The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Manufacturing Analytics Global Market Report 2024, the manufacturing analytics market is expected to show significant growth in the forecast period.

Overview of Market Growth

• The manufacturing analytics market size has seen exponential growth recently.
• From $11.75 billion in 2023, it is expected to reach $14.26 billion in 2024 with a CAGR of 21.4%.

Factors Driving Growth

• 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.

Projected Growth

• Anticipated to grow to $32.39 billion in 2028 with a CAGR of 22.8%.
• 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, focus on employee training, Industry 4.0, IoT, and predictive maintenance.

Increase In The Need For Process Optimization Driving Growth In The Manufacturing Analytics Market

Process Optimization: Key Driver

• Process optimization eliminates wastage, reduces costs, and addresses bottlenecks.
• It facilitates faster issue response at the machine level and improved maintenance.
• According to Bain & Company, 21% of companies save 10% or more using optimization strategies.

Major Players

• SAP SE
• Oracle Corporation
• SAS Institute Inc.
• Tableau Software Inc.
• TIBCO Software Inc.
• International Business Machines Corporation
• Alteryx Inc.

View More On The Manufacturing Analytics Market Report 2024 – https://www.thebusinessresearchcompany.com/report/manufacturing-analytics-global-market-report

Innovation In Manufacturing Analytics Transforming The Industry With Advanced Solutions

New Product Innovation

• Major companies focus on developing technologically advanced software.
• Google Cloud Platform launched Manufacturing Data Engine and Manufacturing Connect for improved visibility and analytics.
• IDBS acquired biopharmaceutical manufacturing data management (BPLM) to accelerate drugs to market.

Market Segmentation

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

Regional Insights

• North America led the manufacturing analytics market in 2023.
• Asia-Pacific is expected to witness the fastest growth in the forecast period.

The manufacturing analytics market is poised for significant expansion, driven by technological advancements, increased demand for optimization, and the integration of analytics into various industry verticals. With innovation at its core and a focus on enhancing operational efficiency, this sector is reshaping the manufacturing landscape. As companies strive to adapt to changing market dynamics and embrace data-driven decision-making, the role of analytics in manufacturing is set to become increasingly indispensable in the years to come.

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The Manufacturing Analytics Global Market Report 2024  provides an in-depth analysis on the manufacturing analytics market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the manufacturing analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Manufacturing Execution System Global Market Report 2024
Industrial Analytics Global Market Report 2024
Product Analytics Global Market Report 2024

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