The manufacturing analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Manufacturing Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Manufacturing Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Manufacturing Analytics Market Overview
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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
Table Of Contents
1. Executive Summary
2. Manufacturing Analytics Market Report Structure
3. Manufacturing Analytics Market Trends And Strategies
4. Manufacturing Analytics Market – Macro Economic Scenario
5. Manufacturing Analytics Market Size And Growth
…..
27. Manufacturing Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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