Industrial analytics is a type of analytics in which business users can access the industrial data and can perform queries to generate insights using the data. It equips business users with easy-to-use data exploration, data preparation, appropriate analytics, and data visualization tools & techniques. It helps companies cut losses, gain industrial insights, and grab new opportunities. The global industrial analytics market is expected to grow from USD 11.29 Billion in 2017 to USD 25.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%.
The industrial analytics market has a large number of vendors providing software and services, including major players such as, General Electric (GE; US), IBM Corporation (IBM; US), Microsoft Corporation (US), Oracle Corporation (US), PTC, Inc. (US), SAS Institute (US), SAP SE (Germany), Cisco Systems, Inc. (US), HPE (US), Intel Corporation (US), Hitachi, Ltd. (Japan), TIBCO Software, Inc. (US), AGT International (Switzerland), Bridgei2i Analytics Solutions (India), and Alteryx, Inc. (US). Players in this market have embraced different strategies to extend their presence and market share. New product launches and product developments were the key strategies adopted by the players for growth in the market. Partnerships, collaborations, strategic alliances, agreements, and acquisitions are some of the other growth strategies deployed by players in the industrial analytics market.
Microsoft Corporation is one of the leading players in the industrial analytics market. The company primarily serves in North America, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA), and Europe. Microsoft’s long-term strategy is inorganic growth strategy, where the company looks forward to expand its market presence with partnerships, collaborations, and acquisitions. In July 2016, Microsoft partnered with GE to connect industrial machines with cloud. Microsoft has combined its cloud computing platform Azure with GE’s Predix industrial data gathering operating system.
The fundamental objective of IBM is to meet every industry client requirement and in addition provide new advancements to analytics with industrial analytics tools. The organization serves clients across various industries, such as energy & utilities, retail, travel & transportation, and metals & mining. IBM is headquartered in the US, with its presence across 175 countries. The company is one of the largest suppliers for industrial analytics tools. IBM follows both organic as well as inorganic growth strategies for expanding its market share. The company’s industrial analytics products include Watson Analytics Solutions. In June 2016, IBM collaborated with Cisco to provide combined solution of IBM Watson analytics business and Cisco’s edge analytics. The solution provided by both the companies could help businesses to analyze undetected data of businesses in making informed critical decisions in real time.
Industrial Analytics Market by Component (Software, Service), Analytics Type (Descriptive, Diagnostic, Predictive, and Prescriptive), Deployment Model, organization size, Industry Vertical, and Region - Global Forecast to 2022
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