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Industrial Analytics Market Trends

Report ID: GMI7397
Published Date: Nov 2023
Report Format: PDF

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Industrial Analytics Market Trends

Predictive maintenance solutions are driving lucrative growth in the industrial analytics industry by revolutionizing maintenance practices. These solutions utilize advanced analytics, IoT sensors, and machine learning algorithms to predict equipment failures. For instance, in September 2023, Rockwell Automation introduced a novel AI predictive maintenance solution called Asset Risk Predictor, developed in collaboration with Fiix (Rockwell’s cloud-based computer maintenance management system business). The product harnesses AI sensor data, machine recipes, and operational data to anticipate asset health. By enabling users to identify and prevent failures before they occur, it enhances maintenance efficiency & minimizes 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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of industrial analytics reached USD 35.2 billion in 2022 and is set to grow at 12% CAGR from 2023 to 2032, due to the increasing investments in advanced analytic solutions by leading businesses worldwide.

The hardware component segment held over 40% of the market share in 2022, owing to the widespread adoption of IoT devices and the increasing need for seamless connectivity between industrial machines & systems.

Asia Pacific market size was valued at USD 10 billion in 2022, attributed to the rapid industrialization and supportive government initiatives in the region.

HP Inc., IBM, Intel Corporation, Microsoft, Robert Bosch GmbH, Rockwell Automation, and Siemens are some of the major industrial analytics companies worldwide.