New ARC Advisory Group research reveals the massive impact of the COVID-19 pandemic on the adoption of analytics and supporting technologies, such as the cloud, for industrial operations and infrastructure. The market outlook remains positive for industrial analytics. Building upon growing adoption prior to 2020, the pandemic accelerated the use of analytics, particularly to support remote monitoring and in-plant worker health and safety. Sustainability is expected to boost the use of analytics for related use cases, such as energy management, emissions reduction, and waste.
"2020 was a bellwether for industrial analytics. On one hand, necessity drove the adoption of key analytics use cases, such as remote monitoring and collaboration. On the other hand, the pandemic lay bare the lack of preparation, commitment, and skill sets of many industrial companies in establishing analytics as a critical competitive competency. For the forecast period, analytics will continue to surge, and the CAGR is quite healthy. Many companies now understand the urgency of establishing analytics as a competency capable of driving competitive excellence, the end goal of industrial digital transformation," according to Mike Guilfoyle, Vice President and key author of ARC's Industrial Analytics Market Research Report.
Industrial Analytics Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows.:
- Analytics Management
- Bundled AI
- COVID-19 Pandemic Fuels Adoption
- Investment Shifts
- Knowledge Capture
- Stalled Progress
- Sustainability
About the Industrial Analytics Research
The Industrial Analyticsreport is an emerging market analysis which explores current and future market performance and related technology and business trends. The report includes a comprehensive list of suppliers active in the market along with a select number of supplier profiles. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes five-year market forecasts segmented by World Region, Industry, Deployment Model.
This new research is available as a Concise Market Analysis Report (PDF) which provides executives, business unit managers, and other authorized users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.