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Manufacturing Analytics Market Growth Analysis, Market Size, Segmentation, Top Manufacturers, Share And Forecast To 2032
Manufacturing Analytics Market Analysis
The Business Research Company's Manufacturing Analytics Global Market Report 2023 identifies increase in the need for process optimization as the major driver for the manufacturing analytics market's growth in the forecast period. Process optimization refers to reducing or eliminating time and resource wastage, unnecessary costs, bottlenecks, and mistakes while achieving the process objective. Process optimization in manufacturing analytics adds to various benefits such as providing faster response to issues at the machine level, and improved maintenance and so leading to its growth and increasing the need for this technique.
The global manufacturing analytics market size will grow from $9.92 billion in 2022 to $11.98 billion in 2023 at a compound annual growth rate (CAGR) of 20.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the manufacturing analytics is expected to grow to $27.27 billion in 2027 at a CAGR of 22.8%.
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Major competitors in the manufacturing analytics market are SAP SE, Oracle Corporation, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., International Business Machines Corporation.
A key trend in the manufacturing analytics market includes new product innovation. Major companies operating in the manufacturing analytics market are focused on developing technologically advanced software to strengthen their market position. For instance, in May 2022, Google Cloud Platform, offered by Google, a US-based technology company launched Manufacturing Data Engine and Manufacturing Connect that enable manufacturers to connect previously segregated assets, process and standardize data, and improve visibility from the factory floor to the cloud. The solutions enable three essential AI and analytics-based use cases-manufacturing analytics and insights, predictive maintenance, and machine-level anomaly detection-once data has been harmonized. Manufacturing Data Engine and Manufacturing Connect, both of which are now accessible, assist manufacturers in unifying their data and empowering their employees through simple analytics and AI solutions built on cloud infrastructure.
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The manufacturing analytics market is segmented -
1) By Component: Software, Services
2) By Deployment: Cloud, On Premise
3) By Application: Predictive Maintenance, Inventory Management, Supply Chain Optimization, Other Applications
4) By Industry Vertical: Semiconductor and Electronics, Energy and Power, Pharmaceutical, Automobile, Heavy Metal and Machine Manufacturing, Other Industry Verticals
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the manufacturing analytics market.
The Business Research Company's "Global Manufacturing Analytics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Manufacturing Analytics Market Include:
1. Executive Summary
2. Manufacturing Analytics Market Characteristics
3. Manufacturing Analytics Market Trends And Strategies
4. Manufacturing Analytics Market - Macro Economic Scenario
5. Manufacturing Analytics Market Size And Growth
……….
26. Africa Manufacturing Analytics Market
27. Manufacturing Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Manufacturing Analytics Market
29. Manufacturing Analytics Market Future Outlook and Potential Analysis
30. Appendix
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