Zinnov has announced the findings of its latest “Engineering Analytics Report 2013”. Across the globe, the use of Engineering Analytics has aided verticals such as the automotive, aerospace, healthcare, energy and industrial verticals and has transformed the way their businesses operate, contributing to increased revenue and efficiency.
The report revealed that Engineering Analytics (EA) represents a large opportunity for Original Equipment Manufacturers, Tier suppliers and Service Providers. As the adoption rate increases exponentially over the next 5 to 10 years the market is expected to grow at a similar fast pace.
Product engineering service related activities within system development forms the largest part of the addressable market. Growth will be driven predominantly due to increased spending by OEMs and Tier-I suppliers as well as increased adoption by end customers.
Sidhant Rastogi, Director, Zinnov Management Consulting said, The potential application of engineering analytics is almost boundless and will expand even further as technology evolves. Further, technology advancements such as in-memory computing, cloud, big-data, increased sensor adoption and improved bandwidth are important drivers. As organizations become aware of the benefits of engineering analytics –improved customer understanding, identifying new opportunities, reduced time-to-market and efficiency, service providers now have a great opportunity to move up the value chain of engagement with their customers.
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Nearly 55 percent of the overall EA spending by OEMs, suppliers and end customers is addressable by service providers. Furthermore, the report reveals that the EA spend is projected to rise to USD 27 billion by the year 2017.
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