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Manufacturing Analytics Market Size, Share, Growth Drivers, Opportunities, Recent Trends, and Foreca

Author : Ashwini Atole | Published On : 06 Feb 2024

Manufacturing analytics market is experiencing significant growth, driven by the increasing need for manufacturers to optimize operations, improve efficiency, and gain insights from their data.

In 2023, the market was valued at US$6,645.7 million, and it is expected to reach US$19,550 million by 2030, registering a CAGR of 16.4% during the forecast period (2024-2030).

To Know more about this report (Description, TOC and List of Tables and Figures)?—?Manufacturing analytics market

This growth is being fueled by several factors, including:

  1. Rising adoption of Industry 4.0 technologies: The integration of Industrial Internet of Things (IIoT), cloud computing, and artificial intelligence (AI) is enabling manufacturers to collect and analyze vast amounts of data from their operations.
  2. Growing need for operational efficiency: In today's competitive landscape, manufacturers are constantly looking for ways to reduce costs and improve efficiency. Manufacturing analytics can help them identify areas for improvement and make data-driven decisions.
  3. Increasing focus on predictive maintenance: By analyzing sensor data from machines, manufacturers can predict potential failures and take preventive measures, thereby reducing downtime and maintenance costs.
  4. Demand for real-time insights: Manufacturers need real-time insights into their operations to make informed decisions. Manufacturing analytics solutions provide them with dashboards and reports that enable them to track key performance indicators (KPIs) and make adjustments as needed.

Key Players in the Manufacturing Analytics Market

The manufacturing analytics market is home to a diverse range of players, including:

  • Large technology companies: IBM, Microsoft, SAP, Siemens, PTC
  • Industrial automation companies: Rockwell Automation, Schneider Electric, ABB
  • Data analytics startups: Dataiku, Skytap, ThoughtSpot
  • Industry-specific solution providers: OSIsoft, Aspen Technology, GE Digital

Drivers and Opportunities in the Manufacturing Analytics Market

Several key drivers are propelling the growth of the manufacturing analytics market:

  • Adoption of cloud computing: Cloud-based manufacturing analytics solutions are becoming increasingly popular due to their scalability, affordability, and ease of deployment.
  • Advancements in artificial intelligence: AI-powered analytics solutions are providing manufacturers with deeper insights into their operations and enabling them to make more informed decisions.
  • Growing demand for personalized solutions: Manufacturers are increasingly demanding industry-specific and customized analytics solutions to address their unique needs.

The market also presents several exciting opportunities:

  • Vertical expansion: The application of manufacturing analytics is expanding beyond traditional industries such as automotive and aerospace to include new sectors such as food and beverage, pharmaceuticals, and consumer goods.
  • Rise of edge computing: Edge computing solutions are bringing analytics closer to the point of data generation, enabling real-time decision-making.
  • Integration with other Industry 4.0 technologies: The integration of manufacturing analytics with other Industry 4.0 technologies such as digital twins and augmented reality is opening up new possibilities for optimizing operations.

Segmentation of the Manufacturing Analytics Market

The market can be segmented based on various factors:

By Type:

  • Solution: Software, hardware, services
  • Deployment: Cloud-based, on-premise

By Application:

  • Asset management: Predictive maintenance, quality control, process optimization
  • Inventory management: Demand forecasting, supply chain optimization, stock optimization
  • Supply chain management: Logistics optimization, supplier management, visibility and traceability
  • Sales and marketing management: Customer segmentation, pricing optimization, product development

By Region:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Overall, the manufacturing analytics market is poised for significant growth in the coming years. As manufacturers continue to embrace Industry 4.0 technologies and seek new ways to optimize their operations, the demand for advanced analytics solutions will continue to rise. The market presents exciting opportunities for players across the value chain, including technology providers, system integrators, and consultants.