According to the latest report by IMARC Group, titled "Manufacturing Predictive Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global manufacturing predictive analytics market reached a value of US$ 926.8 Million in 2021. Manufacturing predictive analytics is a technique that uses statistical tools to predict future events by using past and present data. It is considered to be an essential component in advancing the manufacturing industry to the next level by transforming the sector toward a digital revolution. Since the manufacturing industry is exhaustive, there are several data points where the information is gathered for future analysis, wherein manufacturing predictive analytics is commonly used to detect future problems. Predictive analytics is one of the most crucial technologies in advanced manufacturing as the manufacturers are expected to benefit from analyzing data to improve their production processes.
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Global Manufacturing Predictive Analytics Market Trends:
The global market is majorly driven by rapid digitalization across multiple sectors. In line with this, the increasing deployment of sensing systems and advanced digital technologies, such as the IoT, AI, and big data, is positively influencing the market. Furthermore, the emergence of industry 4.0 and the rising focus on streamlining operations in the production plant are catalyzing the market. Apart from this, the growing adoption of smart factory initiatives as a recent substantive innovation with hi-tech advancements in the manufacturing industry is creating a positive outlook for the market. Moreover, numerous major players are developing innovative analytics solutions to gain potential limitations in the transformation process, thus propelling the market. Besides this, a significant shift of the manufacturing industry toward smart facilities, which include smart devices, such as robotic arms, is strengthening the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2915.8 Million by 2027, exhibiting a CAGR of 21.2% during 2022-2027.
- On the basis of the component, the market has been bifurcated into software and services.
- Based on the deployment model, the market has been categorized into cloud-based and on-premises.
- On the basis of the application, the market has been classified into demand forecasting, machinery inspection and maintenance, product development, supply chain management, and others.
- On the basis of the end use industry, the market has been segmented into semiconductor and electronics, energy and power, pharmaceutical, automobile, heavy metal and machine manufacturing, and others.
- On the basis of the region, the market has been divided 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 the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Alteryx Inc., BRIDGEi2i Analytics, Cisco Systems Inc., Civis Analytics, FICO, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, RapidMiner Inc., SAP SE, SAS Institute Inc. and TIBCO Software Inc.
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