Industrial analytics is the process of collection, analysis, and usage of data generated during industrial operations. Industrial analytics is used to identify and address faults in assets, increase uptime, and reduce repair cost. Results of analytics are used to support human decisions. Industrial analytics primarily includes traditional methods such as statistical modelling and data gathering. Major applications of industrial analytics across the industrial value chain includes research & development, manufacturing process, supply chain, and marketing.
Increasing penetration of Internet of Things (IoT) is a key factor driving growth of the global industrial analytics market. In addition, developments in data mining methods & data warehousing, increasing use of real time applications across the globe, and growing adoption of big data analytics in business process are other factors expected to boost growth of the global industrial analytics market over the forecast period.
However, issues related to data security is a key factor restraining growth of the global industrial analytics market. Additionally, high deployment cost, and lack of skilled workforce are other factors expected to hamper growth of the global industrial analytics market over the forecast period. Complex analytical process and lack of organization culture integration are some other factors expected to challenge growth of the global industrial analytics market.
The global industrial analytics market is segmented on the basis of deployment type, organization size, end-user, and region. On the basis of region, the global industrial analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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