According to the latest report by IMARC Group, titled “Manufacturing Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global manufacturing analytics market size reached US$ 10.6 Billion in 2022. Manufacturing analytics is a statistical tool that analyzes manufacturing data and information using rule-based methods to improve process efficiency, centralize production monitoring, offer real-time insights, and enhance customer service through the analysis of manufacturing data. By using manufacturing analytics software, various solutions can be developed which are smart, scalable, and can provide insight into processes and functions. These analytics use predictive analytics, big data analytics, operations data and event data, thus allowing users to better understand the process and make changes to business operations and quality. Consequently, various industries are adopting manufacturing analytics to gain a competitive edge due to its capability to provide contextual awareness and actionable insights in real time.
Global Manufacturing Analytics Market Trends:
The global market is majorly driven by the paradigm shift toward advanced analytics techniques from traditional business intelligence (BI) techniques. This can be attributed to the escalating demand for self-service access to centrally managed data for offering increased business agility and scalability. In line with this, the increasing adoption of on-demand or cloud-based manufacturing analytics solutions with an enhanced focus on product design and development is propelling the market. Moreover, the rapid utilization of these analytics in process optimization for faster responses to machine level and maintenance issues is also providing an impetus to the market. Continual technological developments in analytics software, along with the incorporation of the industrial internet of things (IIoT), artificial intelligence (AI) and radio frequency identification (RFID), are further impacting the market positively. Some of the other factors contributing to the market include a considerable rise in the volumes of structured and unstructured manufacturing data, rapid digitization, the emergence of Industry 4.0, the penetration of high-speed internet and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 33.1 Billion by 2028, exhibiting a CAGR of 20.8% during 2023-2028.
- Based on the component, the market has been segmented into software and services.
- On the basis of the deployment model, the market has been divided into cloud-based and on-premises.
- Based on the application, the market has been categorized into predictive maintenance, inventory management, supply chain optimization, and others.
- On the basis of the industry vertical, the market has been classified into semiconductor and electronics, energy and power, pharmaceutical, automobile, heavy metal and machine manufacturing, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Alteryx Inc., General Electric, International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Sisense Inc., Tableau Software LLC (Salesforce.com Inc.), TIBCO Software Inc., Wipro Limited, and Zensar Technologies Ltd.
|Base Year of the Analysis
||Component, Deployment Model, Application, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alteryx Inc., General Electric, International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Sisense Inc., Tableau Software LLC (Salesforce.com Inc.), TIBCO Software Inc., Wipro Limited and Zensar Technologies Ltd.
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