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Manufacturing Analytics Market Growth 2024-2033 | Insights, Demand, Outlook
Manufacturing Analytics Market
The manufacturing analytics market size is expected to see exponential growth in the next few years. It will grow to $32.39 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to augmentation of robotics data through analytics, flexibility and scalability requirements in analytics solutions, enhanced cybersecurity measures for manufacturing data, energy efficiency optimization through analytics, advancements in data visualization and reporting tools.. Major trends in the forecast period include regulatory compliance and reporting, focus on employee training and data literacy, industry 4.0 and smart manufacturing, iot and sensor integration, predictive maintenance..
Market Overview -
Manufacturing analytics refer to a statistical tool that aids in the rule-based analysis of manufacturing data and information, allowing users to better understand the process and hence enhance business operations and product quality. Manufacturing analytics enables to spot an issue before it occurs, which could have an impact on the product, yield, or cost. Manufacturing analytics is used to improve process efficiency and centralize production monitoring.
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Increase In The Need For Process Optimization Driving Growth In The Manufacturing Analytics Market
An increase in the need for process optimization is expected to propel the growth of the manufacturing analytics market going forward. Process optimization refers to reducing or eliminating time and resource wastage, unnecessary costs, bottlenecks, and mistakes while achieving the process objective. Process optimization in manufacturing analytics adds to various benefits such as providing faster response to issues at the machine level, and improved maintenance and so leading to its growth and increasing the need for this technique. For instance, according to a study by Bain & Company, a US based management consulting firm, 21% of companies save 10% or more using business process optimization strategies. Therefore, an increase in the need for process optimization is driving the manufacturing analytics market growth.
Competitive Landscape -
Major companies operating in the manufacturing analytics market report are SAP SE, Oracle Corporation, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., International Business Machines Corporation, Alteryx Inc., Sisense Inc., Wipro Limited, Bridgei2i Analytics Solutions, Cisco Systems Inc., FICO, Domo Inc., Neubrain Solutions Private Limited, Aegis Software, MachineMetrics Inc., Lantek, General Electric Company, Dell Technologies Inc., Computer Science Corporation, Zensar Technologies Ltd, Northwest Analytics Inc., DXC Technology Company, QlikTech Inc., Microsoft Corporation, Emergen Research, Siemens AG, Hitachi Ltd, Rockwell Automation Inc., Honeywell International Inc., Schneider Electric SE, PTC Inc., Sight Machine Inc., InfinityQS International Inc., Intelligent Quality Management Software, Epicor Software Corporation
Innovation In Manufacturing Analytics Transforming The Industry With Advanced Solution
New product innovation is a key trend gaining popularity in the manufacturing analytics market. Major companies operating in the manufacturing analytics market are focused on developing technologically advanced software to strengthen their market position. For instance, in May 2022, Google Cloud Platform, offered by Google, a US-based technology company launched Manufacturing Data Engine and Manufacturing Connect that enable manufacturers to connect previously segregated assets, process and standardize data, and improve visibility from the factory floor to the cloud. The solutions enable three essential AI and analytics-based use cases-manufacturing analytics and insights, predictive maintenance, and machine-level anomaly detection-once data has been harmonized. Manufacturing Data Engine and Manufacturing Connect, both of which are now accessible, assist manufacturers in unifying their data and empowering their employees through simple analytics and AI solutions built on cloud infrastructure.
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Key Segments -
The manufacturing analytics market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: Cloud, On Premise
3) By Application: Predictive Maintenance, Inventory Management, Supply Chain Optimization, Other Applications
4) By Industry Vertical: Semiconductor and Electronics, Energy and Power, Pharmaceutical, Automobile, Heavy Metal and Machine Manufacturing, Other Industry Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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