IMARC Group's report titled "Manufacturing Analytics Market Report by Component (Software, Services), Deployment Model (Cloud-based, On-premises), Application (Predictive Maintenance, Inventory Management, Supply Chain Optimization, and Others), Industry Vertical (Semiconductor and Electronics, Energy and Power, Pharmaceutical, Automobile, Heavy Metal and Machine Manufacturing, and Others), and Region 2024-2032", The global manufacturing analytics market size reached US$ 12.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 60.5 Billion by 2032, exhibiting a growth rate (CAGR) of 18.2% during 2024-2032.
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Factors Affecting the Growth of the Manufacturing Analytics Industry:
- Rising Focus on Data Integration:
The rising focus on data integration and connectivity is impelling the growth of the market. In line with this, data is generated from a multitude of sources, including sensors, machines, and production lines. Furthermore, manufacturers are recognizing the value of harnessing this data for actionable insights. Analytics solutions enable the seamless integration of data from these diverse sources, providing a comprehensive view of operations. Besides this, manufacturers are investing in analytics platforms that can ingest, process, and analyze this data in real-time.
- Adoption of Industry 4.0:
The increasing adoption of Industry 4.0 principles is contributing to the growth of the market. In line with this, Industry 4.0 encompasses the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), and automation, all of which generate huge amounts of data. In line with this, manufacturers are adopting Industry 4.0 to create smart factories where data-driven insights drive operational efficiency. Analytics plays a pivotal role in processing and interpreting the data generated by connected devices and systems. Additionally, analytics help in monitoring and optimizing complex production processes in real-time, resulting in improved quality control and resource utilization.
- Increasing Demand for Predictive Maintenance:
The growing demand for predictive maintenance analytics to maximize asset utilization and minimize operational disruptions is offering a positive market outlook. Manufacturers are increasingly becoming aware that unplanned equipment downtime can lead to financial losses. Moreover, predictive maintenance leverages analytics to monitor equipment conditions and predict when maintenance is required. Apart from this, manufacturers are deploying sensors and IoT devices on machinery to collect data on factors like temperature, vibration, and performance. Analytics algorithms then analyze this data to detect early signs of equipment wear or potential failures.
Leading Companies Operating in the Global Manufacturing Analytics Industry:
- Alteryx Inc.,
- General Electric
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Sisense Inc.
- Tableau Software LLC (Salesforce.com Inc.)
- TIBCO Software Inc.
- Wipro Limited and Zensar Technologies Ltd.
Manufacturing Analytics Market Report Segmentation:
By Component:
- Software
- Services
Software represented the largest segment as it optimizes operations and enhances product quality.
By Deployment Model:
- Cloud-based
- On-premises
On-premises accounted for the largest market share, which can be attributed to the rising focus on data security.
By Application:
- Predictive Maintenance
- Inventory Management
- Supply Chain Optimization
- Others
Predictive maintenance holds the biggest market share due to the increasing need to reduce unplanned downtime, extend equipment lifespan, and optimize maintenance costs.
By Industry Vertical:
- Semiconductor and Electronics
- Energy and Power
- Pharmaceutical
- Automobile
- Heavy Metal and Machine Manufacturing
- Others
The automobile exhibits a clear dominance in the market on account of the rising demand for enhanced production efficiency, quality control, and supply chain optimization.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the manufacturing analytics market, which can be accredited to the presence of advanced technological infrastructure with numerous manufacturing facilities.
Global Manufacturing Analytics Market Trends:
Manufacturers are increasingly focusing on improving the quality of their products to meet the needs of individuals and maintain regulatory requirements. In addition, manufacturing analytics helps in identifying and addressing quality issues in real-time, reducing defects, and ensuring consistency in production. Besides this, the rising focus on product quality is bolstering the growth of the market.
Manufacturers are leveraging analytics to optimize their supply chain operations, ranging from demand forecasting to inventory management and logistics. Efficient supply chain management reduces costs and enhances overall operational resilience.
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