Press release
Latest Insights on Manufacturing Analytics Market for Forecast Period 2017 – 2026
Manufacturing analytics is a statistical tool which performs rule-based analysis to improve business processes and production quality. Data analytics is into various other industrial domains which include banking, financial services and insurance (BFSI), e-commerce, among others. However, increasing pressures to reduce manufacturing cost, meet federal norms, supply-chain requirements, global competition, and improve operating income has seen high adoption of data analytics in manufacturing sector in recent past.Additionally, with manufacturing companies adopting process improvement programs which includes Lean Manufacturing, supervisory control and data acquisition system (SCADA), and Six Sigma has improved the adoption of manufacturing analytics. Moreover, with huge data being generated from the networked industry equipment and automation systems i.e. industry internet of things (IIoT) has resulted in strong demand of analytics in manufacturing sector. Manufacturing analytics gathers data from geographically distributed resources, programmable logic controllers (PLC’s), historians and provide organized and modeled analysis.
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Manufacturing analytics market is segmented on the basis of deployment of manufacturing analytics software, service type and end-use industry. On the basis of software deployment type, manufacturing analytics market is further categorized as on-premise and hosted. On-premise manufacturing analytics tool allow installation and service of these software suite at client side.
Mostly, on-premise manufacturing analytic tool require high cost of operation in comparison to the hosted model. Hosted model provide all the necessary services and hardware installments at provider’s end and stores data in cloud storage. This reduces overall total cost of operation (TCO) and improves bottom line of any manufacturing company. In terms of service type, manufacturer analytics market is further categorized into managed services and professional services. Professional services include installation, maintenance and consulting.
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As stated earlier that, data analytics was initially developed for specific industries; data analytics in various manufacturing verticals has started adopting these manufacturing analytics tools to boost their business growth. Thus, based on end-use industry, manufacturing analytics market is further segmented into automotive, electronic equipment and appliance manufacturing, heavy industries, food and beverage, and others (pharmaceutical and retail).
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