The manufacturing analytics market is increasing rapidly attributed to the transformation from the traditional business intelligence (BI) techniques to advanced analytics techniques and growth of structured and unstructured manufacturing data. Some of the factors driving the demand for global manufacturing analytics market are the increasing need for process optimization, self-service access to centrally managed data, increased business agility and scalability, adoption of advanced data-management strategies across varied manufacturing applications, and emergence of industrial internet of things (IIOT).
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Organizations are increasingly deploying manufacturing analytics solution on cloud technology to improve product design and development. The demand for on-demand or cloud-based manufacturing analytics solutions is increasing due to time efficient and cost effective features. The manufacturing analytics market growth is expected to be high in business enterprises where low cost solutions are required. However, the factors restraining the growth of the market are complex system structure, problem in integration with legacy system and lower return on investment.
Manufacturing analytics are used for gathering data from local or geographically distributed sources and from differing data streams. The data collected by manufacturing analytics can be organized and structured to enable a meaningful analysis. The results displayed enable both understanding and meaningful analysis. The use of application program interface (APIs) makes modeled data available to the end users for additional analysis. Manufacturing analytics helps in utilizing the existing production data by integrating and visualizing the data to further analyze it by using suitable data mining methods.
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Geographically, North America is expected to be the largest manufacturing analytics market during the forecast period, followed by Europe. The growth of manufacturing analytics market in this region is owing to the high focus on innovations through research and development and technology upgrading such as big data and cloud services across various manufacturing industries. The market is expected to witness the fastest growth in Asia-Pacific during the forecast period.
Some of the key players of global manufacturing analytics market are Tableau Software Inc., Tibco Software Inc., Oracle Corp., IBM Corp., SAP SE, Zensar Technologies Ltd., 1010 Data Inc., Alteryx Inc., and StatSoft Inc.
Global Manufacturing Analytics Market Segmentation
- Professional Services
- Managed Services
- Asset Management
- Inventory Management
- Supply Chain Planning & Procurement
- Energy Management
- Emergency Management
By Deployment Model
By Industry Vertical
- Automotive & Aerospace Manufacturing
- Electronics Equipment Manufacturing
- Food & Beverages Manufacturing
- Chemicals & Materials Manufacturing
- Machinery & Industrial Equipment Manufacturing
- Pharma and Life Sciences
- Paper, Pulp, Plastic and Rubber Manufacturing
- North America
- Rest of the World
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