics
- Customer Analytics
- Workforce Analytics
- Service
- Professional Services
- Managed Services
Market, By Analytics Type
- Descriptive
- Diagnostic
- Predictive
- Prescriptive
Market, By Deployment Model
- On-premises
- Cloud
Market, By Enterprise Size
- SMEs
- Large Enterprise
Market, By End Use
- Construction
- Manufacturing
- Energy & Power
- Mining
- Transportation
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
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