The globalindustrial operational intelligence (Ol) solutions marketis expected to grow at a CAGR of more than 12% during the forecast period, according to Technavio's latest report.
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Technavio has published a new report on the global industrial operational intelligence solutions market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global industrial operational intelligence solutionsmarket for 2017-2021. The market is segmented based on application (supply chain and logistics, quality assurance and control, preventive maintenance, product optimization, and smart meter analysis) and end-user (discrete industries and process industries).
The growth of industrial OI solutions is expected to feature in both the process and discrete industries. The automotive industry derives the most out of the industrial OI solutions in terms of revenue. The reason for such dominance is the initial adoption of smart manufacturing by automotive companies. The global industrial OI solutions market has the largest revenue generation in the Americas, followed by EMEA and APAC. APAC is expected to grow at a higher rate when compared with the other two geographical regions. The growth of the automotive industry in APAC is expected to act as a driving force for the incorporation of industrial OI solutions in industries during the forecast period.
Technavio's industrial automation research analysts categorize the global industrial operational intelligence solutions market into the following segments by regions:
- Americas
- EMEA
- APAC
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Americas: largest industrial operational intelligence solutions market
"The industrial operational intelligence solutions market in the Americas is expected to be driven by inbound investments across various industries. The oil and gas, power, and automotive industry are expected to emerge as leading players in mergers and acquisitions in the next five years," says Sushmit Chakraborty, a lead analyst at Technavio for research on automation.
The oil and gas industry in the Americas is expected to evolve during the forecast period owing to the exploration of shale gas in the region. The exploration has positioned the region as a leading exporter of oil and gas products, and this is expected to continue doing during the forecast period. The exploration and production of shale gas, the increasing focus on quality, and the initiative of oil and gas companies to reduce spillage of oil during production are expected to increase the use of IoT in the oil and gas industry during the forecast period.
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Industrial operational intelligence solutions market in EMEA
"The use of OI reduces investment in labor, improves productivity, and ensures quality of the products in the food and beverage industry. The above-mentioned attributes clubbed with the stable growth of the food and beverage industry are expected to drive the growth of industrial OI in EMEA the coming years," adds Sushmit.
The power industry in EMEA is expected to witness growth, primarily in Africa. The increasing demand for electricity complemented by the high rate of urbanization is expected to drive the growth of the power industry in the region. The incorporation of IoT in upcoming and existing industries to increase productivity and efficiency is expected to increase the adoption of OI solutions in the region during the forecast period.
Industrial operational intelligence solutions market in APAC
The industrial operational intelligence solutions market in APAC occupies the least share, but it is expected to grow at a faster pace than the Americas and EMEA. During the forecast period, the APAC market is expected to feature a growth in the automotive, power, and food and beverages industries.
The automotive industry in APAC is currently experiencing a change in customer preference in China. One of the largest markets for the automotive industry, China is experiencing a growing demand for electric automobiles. This demand is propelled by the advantages of electric vehicles and the increasing awareness about environmental pollution.
The top vendors in the global industrial operational intelligence solutions market highlighted in the report are:
- Dassault Systèmes
- Rockwell Automation
- Siemens
- Splunk
- Vitria
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