Growth, Trends, and Opportunities in the Manufacturing Analytics Market: Key Insights for the Next Decade
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What is the Long-Term Projected Growth Rate for the Manufacturing Analytics Market, and What Are the Key Drivers?
The size of the manufacturing analytics market has seen rapid expansion in the past few years. Its growth is projected to escalate from $13.97 billion in 2024 to a substantial $16.79 billion by 2025, a hefty compound annual growth rate (CAGR) of 20.2%. The historical growth can be tied to an augmented demand for operational effectiveness and cost cutting, initiatives aimed at improving quality, advancements made in the optimization of supply chains, progress in data processing, and storage technology, the rise of cloud-based solutions, and a focus on real-time analytics.
Predicted to experience a significant boom in the coming years, the manufacturing analytics market is set to reach $40.9 billion by 2029, with an impressive compound annual growth rate (CAGR) of 24.9%. This growth trajectory is primarily attributed to the enhancement of robotics data via analytics, the need for scalability in analytics solutions, superior cybersecurity measures for protecting manufacturing data, advancements in data visualization and reporting tools, and optimizing energy efficiency through analytics. Moving forward, the market is expected to be shaped by factors such as regulatory compliance and reporting, enhanced focus on training employees and promoting data literacy, adoption of industry 4.0 and smart manufacturing, integration of IoT and sensors, and emphasis on predictive maintenance.
How Are the key drivers Contributing to the Expansion of the manufacturing analytics Market?
The manufacturing analytics market is likely to experience a surge due to a growing need for process optimization. This encompasses efforts to remove or minimize wastage of time and resources, unneeded costs, blockages, and errors while reaching the intended process aim. The implementation of process optimization within manufacturing analytics can offer numerous advantages such as timely problem-solving at the machinery level, improved maintenance which contributes to its expansion and increasing demand. A case in point is a study by Bain & Company, an American management consulting organization, which indicated that 21% of firms managed to save 10% or more by applying business process optimization approaches. As such, the escalating requirement for process optimization is fueling the growth of the manufacturing analytics market.
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Which Companies Are Leading the Charge in Expanding the Manufacturing Analytics Market?
Major companies operating in the manufacturing analytics market include:
• SAP SE_x000D_
• Oracle Corporation_x000D_
• SAS Institute Inc._x000D_
• Tableau Software Inc._x000D_
• TIBCO Software Inc._x000D_
What New Trends Are Reshaping the Manufacturing Analytics Market and Its Opportunities?
The trend of introducing novel products is increasingly being recognized in the manufacturing analytics sector. Most corporate entities in this market are centered on the creation of software with cutting-edge technology to fortify their market presence. Google Cloud Platform, a service by the American tech firm Google, exemplified this in May 2022. They introduced Manufacturing Data Engine and Manufacturing Connect. These programs allow companies to link formerly isolated resources, systematize and normalize data, and heighten visibility from the shop floor to the cloud. Once data is harmonized, these tools facilitate three crucial AI and analytical applications – manufacturing analysis and insights, predictive maintenance, and machine-level anomaly detection. Manufacturing Data Engine and Manufacturing Connect, both currently available, help manufacturers consolidate their data and equip their staff with user-friendly analytics and AI tools based on cloud technology.
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Which Industry Segments Are Leading the Development and Expansion of the Manufacturing Analytics Market?
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
Subsegments:
1) By Software: Analytics Software, Visualization Software, Reporting Software, Predictive Analytics Software
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
What Are the Top Regions Fueling Growth in the Manufacturing Analytics Market?
North America was the largest region in the manufacturing analytics market in 2024. 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
What Are the Defining Features of the Manufacturing Analytics Market?
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.
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