Dear friends and colleagues,
We're pleased to share our latest report, Industrial Data Enablement: Building the Data Foundations for Industrial AI Analytics.
Industrial operations generate huge volumes of data, but most of it sits trapped in siloed historians, legacy MES, and disconnected edge systems. As operators turn to AI to optimize operations on the factory floor, clean, machine-ready data has become the bottleneck in this transformation. This report covers the technology layer that connects, ingests, normalizes, and contextualizes industrial data as the foundation for AI transformation. This expansive market is roughly $105B today and expected to grow rapidly to $213B by 2030, a 15%+ CAGR.
At its core, industrial fragmentation is driving the spend. Aging, disconnected systems limit visibility and AI readiness, so operators are building dedicated enablement layers onsite and at the network edge. The shift is accelerating: 67% of enterprises expect to deploy edge AI by 2029, up from just 10% in 2025. OT/IT convergence adds to the pull, as operators swap fragmented point solutions for unified platforms that link the shop floor to enterprise IT. Across the stack, the most nascent opportunity is Data Harmonization and Contextualization, which maps raw signals to industrial assets; it's an early category with no clear leader. Digital twins and real-time edge analytics are also seeing considerable growth and interest, and both require a live, reliable data foundation. As industrial systems get more connected, security and data governance are also top of mind for operators. Ultimately, the operators who win with AI on the floor will be the ones that build a reliable, scalable, and secure data foundation.
Strategics are moving fast to own the data enablement layer. Schneider Electric bought Cognite, which turns operational data into a contextualized model for AI, for $3.1B (18x revenue). TPG acquired Kepware and ThingWorx, which provide the connectivity and edge-ingestion tools that feed industrial data upstream. Schneider's earlier ~$11.6B purchase of AVEVA brought in the historian and digital-twin platform that anchors many plant data architectures. Across the notable industrial software and AI deals tracked in the report, the median is landing near 13x revenue, well above the broader technology market.
Minority financings are also flowing across the industrial data stack. At the connectivity layer, Insight backed Litmus, an edge platform that delivers the OT data connectivity industrial AI depends on. One layer up, Augury raised $75M for machine-health analytics that turn live sensor data into predictive insight. Across the report's broader financing set, the median also runs hot near 12x revenue.
At AGC, we're deeply active across industrial technology and data infrastructure, and close to the strategics and investors shaping where this market is headed. We hope you enjoy the full report and welcome any questions, feedback, or discussion.
© In the U.S., America’s Growth Capital, LLC dba AGC Partners, member FINRA/SIPC. In Europe, America’s Growth Capital Europe, LLP (Appointed Representative Alternatives St. James, LLP which is authorized and regulated by the Financial Conduct Authority). America’s Growth Capital Europe, LLP is a Limited Liability Partnership incorporated in England and Wales (OC368580). Its registered address is 6th Floor, 9 Appold Street, London EC2A 2AP. The testimonials contained herein may not be representative of the experience of other customers or clients. Testimonials are no guarantee of future performance or success. Deals marked with an “*” are non-AGC deals.
