The Industrial Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Analytics Global Market Report 2024, The industrial analytics market size has grown rapidly in recent years. It will grow from $26.27 billion in 2023 to $30.47 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to efficiency and optimization, predictive maintenance, cost reduction strategies, globalization and supply chain optimization, regulatory compliance.
The industrial analytics market size is expected to see rapid growth in the next few years. It will grow to $57.52 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to cybersecurity focus, edge computing integration, customization for industry-specific needs. Major trends in the forecast period include integration of sensor technologies, industry 4.0 adoption, digital twins integration, integration of IoT sensors, cybersecurity for industrial systems.
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 November 2023, according to The United States Census Bureau, a US-based government agency, during the third quarter of 2023, retail e-commerce sales reached an estimated $284.1 billion, reflecting a notable growth of 7.8% compared to the same period in 2022. Therefore, the rise in demand for E-commerce is driving the industrial analytics market growth.
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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
Major companies operating in the industrial analytics market are launching new platforms incorporating AI to increase their profitability in the market. An AI platform for industrial analytics refers to a comprehensive technology solution designed specifically for analyzing and interpreting data generated within industrial settings. For instance, in March 2023, LYTT, a UK-based sensor fusion analytics platform provider, launched an Industrial AI Sensor Platform poised to revolutionize the industrial sector by transforming big data into actionable insights. This platform ensures unprecedented operational visibility, driving efficiency and profitability. By harnessing AI and machine learning, businesses can extract valuable real-time insights from sensor data, optimizing operations, reducing costs, and enhancing their bottom line. LYTT’s commitment to delivering industrially proven solutions is evident in this launch, particularly benefiting businesses in the energy and utilities sectors, empowering them to maximize data value and achieve operational excellence.
The industrial analytics market report table of contents includes:
1. Executive Summary
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