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Big Data Analytics in Transportation Market Size Giants Spending Is Going To Boom |
Big data analytics in manufacturing plays a crucial role in improving supply chain planning, process defect tracking, and component defect tracking. Predictive analytics, which involves extracting information from data to predict trends and behavior patterns, is one of the key applications of big data analytics in this market.
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The increasing automation across industries and the growing demand for big data analytics in supply chain optimization are driving the market growth.
The spending on automation, including in the automobile industry, has significantly increased in recent years, leading to strong demand for the global big data analytics market. For example, the global industrial automation market was valued at USD 175 billion in 2020 and is expected to reach USD 265 billion by 2025, with a compound annual growth rate (CAGR) of around nine percent.
The rising usage of predictive analytics tools and the emergence of Industrial Internet of Things (IIoT) solutions also present lucrative growth opportunities for the market. However, limited awareness and concerns regarding data privacy hinder market growth throughout the forecast period.
The key regions considered in the Global Big Data Analytics in Manufacturing Market study are Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America currently dominates the market in terms of revenue, primarily due to the dominance of branded products and the increasing number of strategic collaborative initiatives among 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. Factors such as the increasing penetration of smart manufacturing and the region's position as one of the leading hubs for automotive manufacturing will offer lucrative opportunities for market growth.
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. These players are continuously involved in developments to enhance their market presence and expand their product offerings.
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Recent developments in the market include:
In June 2020, Microsoft Corporation partnered with Hitachi to meet the growing demand for process automation and predictive maintenance in the industrial and logistics sectors across Southeast Asia, Japan, and North America. The collaboration aims to expand the application of their partnership to additional industries.
In October 2019, Erbessd Instruments launched Phantom, a wireless vibration monitoring device that integrates additional metrics such as temperature, current, RPM, and speed into a single diagnosis system. It allows users to monitor their equipment using various devices such as smartphones, computers, or tablets through a local database or cloud-based system.
The Global Big Data Analytics in Manufacturing Market report covers historical data from 2019-2021 and provides a forecast period of 2022-2029. The report includes revenue forecasts, company rankings, competitive landscape analysis, growth factors, and trends. The market is segmented 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 market sizes for different segments and countries, analyze recent trends, and forecast future values. The report incorporates both qualitative and quantitative aspects of the industry, including driving factors, challenges, opportunities, and a detailed analysis of the 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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