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- Global Manufacturing Predictive Analytics Market
Global Manufacturing Predictive Analytics Market to Reach US$ 6,055.6 Million by 2032, Driven by the Rapid Technological Advancement
July 24, 2023
| Technology & Media
According to the latest report by IMARC Group, titled “Manufacturing Predictive Analytics Market Report by Component (Software, Services), Deployment Model (Cloud-based, On-premises), Application (Demand Forecasting, Machinery Inspection and Maintenance, Product Development, Supply Chain Management, and Others), End Use Industry (Semiconductor and Electronics, Energy and Power, Pharmaceutical, Automobile, Heavy Metal and Machine Manufacturing, and Others), and Region 2024-2032,” the global manufacturing predictive analytics market size reached US$ 1,370.3 Million in 2023. Manufacturing predictive analytics refers to the use of advanced analytical techniques and models to analyze historical and real-time manufacturing data to predict future outcomes, identify patterns, and make data-driven decisions in the manufacturing industry. It involves collecting and analyzing large volumes of data from various sources, such as sensors, machines, production lines, and quality control systems. The goal of manufacturing predictive analytics is to improve operational efficiency, reduce downtime, optimize maintenance schedules, enhance product quality, and increase overall productivity. By leveraging statistical modeling, machine learning algorithms, and data mining techniques, predictive analytics can uncover insights and patterns that help manufacturers anticipate and prevent equipment failures, identify production bottlenecks, optimize inventory management, and optimize supply chain processes. Manufacturing predictive analytics can enable proactive decision-making by providing real-time insights and predictive alerts. By accurately forecasting demand, manufacturers can optimize production schedules, minimize waste, and ensure on-time delivery.
Global Manufacturing Predictive Analytics Market Trends:
The rapid advancement of technology represents one of the key factors driving the growth of the global manufacturing predictive analytics market. This, coupled with innovations in data analytics, machine learning (ML), and artificial intelligence (AI) are making it easier to process and analyze large volumes of manufacturing data efficiently, which is acting as a major growth-inducing factor. The availability of powerful computing resources and cloud-based analytics platforms is also facilitating the implementation of predictive analytics solutions in manufacturing environments, which is contributing to the growth of the market. The market is also driven by the increasing volume and complexity of manufacturing data. With the rise of the Industrial Internet of Things (IIoT) and smart manufacturing, manufacturers now are accessing vast amounts of data from sensors, machines, production lines, and supply chain systems. Apart from this, predictive analytics help extract valuable insights from this data and enable manufacturers to make informed decisions regarding production optimization, quality control, and predictive maintenance. Moreover, operational efficiency and cost reduction are crucial factors driving the adoption of manufacturing predictive analytics. Manufacturers are under constant pressure to improve productivity, reduce downtime, minimize waste, and optimize their processes. Predictive analytics enables them to identify inefficiencies, anticipate maintenance needs, optimize inventory levels, and streamline production schedules, leading to cost savings and improved operational performance. The growing awareness among manufacturers of the benefits that predictive analytics provide. Industry leaders are recognizing the potential for predictive analytics to drive competitive advantage by enabling predictive maintenance, quality improvement, demand forecasting, and supply chain optimization which is facilitating the growth of the market. More manufacturers are becoming interested in adopting predictive analytics solutions to stay ahead in a highly competitive market due to emerging success stories and case studies, which are creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach US$ 6,055.6 Million by 2032, expanding at a CAGR of 17.1% during 2024-2032.
Market Summary:
- Based on components, the market has been classified into software and services. Currently, software holds the largest market share worldwide.
- On the basis of the deployment model, the market has been segmented into cloud-based and on-premises. Currently, on-premises is dominating the market across the globe.
- Based on application, the market has been segregated into demand forecasting, machinery inspection and maintenance, product development, supply chain management, and others.
- On the basis of the deployment model, 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 also been examined with some of the key players being 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.
Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Million |
| Segment Coverage | Component, Deployment Model, Application, End Use Industry, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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