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)

About Us:

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.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Manufacturing Predictive Analytics Market to Reach US$ 6,055.6 Million by 2032, Driven by the Rapid Technological Advancement

Purchase options

Single User License ~~$3899~~ $2999
Five User License ~~$4899~~ $3999
Corporate User License ~~$5899~~ $4999

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.