Big Data Analytics in Manufacturing Market Size To See Huge Growth By 2031

The Global Big Data Analytics in Manufacturing Market is projected to experience significant growth over the forecast period from 2022 to 2029. It was valued at approximately USD 1.18 billion in 2021 and is expected to grow at a healthy growth rate of more than 30.9%.

Big data analytics in manufacturing plays a crucial role in improving various aspects of businesses, such as supply chain planning, process defect tracking, and component defect tracking.

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Predictive analytics, one of the essential applications of big data analytics, helps extract valuable information from data and predict trends and behavior patterns. The increasing automation across industries and the growing demand for big data analytics in supply chain optimization are key drivers of market growth.

The spending on automation in various industries, including automobiles, has significantly increased over the years, creating a strong demand for the global big data analytics market. For example, according to Statista, the global industrial automation market was expected to be worth USD 175 billion in 2020, with a projected compound annual growth rate (CAGR) of around nine percent until 2025. By 2025, the market is expected to reach USD 265 billion. Additionally, the rising usage of predictive analytics tools and the emergence of Industrial Internet of Things (IIoT) solutions present lucrative growth opportunities for the market.

However, the limited awareness and concerns over data privacy hinder market growth throughout the forecast period.

In terms of regional analysis, North America dominated the market in revenue, driven by the dominance of branded products and the increasing number of strategic collaborative initiatives between leading market players in the region. On the other hand, Asia Pacific is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period.

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Factors such as the increasing penetration of smart manufacturing and the region's position as one of the leading hubs for automotive manufacturing contribute to the lucrative opportunities in Asia Pacific.

Some of the major market players in the Global Big Data Analytics in Manufacturing Market include IBM Corporation, SAP SE, Microsoft Corporation, Oracle Corporation, SAS Institute Inc., OpenText Corporation, Microstrategy, Information Builders, Tableau Software Inc., and Qlik Technologies Inc.

Recent developments in the market include collaborations and product launches. For instance, in June 2020, Microsoft Corporation collaborated with Hitachi to meet the expanding demand for process automation and predictive maintenance in the industrial and logistics sectors across Southeast Asia, Japan, and North America. This collaboration aims to extend its application to additional industries. In October 2019, Erbessd Instruments introduced Phantom, a wireless vibration monitoring device that combines additional metrics such as temperature, current, RPM, and speed into a single diagnosis system.

The Global Big Data Analytics in Manufacturing Market report covers historical data from 2019 to 2021 and provides a forecast period from 2022 to 2029. It includes revenue forecasts, company rankings, competitive landscape analysis, growth factors, and trends. The report also segments the market based on components (software and services), applications (predictive maintenance, budget monitoring, product lifecycle management, field activity management, and others), deployment modes (cloud and on-premise), and regions (North America, Europe, Asia Pacific, Latin America, and Rest of the World).

The objective of the study is to define the market sizes of different segments and countries in recent years and forecast their values for the coming years. The report incorporates both qualitative and quantitative aspects of the industry and provides insights into driving factors, challenges, potential opportunities, competitive landscape, and product offerings of key players.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.
► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.
► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.
► Company History: The development of predominant occasions associated to the company.
► Main merchandise and services: A listing of the company's fundamental products, services, and brands.
► Main Competitors: A listing of the company's fundamental competitors.
► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

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