Manufacturing Analytics Market Value to Surpass USD 28.4 Billion by 2026

According to the report published by Allied Market Research, the global manufacturing analytics market generated $5.95 billion in 2018, and is estimated to reach $28.44 billion by 2026, registering a CAGR of 16.5% from 2019 to 2026. The research offers a detailed analysis of changing market dynamics, key winning strategies, major segments, top investment pockets, players' positioning, and competitive scenario.

Increase in investments in big data for manufacturing, rise in industrial IoT (IIoT) adoption, and surge in need for process optimization fuel the growth of the global manufacturing analytics market. On the other hand, lack of skilled professionals and scarcity of integration with legacy systems impede the market growth to certain extent. Nevertheless, usage of advanced technologies such as AR and VR is anticipated to usher a plethora of opportunities in the near future.

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The global manufacturing analytics market is segmented into component, deployment, application, industry vertical, and region. Based on component, the market is bifurcated into software and service. The software segment held the highest market share in 2018, contributing to more than four-fifths of the global manufacturing analytics market. On the other hand, the service segment is expected to register the fastest CAGR of 19.3% from 2019 to 2026.

Based on application, the market is divided into predictive maintenance, inventory management, supply chain optimization, and others. The supply chain optimization segment contributed to the highest market share in 2018, contributing nearly half of the global manufacturing analytics market, and is estimated to maintain its highest share in terms of revenue by 2026. At the same time, the predictive maintenance segment is expected to grow at the fastest CAGR of 21.4% during the forecast period.

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Key trends in the manufacturing analytics market:

• Integration with Industry 4.0: As manufacturing becomes increasingly automated and connected, the integration of manufacturing analytics with Industry 4.0 technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) is becoming more important. This integration allows for real-time data analysis and decision making.

• Predictive analytics: Predictive analytics is becoming more prevalent in manufacturing as it allows organizations to anticipate equipment failures, quality issues, and production bottlenecks. By identifying potential problems before they occur, organizations can take corrective action and minimize downtime and production losses.

• Cloud-based analytics: Cloud-based manufacturing analytics platforms are becoming more popular as they offer scalability and flexibility, allowing organizations to quickly scale up or down their analytics capabilities as needed. Cloud-based platforms also allow for easier collaboration between teams and partners.

• Real-time analytics: Real-time manufacturing analytics allows organizations to make decisions in real-time based on data from sensors and other sources. This enables faster response times to production issues and allows for continuous optimization of manufacturing processes.

• Digital twins: Digital twins are virtual representations of physical assets that allow organizations to simulate and optimize production processes. By using digital twins, organizations can identify potential issues before they occur and optimize production for maximum efficiency.

• Focus on quality control: The use of manufacturing analytics for quality control is becoming more prevalent as organizations seek to improve product quality and reduce defects. By analyzing data from sensors and other sources, organizations can identify quality issues and take corrective action before they become major problems.

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Based on region, North America held the major market share, contributing to nearly two-fifths of the total share of the global manufacturing analytics market in 2018, and is expected to maintain its dominant position during the forecast period. On the other hand, the Asia-Pacific region is estimated to grow at a CAGR of 19.6% from 2019 to 2026.

The global manufacturing analytics market analysis includes some of the key market players such as SAP SE, Oracle Corp., SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., IBM Corp., Alteryx, Inc., Sisense, Inc., Wipro Limited, and General Electric Company.

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