According to Future Market Insights, the Engineering Analytics Market size in Europe reached USD 572.2 million in 2018. Demand for engineering analytics recorded Y-o-Y growth of 8.0% in 2022, and thus, the Global market is expected to reach USD 826.8 million in 2023.
Over the projection period 2023-2033, engineering analytics sales in the region are projected to exhibit 9.6% CAGR and total a market size of USD 2,074.2 million by 2033.
Engineering firms are recognizing the importance of data analytics in making sound decisions. The desire to optimize operations, increase efficiency, and cut costs has resulted in an increase in demand for engineering analytics systems that can deliver actionable insights from massive amounts of data.
Engineering analytics-enabled data-driven decision-making can result in significant cost reductions and efficiency advantages. Organizations can streamline their operations and save money by finding inefficiencies, optimizing procedures, and decreasing downtime.
Furthermore, predictive maintenance can help to avoid costly equipment breakdowns and optimize maintenance schedules, resulting in additional cost savings.
Other Drivers Propelling the Demand for Engineering Analytics include:
Challenges for Companies /Manufacturers in the Engineering Analytics Market:
Opportunities in the Engineering Analytics Industry:
Latest Trends in the Engineering Analytics Market:
| Attributes | Details |
|---|---|
| Engineering Analytics Market Size (2023) | USD 826.8 million |
| Engineering Analytics Market Projected Size (2033) | USD 2,074.2 million |
| Value CAGR (2023 to 2033) | 24.6% |
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From 2018 to 2022, the global engineering analytics market experienced a CAGR of 7.5%, reaching a market size of USD 826.8 million in 2023.
From 2018 to 2022, Demand for engineering analytics products and services has increased significantly across multiple industries. Companies recognized the value of using data analytics to optimize their engineering processes, increase efficiency, lower costs, and improve overall project outcomes.
Analytics tools, platforms, and services have seen growing market use to address specific engineering concerns and enable data-driven decision-making.
Looking ahead, the global engineering analytics industry is expected to rise at a CAGR of 9.6% from 2023 to 2033. During the forecast period, the market size is expected to reach USD 2,074.2 million.
Engineering projects are becoming more complicated, with bigger data quantities, elaborate systems, and interdependencies. Due to this complexity, there is an increasing demand for
engineering analytics to analyses, evaluate, and extract insights from the massive amounts of data created during the project lifetime.
The integration of data-driven processes and the deployment of digital technology are revolutionizing industries across the board. Engineering firms are rapidly recognizing the importance of harnessing analytics to optimize operations, increase productivity, and improve project outcomes.
The demand for engineering analytics is projected to expand as digital transformation initiatives gain traction.
Principal Consultant
| Country | The United States |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 313.2 million |
| CAGR % 2023 to End of Forecast (2033) | 7.4% |
The engineering analytics market in the United States is expected to reach a market share of 15.1% by 2033, expanding at a CAGR of 7.4%.
The integration of digital technologies into engineering processes allows for real-time monitoring, predictive analytics, and optimization, allowing organizations to proactively identify and address issues, minimize downtime, and optimize resource allocation.
This digital revolution not only enhances operational efficiency, but it also helps to reduce costs and improve overall project outcomes.
| Country | Germany |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 172.1 million |
| CAGR % 2023 to End of Forecast (2033) | 8.7% |
The engineering analytics market in the France is expected to reach a market share of 8.3%, expanding at a CAGR of 8.7% during the forecast period. The engineering analytics market in France is expected to surge due to its strong presence in industries like aerospace, automotive, energy, and construction, infrastructure investments, and growing emphasis on sustainability and environmental impact.
The French government and organizations are recognizing the value of digital transformation and data-driven approaches, driving the demand for engineering analytics solutions.
Advanced technologies like artificial intelligence, machine learning, and the Internet of Things provide a strong foundation for adoption, enhancing data analysis capabilities and improving operational efficiency and performance.
| Country | The United Kingdom |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 199.1 million |
| CAGR % 2023 to End of Forecast (2033) | 6.9% |
The engineering analytics industry in The United Kingdom is anticipated to reach a market share of 9.6%, moving at a CAGR of 6.9% during the forecast period. The United Kingdom government's support and investment in the engineering analytics market can significantly boost innovation, collaboration, investment, and regulatory compliance.
By funding research and development, creating innovation hubs, and facilitating collaboration, the government encourages the commercialization of cutting-edge analytics solutions. Additionally, government support helps businesses navigate regulatory challenges and build trust in engineering analytics solutions.
| Country | China |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 240.6 million |
| CAGR % 2023 to End of Forecast (2033) | 10.7% |
The engineering analytics market in China is estimated to reach a market share of 11.6% by 2033, thriving at a CAGR of 10.7%. Engineering analytics adoption in China is driving market growth, benefiting industries like manufacturing, automotive, energy, construction, and transportation.
This technology enhances decision-making, asset management, and project outcomes, while also supporting sustainable development and environmental initiatives. China's government's support for digital transformation and smart city initiatives further supports this adoption.
| Country | Japan |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 112.0 million |
| CAGR % 2023 to End of Forecast (2033) | 9.1% |
The engineering analytics market in Japan is expected to reach a market share of 5.4%, expanding at a CAGR of 9.1% during the forecast period. Japan's rapid adoption of advanced technologies, such as AI, ML, and IoT, is expected to drive the growth of the engineering analytics market.
These technologies enable data analysis, pattern recognition, and predictive modeling, while IoT collects real-time data from connected devices and sensors.
Japan's manufacturing sector, known for precision engineering, benefits from AI-powered analytics solutions, while transportation, energy, and construction sectors also benefit from AI-based analytics.
The Japanese government's initiatives promote digital transformation and data analytics, fostering an ecosystem conducive to implementing engineering analytics solutions across various sectors.
The data analytics platforms segment is expected to dominate the engineering analytics market with a market share of 45.7% in 2022.
Data analytics platforms in the software segment are crucial for analyzing and interpreting engineering data, offering functionalities like data integration, visualization, statistical analysis, predictive modeling, and machine learning.
They enable engineers to extract insights, uncover patterns, detect anomalies, and make informed decisions. The holistic ecosystem of solutions and technologies enables organizations to leverage data for insights and optimization in engineering processes.
The cloud-based deployment is expected to dominate the engineering analytics industry with a CAGR of 14.3% from 2023 to 2033. Cloud-based deployment is driving the engineering analytics market by offering numerous benefits. It eliminates the need for on-premises infrastructure, allowing greater flexibility, scalability, and accessibility.
This eliminates the need for hardware investments, reducing upfront costs and enabling better resource alignment.
Cloud-based deployment also provides enhanced accessibility and collaboration, enabling remote work and collaboration across locations.
Cloud platforms offer high-level data security, reliability, and scalable computing power, enabling efficient handling of large volumes of data and complex analytics tasks. Integration with complementary cloud services promotes end-to-end solutions, empowering businesses to harness engineering data and optimize processes for improved outcomes.
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The marketplace for engineering analytics is highly competitive, with multiple vendors fighting for market dominance. To stay ahead of the competition in such a circumstance, essential players must employ smart techniques.
Key Strategies Adopted by the Players
Product Innovation
Companies spending a lot of money on R&D to create new products that increase efficiency, dependability, and cost-effectiveness. Product innovation enables organizations to differentiate themselves from competitors while also meeting evolving client demands.
Strategic Partnerships and Collaborations
Engineering analytics firms frequently collaborating with the technology suppliers such as software vendors, hardware manufacturers, and cloud service providers. Through these collaborations, they are able to connect their analytics solutions with complementary technologies, leverage existing infrastructure, and improve the performance and scalability of their offerings.
Expansion into Emerging Markets
In growing economies like as China and India, the engineering analytics business is quickly increasing. To boost their presence in these locations, key companies are expanding their distribution networks and establishing local manufacturing plants.
Mergers and Acquisitions
Mergers and acquisitions are regularly utilized by significant players in the engineering analytics market to consolidate market position, expand product offerings, and gain access to new markets.
Key Players in the Engineering Analytics Industry
Key Developments in the Engineering Analytics Market:
The Engineering Analytics Market CAGR for 2033 is 24.6%.
The market is estimated to secure a valuation of USD 826.8 million in 2023.
The projected market value of the market for 2033 is USD 2,074.2 million.
Principal market participants in engineering analytics advance through R&D, alliances, and acquisitions to improve solutions.
ABB, Siemens, and Dassault Systèmes are the key companies in this market.
1. Executive Summary
2. Market Overview
3. Key Market Trends
4. Pricing Analysis
5. Global Market Demand (Value in USD Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033
6. Market Background
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Component
7.1. Software
7.1.1. Data Analytics Platforms
7.1.2. Predictive Modelling Tools
7.1.3. Visualization Software
7.2. Hardware
7.2.1. Servers
7.2.2. Storage devices
7.2.3. Networking equipment
7.3. Services
7.3.1. Consulting
7.3.2. Implementation
7.3.3. Support
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Deployment model
8.1. On-premises
8.2. Cloud-based
9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
9.1. Product Design And Development
9.2. Supply Chain Optimization
9.3. Quality Control
9.4. Predictive Maintenance
9.5. Energy Management
9.6. Risk Analysis
9.7. Asset Optimization
10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size
10.1. Small Offices / Enterprises
10.2. Medium-Sized Enterprises (MSEs)
10.3. Large Enterprises
10.4. Very Large Enterprises
11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry
11.1. Manufacturing
11.2. Automotive
11.3. Energy and Utilities
11.4. Healthcare
11.5. Telecommunications
12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
12.1. North America
12.2. Latin America
12.3. Western Europe
12.4. Eastern Europe
12.5. East Asia
12.6. South Asia Pacific
12.7. Middle East and Africa
13. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
14. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
15. Western Europe Crypto APIs Market Analysis 2018 to 2022 and Forecast 2023 to 2033
16. Eastern Europe Crypto APIs Market Analysis 2018 to 2022 and Forecast 2023 to 2033
17. South Asia & Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033
18. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
19. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
20. Key Countries Analysis- Market
21. Market Structure Analysis
22. Competition Analysis
22.1. IBM
22.2. SAS
22.3. Microsoft
22.4. Oracle
22.5. SAP
22.6. Amplified Analytics
22.7. ANSYS
22.8. Dassault Systems
22.9. Amazon Web Services
22.10. Altair Engineering
22.11. Siemens Digital Industries Software
23. Assumptions and Acronyms Used
24. Research Methodology
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Engineering Analytics Market
