- The key vendors in the global engineering analytics services market 2015-2019 are HCL Technologies, Infosys Ltd., L&T TS, Tata Consultancy Services Ltd. (TCS), Tech Mahindra, and Wipro Ltd.
London, 14 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global engineering analytics services market 2015-2019. Big data service is a significant trend observed in this market. Enterprises generate meaningful data out of structured and unstructured data, which aids them in taking strategic decisions in industries such as aerospace and automotive. As a result of the growing big data market in core industries, there is tremendous growth potential in engineering analytics, which in turn propels the growth of the engineering analytics services market. This market is expected to grow at a CAGR of 20% during the forecast period of 2014-2019.
Increased spending on engineering analytics services by the prominent enterprises is a major factor that promotes growth in this market. The data generated by companies can be used for predictive analysis, which will help operators to anticipate component failures and will also significantly reduce the machine downtime. In the aerospace sector, aircraft predictive maintenance systems significantly reduce aircraft ground time and maintenance.
“Advances in sensor technologies and rising benefits from their use are increasing the adoption of sensors in industries. Furthermore, the emergence of several cheap variants of sensors has led to rising adoption, increasing the amount of sensor data generated,” says Faisal Ghaus, Vice President of Technavio Research.
“As analysis of these data plays a critical role in achieving several business goals, there is an increased need for engineering analytics in industries. But due to lack of data technology knowledge among the industrial verticals, there is increased demand for analytics services.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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