Sarasota, FL -- (SBWIRE) -- 08/23/2018 -- Zion Market Research has published a new report titled "Industrial Analytics Market By Software (Operational Analytics, Marketing Analytics, Customer Analytics, Risk Analytics, Financial Analytics, And Workforce Analytics), By Analytics Tools (Predictive, Prescriptive, Descriptive, And Diagnostic), For Verticals (Manufacturing, Energy, Retail, Telecommunications And It, Transportation And Logistics, And Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, global industrial analytics market was valued at approximately USD 12.79 billion in 2017 and is expected to reach approximately USD 37.03 billion by 2024, having a CAGR of around 16.4% between 2018 and 2024.

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The rapid development of information and communication technology along with innovation in computer technology and sensors, it is possible to enlarge advanced analytics to machine learning on a large scale across the globe. Advancements in analytics techniques and algorithm, together with machine learning, are used to analyze a huge amount of data collected from industrial systems. The insights received from analytics can be used to increase the efficiency of operations by streamlining supply chains for components needed for preventive maintenance, anticipating peak usage, and for decision making as well as business planning. By extracting the significant data from the machine, industrial analytics drives the intelligent business and operational process in IT and OT world.

Advancements in connected space (IoT) with regards to manufacturing are further expected to boost the industrial analytics market growth across the globe. IoT in manufacturing is about connecting and integrating with consumers, developing smarter products, and accelerating innovation. While operating in the current business environment, analytics and IoT helps several organizations to connect with diverse assets. This results in improved efficiency in the manufacturing process. The beginning of Industry 4.0 (fourth industrial revolution) is further expected to drive the global industrial analytics market. Industry 4.0 is all about gathering industrial data from numerous sources into a data pond and then uncovers the necessary analytics, machine learning or artificial intelligence for predicting equipment failures and streamline manufacturing processes.

It's certainly one of the ways data is leveraged by using advanced analytics to attain several Industry 4.0 goals. Furthermore, the introduction of advanced data analytics such as Big Data in the manufacturing process is further expected to boost the demand for industrial analytics on the global level. The big data is an emerging concept in every industry, and the practice of big data is grounded in scientific application and years of mathematical research. It can be a significant tool for making improvements in yield, specifically in any manufacturing sectors in which process variability, process complexity, and capacity restraints exist. However, security concerns in the industrial internet of things (IIoT) data may restrain the industrial analytics market growth on the global level. Most critical and massive IIoT data needs security from hackers, DOS attacks, device breaches and viruses.

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Industrial analytics market is segmented based on software, analytics tools, vertical, and region. Software segment included in this market are operational analytics, marketing analytics, customer analytics, risk analytics, financial analytics, and workforce analytics. Industrial tools segment includes predictive, prescriptive, descriptive, and diagnostic. The vertical segment includes manufacturing, energy, retail, telecommunications and IT, transportation and logistics, and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S., France, UK, Germany, China, India, Japan, and Brazil.

Major players operating in industrial analytics market are Hewlett Packard Enterprise Company, General Electric Company, Microsoft Corporation, International Business Machines Corporation, SAP SE, Cisco Systems, Inc., Oracle Corp, Intel Corp., Hitachi Ltd., TIBCO Software, Inc., and among others.

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The market segments industrial analytics market into:

Global Industrial Analytics Market: Software Segment Analysis

Operational Analytics
Marketing Analytics
Customer Analytics
Risk Analytics
Financial Analytics
Workforce Analytics

Global Industrial Analytics Market: Analytics Tools Segment Analysis

Predictive
Prescriptive
Descriptive
Diagnostic