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Industrial Analytics Global Market Report 2022

·4-min read

Major players in the industrial analytics market are Hewlett Packard Enterprise, SAP SE, Microsoft Corporation, Hitachi Ltd, Tibco Software Inc, PTC Inc, AGT International GmbH, IBM Corporation, SAS Institute Inc, 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.

New York, Sept. 16, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Industrial Analytics Global Market Report 2022" -

The global industrial market is expected to grow from $19.88 billion in 2021 to $23.21 billion in 2022 at a compound annual growth rate (CAGR) of 16.73%. The industrial market market is expected to grow to $42.70 billion in 2026 at a compound annual growth rate (CAGR) of 16.47%.

The industrial analytics market consists of sales of industrial analytics platform by entities (organizations, sole traders, and partnerships) that helps in collection, analysis and usage of data generated in industrial operations into actionable insights in a way that will help in promoting efficient business processes and industry operations. 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.

North America was the largest region in the industrial analytics market in 2021. 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 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 a 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.

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 patient engagement solutions 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 November 2019, the United Nations Industrial Development Organization (UNIDO) introduced the new Industrial Analytics Platform (IAP).

This innovative platform provides data on specific indicators of industrial development and relevant research by renowned experts in an easily accessible format.

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.

The countries covered in the industrial analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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