Market Overview
The global manufacturing analytics market is projected to reach USD 29.41 billion by 2030, with a compound annual growth rate (CAGR) of 17.16% during the forecast period (2020–2030). This growth is mainly driven by the increasing need for real-time data analysis in the manufacturing sector. Additionally, the emergence of Industry 4.0 and the increasing focus on predictive maintenance are further contributing to the growth of the market.
Key Companies
The major players in the manufacturing analytics market are IBM Corporation (US), Microsoft Corporation (US), SAS Institute (US), Oracle Corporation (US), SAP SE (Germany), Tableau Software (US), TIBCO Software (US), Alteryx (US), and Qlik (US). These companies are focusing on strategic collaborations, acquisitions, and new product launches to stay competitive in the market.
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Market Opportunities
The increasing demand for cloud-based analytics solutions is offering immense growth opportunities in the market. Furthermore, the rise in the number of industrial automation solutions is expected to accelerate the adoption of manufacturing analytics solutions in the coming years. Additionally, the increasing demand for advanced analytics in the automotive industry is providing a major growth opportunity for the market.
Market Segmentation
The manufacturing analytics market is segmented on the basis of deployment, application, enterprise size, and region.
By deployment, the market is divided into cloud and on-premise. The cloud-based solutions are expected to witness a higher demand due to their flexibility and scalability.
By application, the market is categorized into quality control, predictive maintenance, supply chain analytics, product analytics, and others. The quality control segment is expected to witness the highest CAGR during the forecast period.
By enterprise size, the market is divided into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment is expected to hold the largest market share in the coming years.
Industry Latest News
The manufacturing analytics market is witnessing rapid technological advancements. For instance, in May 2021, GE Digital, a subsidiary of General Electric, announced the launch of its industrial analytics platform, Predix Edge, to help manufacturers optimize their operations and improve data security.
Regional Insights
The manufacturing analytics market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
North America is expected to dominate the market due to the presence of major players and the early adoption of advanced technologies. Additionally, the increasing demand for predictive maintenance solutions is further contributing to the region’s growth.
Asia-Pacific is anticipated to witness a significant growth due to the increasing investments in the industrial sector. The increasing focus on automation and the rising demand for cloud-based analytics solutions are further contributing to the growth of the market in the region.
The manufacturing analytics market is highly competitive with the presence of several large and small players. The key players are focusing on strategic partnerships and collaborations to gain a competitive edge in the market.
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