Overview and Scope
Manufacturing analytics refer to a statistical tool that aids in the rule-based analysis of manufacturing data and information, allowing users to better understand the process and hence enhance business operations and product quality. Manufacturing analytics enables to spot an issue before it occurs, which could have an impact on the product, yield, or cost. Manufacturing analytics is used to improve process efficiency and centralize production monitoring.
Sizing and Forecast
The manufacturing analytics market size has grown exponentially in recent years. It will grow from $11.75 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to increased demand for operational efficiency and cost reduction, quality improvement initiatives, supply chain optimization, advancements in data processing and storage, emergence of cloud-based solutions, emphasis on real-time analytics..
The manufacturing analytics market size is expected to see exponential growth in the next few years. It will grow to $32.39 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to augmentation of robotics data through analytics, flexibility and scalability requirements in analytics solutions, enhanced cybersecurity measures for manufacturing data, energy efficiency optimization through analytics, advancements in data visualization and reporting tools.. Major trends in the forecast period include regulatory compliance and reporting, focus on employee training and data literacy, industry 4.0 and smart manufacturing, iot and sensor integration, predictive maintenance..
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Segmentation & Regional Insights
The manufacturing analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud, On Premise
3) By Application: Predictive Maintenance, Inventory Management, Supply Chain Optimization, Other Applications
4) By Industry Vertical: Semiconductor and Electronics, Energy and Power, Pharmaceutical, Automobile, Heavy Metal and Machine Manufacturing, Other Industry Verticals
North America was the largest region in the manufacturing analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the manufacturing analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in the need for process optimization is expected to propel the growth of the manufacturing analytics market going forward. Process optimization refers to reducing or eliminating time and resource wastage, unnecessary costs, bottlenecks, and mistakes while achieving the process objective. Process optimization in manufacturing analytics adds to various benefits such as providing faster response to issues at the machine level, and improved maintenance and so leading to its growth and increasing the need for this technique. For instance, according to a study by Bain & Company, a US based management consulting firm, 21% of companies save 10% or more using business process optimization strategies. Therefore, an increase in the need for process optimization is driving the manufacturing analytics market growth.
Key Industry Players
Major companies operating in the manufacturing analytics market report are SAP SE, Oracle Corporation, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., International Business Machines Corporation, Alteryx Inc., Sisense Inc., Wipro Limited, Bridgei2i Analytics Solutions, Cisco Systems Inc., FICO, Domo Inc., Neubrain Solutions Private Limited, Aegis Software, MachineMetrics Inc., Lantek, General Electric Company, Dell Technologies Inc., Computer Science Corporation, Zensar Technologies Ltd, Northwest Analytics Inc., DXC Technology Company, QlikTech Inc., Microsoft Corporation, Emergen Research, Siemens AG, Hitachi Ltd, Rockwell Automation Inc., Honeywell International Inc., Schneider Electric SE, PTC Inc., Sight Machine Inc., InfinityQS International Inc., Intelligent Quality Management Software, Epicor Software Corporation
The manufacturing analytics market report table of contents includes:
1. Executive Summary
2. Manufacturing Analytics Market Characteristics
3. Manufacturing Analytics Market Trends And Strategies
4. Manufacturing Analytics Market – Macro Economic Scenario
5. Global Manufacturing Analytics Market Size and Growth
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31. Global Manufacturing Analytics Market Competitive Benchmarking
32. Global Manufacturing Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Manufacturing Analytics Market
34. Manufacturing Analytics Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
SAP SE
Oracle Corporation
Tableau Software Inc
TIBCO Software Inc
International Business Machines Corporation
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