Manufacturing Analytics Market Analysis, Drivers, Opportunities, Trends, Applications, And Growth Forecast To 2027
Manufacturing Analytics Market Scenario:
The global manufacturing analytics market is driven by industrial internet of things (IIoT), business scalability, adoption of data management, and access to centralized stored data. The wide scale adoption of analytics software for improving quality of goods and catering to customer satisfaction levels can drive the market demand. Initiatives for encouraging growth in developing and developed countries by increasing ease of business levels, access to loans, and targets for controlling emission rates can bode well for the market.
The demand for cloud-based manufacturing analytics market, considering their time-efficient features and affordability, has risen exponentially across enterprises that are in constant need for low cost solutions. The need for manufacturing analytics solutions has shot up in the food and beverages industry, as a result of rising expectations for better quality as well as quantity of products at minimum expense. This is viewed as an attractive opportunity for the renowned players in the manufacturing analytics industry.
Manufacturing analytics is software deemed to improve production process and gain insights on production chain of industries. It brings in predictive analytics, industrial internet of things, and big data for collecting data from machines and identifying areas for improvement. The global manufacturing analytics market is expected to register a significant growth rate over the forecast period (2017-2027), according to the latest report by Market Research Future (MRFR). MRFR covers queries on all major industries and provides estimations on growth in niche segments. Analysts at MRFR are capable of acquiring information through primary and secondary research methods and compiling reports in a steadfast manner.
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Segmentation:
· For enhanced understanding, the global manufacturing analytics market has been segregated into 6 categories, namely component, deployment, application and vertical.
· The market segmentation with respect to component comprises services as well as software.
· Deployment-wise segments covered in the market study are on demand and on premise.
· Application areas of manufacturing analytics include Inventory Management, Predictive Maintenance & Asset Management, Emergency Management, Energy Management, Supply Chain Planning & Procurement, Sales & Customer Management and others.
· Verticals extensively deploying manufacturing analytics solutions and services include food & beverages, pharmaceuticals & life sciences, chemicals, automotive, aerospace, industrial, electronics, and more.
Competitive Outlook:
Tableau Software, Zensar Technologies Ltd., Alteryx, Inc., IBM, Computer Science Corporation (CSC), SAP SE, 1010data, Inc., Statsoft, Inc., SAS Institute, Inc., and Oracle Corporation are prominent players of the global manufacturing analytics market.
Regional Analysis:
North America can remain the most lucrative market in the following years, with the U.S and Canada expected to be the top-performing countries. The manufacturing analytics market in the region is thriving on the back of a huge number of renowned companies like Tableau Software, SAS Institute, Oracle Corporation, Tibco Software, Computer Science Corporation, Dell Statsoft and IBM Corporatio, to name a few. The U.S. market is observing noteworthy growth, thanks to the escalating demand for process optimization across enterprises. However, since the region is manufacturing-driven, the impact of SARS-CoV-2 has been quite significant on all the industries. For example, automobile giants like Ford, Fiat Chrysler and General Motors had to shut down their manufacturing plants to contain the spread of the pandemic.
With the fastest expansion rate, the APAC market can possibly benefit from the high uptake of Industrial IoT or IIoT, mounting need for process optimization, and growing investments in big data for manufacturing. Moreover, post COVID-19 outbreak, more and more enterprises have collaborated with specialists and professional service providers to achieve technical benefits as well as analytics capabilities that can help them build optimum operational framework. These kinds of collaborations and similar strategies can bolster the manufacturing analytics market in the region.
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