The world is being overrun by devices connecting people to people, people to objects and objects to objects. These include computer devices, mobile devices and industrial/consumer devices.
Advances in technology and in means of communication has enabled interoperability and therefore, device interconnectivity has moved from one-to-one connectivity (with similar devices) to a network of connections across devices of all kinds. This interconnectivity has resulted in generation of, access to and analysis of new kinds of data – such a method of deriving meaningful insights by processing information provided by physical machines is known as engineering analytics – an area of business that is expected to grow rapidly helping firms design better products with improved performance efficiencies.
NASSCOM, in association with Zinnov, would be releasing a report on this topic – Engineering analytics: Mining insights from machine data – at next week’s Engineering Summit 2013: Future of Engineering.
Engineering analytics is being primarily adopted by five verticals – energy, industrial, automotive, aerospace and healthcare. Currently, the worldwide OEMS, service providers and end customers are estimated to have spent ~USD 13 billion on engineering analytics products and services.
From the perspective of Indian service providers, a potential opportunity of USD 5.4 billion exists and this is forecast to grow ~3x to nearly USD 15 billion by 2017. Indian service providers has already begun to focus on this opportunity – developing remote home security and automation platforms, intelligent illumination systems for cars, predicting petro-physical properties at oil drilling locations, etc.
Service providers are expected to extend their impact on customers’ top-line and efficiencies through such enablement of engineering analytics – improved customer understanding, identifying new business opportunities, reduce time to market & maintenance costs, streamline supply chain and enhance asset utilisation. Globally, these benefits translate to about USD 247 billion in 2012 and a little over USD 500 billion by 2017.
To know more, please keep tuned into the Publications page of our website for details.