Manufacturing Analytics Market Overview:
The manufacturing analytics market is projected to grow at a CAGR of 17.16% during the forecast period (2020-2030). The increasing adoption of advanced manufacturing technologies such as the industrial internet of things (IIoT), big data, and artificial intelligence (AI) is driving the growth of the market. These technologies are helping manufacturers to collect and analyze large amounts of data from their operations, which can be used to improve efficiency, productivity, and profitability.
Key Companies in the Manufacturing Analytics Market:
Some of the key players in the manufacturing analytics industry include:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- SAS Institute Inc.
- PTC Inc.
- ABB Ltd.
- General Electric Company
- Honeywell International Inc.
- Dassault Systèmes SE
- Siemens AG
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Market Segmentation:
The manufacturing analytics market is segmented by deployment, application, end-user industry, and region.
By deployment, the market is segmented into cloud-based and on-premise. The cloud-based segment is expected to grow at a faster rate during the forecast period due to the increasing adoption of cloud computing services by businesses.
By application, the market is segmented into inventory management, supply chain optimization, predictive maintenance, quality control, and others. The predictive maintenance segment is expected to grow at the highest rate during the forecast period due to the increasing need to reduce unplanned downtime and improve asset performance.
By end-user industry, the market is segmented into automotive, aerospace & defense, consumer goods, food & beverage, healthcare, and others. The automotive segment is expected to be the largest market during the forecast period due to the increasing demand for connected and autonomous vehicles.
Top Impacting Factors
The following are the top impacting factors of the manufacturing analytics market:
- Increasing adoption of advanced manufacturing technologies
- Rising demand for real-time data analytics
- Growing need to improve operational efficiency and productivity
- Increasing regulatory compliance requirements
- Rising need to reduce costs
Regional Insights
The Asia Pacific region is expected to be the fastest-growing market for manufacturing analytics during the forecast period. This is due to the increasing adoption of advanced manufacturing technologies in the region, coupled with the growing demand for high-quality products from consumers.
North America is expected to be the second-largest market for manufacturing analytics during the forecast period. This is due to the presence of a large number of manufacturing companies in the region, as well as the increasing demand for real-time data analytics.
Industry Latest News
- In June 2023, IBM announced the launch of its new manufacturing analytics platform, which is designed to help manufacturers improve their operational efficiency and productivity.
- In May 2023, Microsoft announced a partnership with Siemens to develop a new manufacturing analytics solution that will help manufacturers to improve their product quality and reduce their costs.
- In April 2023, SAP announced the acquisition of HANASIGHT, a provider of manufacturing analytics solutions.
