Frost & Sullivan finds need for real-time monitoring and preventive maintenance is spurring industries to employ big data analytics
MOUNTAIN VIEW, California, Oct. 29, 2015 /PRNewswire/ -- Big data analytics is garnering enormous attention in test and measurement applications. Industries in the space are beginning to view analytical systems as a strategic tool to improve efficiency. Although only approximately five percent of total test data is currently used, this trend is changing as companies recognize the significance of tapping into the vast sea of available information to gain actionable insights.
(Photo - http://photos.prnewswire.com/prnh/20151028/281453)
Recent analysis from Frost & Sullivan, Global Big Data Analytics Market for Test and Measurement (http://frost.com/nf7d), projects market revenues to grow from $421.0 million in 2014 to $2,401.7 million in 2021 at a compound annual growth rate of 28.24 percent.
For complimentary access to more information on this research, please visit: http://bit.ly/1NkuODE
"Research and development, risk management and asset management are the key applications in test and measurement where big data analytics is gaining traction," said Frost & Sullivan Manufacturing 4.0 Research Analyst Apoorva Ravikrishnan. "Real-time monitoring and preventive maintenance too are racing to the top of investment priorities across industries."
Automotive original equipment manufacturers (OEMs) are looking to utilize big data analytics to optimize products in the production line and keep track of maintenance and repair requirements. The aerospace industry is employing big data analytics for component manufacturing, preventive maintenance services and real-time structural health monitoring.
Despite this expanding scope, high initial costs will slow down the large-scale adoption of big data analytics to a certain extent. A number of firms prefer to stick to in-house systems managed by their IT department rather than invest in advanced big data solutions for test and measurement. Moreover, several OEMs remain skeptical on the reliability of data analytics.
"Transitioning from rigid analog systems to digitized, smart and automated technologies will be the need of the hour for big data analytic vendors striving to strengthen test and measurement capabilities," advised Ravikrishnan. "Further, acquiring industry-specific expertise will differentiate analytic providers from the competition and quicken their rise to the top of the global big data analytics market for test and measurement."
Global Big Data Analytics Market for Test and Measurement is a Market Insight that is part of the Test & Measurement (http://ww2.frost.com/index.php/research/industry/measurement-instrumentation/) Growth Partnership Service program. The Insight defines big data analytics for test and measurement, outlines its impact from both a quantitative and qualitative perspective, and offers futuristic predictions on trends. The study analyzes the relevant developments within big data analytics and identifies the key industries that embrace big data analytics for test and measurement. It also includes a macro-to-micro analysis of the unmet needs and inherent business opportunities for big data analytics in test and measurement.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Join Us: Join our community
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Global Big Data Analytics Market for Test and Measurement
Corporate Communications – North America
P: +1 (210) 247.2481
F: +1 (210) 348.1003