Manufacturing Analytics Market to Reach USD 28.44 Billion at a CAGR of 16.5% | Growth Drivers, Trends and Future Scenarios
According to the report, the global manufacturing analytics industry 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.
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Based on component, the software segment held the largest market share in 2018, accounting for more than four-fifths of the global manufacturing analytics market, and is estimated to maintain its leadership position throughout the forecast period. This is due to benefits such as reduction in downtime and operating costs along with improvement in productivity, performance, efficiency, and equipment lifetime. However, the service segment is expected to register the fastest CAGR of 19.3% from 2019 to 2026. This is attributed to surge in demand for cloud-based manufacturing analytics services.
Depending on deployment model, the on-premise segment dominated the overall manufacturing analytics market in 2018. However, cloud deployment is projected to grow at highest rate during the forecast period. This is attributed to various advantages offered by cloud-based manufacturing analytics solutions such as direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness.
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Based on application, 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. This is attributed to reduction in the risks related to management of supply chain such as prediction of possible delays in stocks and suppliers' delivery along with formation of backup plans.
However, the predictive maintenance segment is expected to grow at the fastest CAGR of 21.4% during the forecast period. This is due to adoption of predictive analytics for detection of the catastrophes that may arise in heavy equipment along with need to reduce the costs regarding unpanned outages.
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Based on region, North America attributed to nearly two-fifths of the global Manufacturing Analytics market in 2019, and is expected to maintain its dominant share by 2027. This is attributed to strict regulations by governing bodies such as the Federal Aviation Administration, presence of established & technologically advanced market players, high adoption of technology in various fields such as healthcare, education, and military.
However, Asia-Pacific is estimated to maintain its fastest CAGR of 15.2% from 2020 to 2027, owing to government investments and initiative in emerging economies, increase in users of Internet, growth in demand for online content, and increase in online certification programs.
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Leading Market Players:
➢ SAP SE
➢ Oracle Corp.
➢ SAS Institute Inc.
➢ Tableau Software Inc.
➢ TIBCO Software Inc.
➢ IBM Corp.
➢ Alteryx Inc.
➢ Sisense Inc.
➢ Wipro Limited
➢ General Electric Company
These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Current and future Manufacturing Analytics market trends are outlined to determine the overall attractiveness of the market.
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