The power of Industrial Analytics is increasing dramatically, driven by advancements in Industrial IoT, Big Data and Machine Learning. Industrial Analytics is rapidly moving from a support function focused on costs to a strategic capability impacting revenue and determining future competitiveness across a wide range of industries including Energy, Transportation, Infrastructure, HVACR and Manufacturing. In this piece, we focus on Manufacturing Analytics with value coming primarily from Process Optimization and Predictive Maintenance. Industrial and Software titans are competing for control of this market, which is currently driven by innovative startups combining deep manufacturing knowledge and cutting-edge software capabilities. This report takes a closer look into the market as well as companies in the ecosystem, M&A and private placement activity.