Frost & Sullivan finds need for real-time monitoring and preventive maintenance is spurring industries to employ big data analytics
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.
Recent analysis from Frost & Sullivan, Global Big Data Analytics Market for Test and Measurement, 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.
“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.”