Information and Communication Technology Manufacturing Analytics Market is projected to grow up to 17.5% CAGR during the forecastin...

Manufacturing Analytics Market is projected to grow up to 17.5% CAGR during the forecasting period 2021-2027.

Manufacturing analytics is a statistical tool used in rule-based analysis of manufacturing data and information and helps the users to properly understand the process to enhance business processes and production quality. It also assists in improvements, identification and reinforcement of the ideal practices. Manufacturing analytics provides access to identify the issue before it occurs which could impact the product, yield or cost.

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Key Driving Factors: Rising adoption of Industrial IoT (IIoT)

Due to adoption of industrial IoT in smart manufacturing, more data will be produced from actively connected equipment systems and to perceive crucial & valuable actionable insights from that data the demand for manufacturing analytics solutions is constantly increasing. Furthermore, the manufacturing predictive analytics is used for machine health monitoring and to avoid catastrophic failures in machineries.

The key competitors operating in the market are SAP SE, SAS Institute Inc., Oracle Corp., TIBCO Software Inc., IBM Corp., Alteryx, Inc., Sisense, Inc., Tableau Software Inc., Wipro Limited and General Electric Company.

Driver: Growth in investment on big data for manufacturing

Manufacturers are substantially investing on big data technologies due to the emergence of Industry 4.0. The increase in digitization of manufacturing value chains is majorly fostering the requirement to adopt big data technologies. The enormous amount of data produced from the connected equipment in manufacturing processes is required to be systematically stored, operated and extricated which is driving the growth of the manufacturing analytics market. 

By Industry Vertical

On the basis of industry vertical, the semiconductors and electronics segment holds the maximum share of the manufacturing analytics market. The growth is driven by the increasing need of people to make easier workload and their increasing reliance on electronic equipment. 

The Manufacturing Analytics Market report has been categorized as below

By Component

  • Software 
  • Services

By Deployment

  • Cloud
  • On-premise

By Application

  • Predictive Maintenance
  • Inventory Management
  • Supply Chain Optimization
  • Others

By Industry Vertical

  • Semiconductor & Electronics
  • Energy & Power
  • Pharmaceutical
  • Automobile
  • Heavy Metal & Machine Manufacturing
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : June-2021