Industrial Analytics Market Analysis

Industrial Analytics Market Analysis

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Based on component, the hardware segment accounted for 40% of the market share in 2022, propelled by the widespread adoption of IoT devices and the increasing need for seamless connectivity between industrial machines & systems. IoT devices including sensors and connected equipment drive the demand for hardware components, enabling data collection. Additionally, the emphasis on real-time data processing necessitates hardware solutions, such as gateways & communication modules, to support efficient connectivity. These advancements cater to the growing demand for data-driven decision-making, boosting the hardware segment's significance in the market.
 

Based on deployment model, the on-premises segment held around 58% of the industrial analytics market share in 2022. Enhanced operational efficiency is driving the preference for on-premises deployment in the market. On-premises solutions offer tailored configurations and optimized performance, leading to faster data processing & analysis. For instance, in September 2023, SICK introduced an Industry 4.0 on-premises data intelligence platform, SICK Field Analytics, enabling manufacturing and logistics organizations to enhance their operational efficiency. The platform enables a swift setup, offering tailored condition monitoring and process insights specific to applications. Moreover, it operates independently of an organization's current machinery and systems, providing flexibility & easy integration.
 

Asia Pacific industrial analytics market size dominated around USD 10 billion in 2022. Rapid industrialization in the Asia Pacific region has led to a surge in the adoption of industrial analytics solutions. This trend is bolstered by supportive government initiatives, promoting digital transformation and smart manufacturing practices. Industries in the region are embracing advanced analytics technologies including IoT & machine learning to optimize production processes and enhance operational efficiency. Owing to this factor, the Asia Pacific market for industrial analytics continues to expand. These efforts align with Industry 4.0 principles, fostering a dynamic ecosystem of technological innovation and growth in various industrial sectors.