Industrial Analytics (IA) refers to the process of collecting, analyzing and using the data produced during industry operations throughout the entire product lifecycle. Industrial analytics is relevant to any company that is involved in the manufacturing and selling of physical products. Industry analytics involves traditional methods of data capture and statistical modeling. Industrial analytics is the locomotive that turns machine data into actionable insights, driving efficient industry operations and business processes. Organizations across industry vertical are using various tools and systems to collect data from customers and industry professionals to analyze business performance at regular interval. Industrial analytics can be done with the various approaches such as with the help of data modeling or self-service. In data modelling, data scientists model the data by analyzing pre-existing data. In self-service approach there is no requirement to model the data. It also saves huge cost as no software is required by data scientists and also there are no project timelines.
Industry analytics tools helps manufacturers, developers and other industry managers to gain understandings about market trends and existing products. This analyzed data helps industry leaders to develop, plan and regulate product lifecycles accordingly. These tools allows comparative study of industry trends based on behavioral data from industry professionals, and have the best indicator to make effective business decisions. Industrial analytics tools consist of several software, including risk analytics, operational analytics, and financial analytics, marketing analytics, workforce analytics and customer analytics. Implementation of industrial analytics solutions will make organizations data driven and help in their market growth.
The main driving forces of the industrial analytics market are commencement of industry 4.0 that is fourth industrial revolution implying emergence of new technologies in different sectors such as transportation, healthcare and others. Moreover growth of industrial internet of things (IIoT) is one of the factor anticipated to be responsible for the growth of the market. Industries are producing operational data at large volumes and appropriate ways to handle such big data are industrial analytic tools. Moreover, due to the introduction of advanced data analytics techniques and requirement to optimize the business operations is major benefit of industry analytic solutions. The industrial analytics market is growing rapidly because of the transformation from traditional industrial techniques of business intelligence (BI) for assessing industrial data to advanced techniques and huge outpouring of structured and unstructured data. The adoption of customer analytics is expected to increase significantly due to the growing need to measure the key factor related to performance such as, return on investment (ROI), customer expectations, and ad-campaign effectiveness across all industries.
There is lack of integration of various divisions among organization and varying culture in different divisions of an industry. Large size industries will be having complex data analytics process. Moreover factors such as lack of expertise and skills and threat to data security are expected to restrain the market during the forecast period.
Market for industrial analytics can be segmented on the basis of, component, analytics type organization size, deployment model, industry vertical, and geography. On the basis of component, market is segmented into software and service. On the basis of analytics type, market is segmented into descriptive, diagnostic, predictive, and prescriptive. On the basis of organization size, market is segmented into large enterprises, small and medium-sized enterprises. On the basis of deployment model, market is segmented into on premises and on- demand. On the basis of industry vertical market is segmented into retail and consumer goods, IT and telecommunications, transportation and logistics, manufacturing, energy and utilities and others On the basis of geographic regions, market is segmented into North America, Asia Pacific (APAC), Middle East & Africa (MEA), Europe and South America.
Key players for the industrial analytics market are General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC, Inc., SAS Institute, SAP SE, Cisco Systems, Inc., Hewlett Packard Enterprise., Intel Corporation, Hitachi, Ltd., TIBCO Software, Inc., AGT International Gmbh, Bridgei2i Analytics Solutions, and Alteryx, Inc.