Press release
Global Manufacturing Analytics Market to Soar, Projected to Reach US$ 22.3 Bn by 2031: TMR Analysis
Manufacturing Analytics Market
Industry experts attribute this robust market expansion to the rising demand for advanced analytics techniques, such as machine learning and artificial intelligence, which are being leveraged by manufacturers to optimize production plans, reduce costs, and enhance product quality. The surge in adoption of Industry 4.0-an industrial revolution that integrates digital technologies and data-driven solutions into the manufacturing process-is also playing a pivotal role in propelling the market forward.
With an increasing focus on sustainability, environmental compliance, and the need for data-driven insights to develop effective products, the manufacturing analytics market is set to experience significant advancements in the coming years.
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Market Introduction: Manufacturing analytics refers to the application of data and advanced technologies in the manufacturing industry to enhance operations, ensure high-quality products, boost productivity, reduce costs, and optimize supply chains. By analyzing operational data, manufacturers can gain critical insights into their processes, enabling them to identify areas for improvement and achieve better business outcomes.
Demand for Process Optimization and Operational Efficiency Drives Market Growth
In today's highly competitive environment, manufacturers are under constant pressure to enhance operations and boost efficiency. Manufacturing analytics solutions offer a powerful toolset that enables manufacturers to collect and analyze vast amounts of data generated during production. This data-driven approach allows manufacturers to pinpoint inefficiencies, identify areas for improvement, and make informed decisions that optimize their processes and reduce costs.
One of the key benefits of manufacturing data analytics is its ability to improve Overall Equipment Effectiveness (OEE), a critical metric in the industry. According to a study conducted by Rainmaker Associates, Inc., the adoption of manufacturing analytics solutions has been shown to improve OEE by an impressive 88%. This capability to optimize both production and back-end processes is expected to drive substantial growth in the manufacturing analytics market in the near future.
Moreover, these solutions provide real-time visibility into the production process, enabling manufacturers to proactively identify and address potential issues. This proactive approach not only helps in preventing safety hazards but also ensures zero defects in the manufacturing process, ultimately leading to higher product quality.
Industry 4.0 Revolutionizes Manufacturing Analytics
Industry 4.0, often referred to as the fourth industrial revolution, is characterized by the integration of digital technologies, such as the Internet of Things (IoT), big data analytics, cloud computing, Artificial Intelligence (AI), and Machine Learning (ML), into the manufacturing process. This integration has given rise to smart factories that are not only efficient and productive but also highly responsive to customer demands.
As companies undergo rapid industrialization and automation, they are generating vast amounts of data that need to be analyzed in real-time to enhance productivity. Manufacturing analytics solutions play a crucial role in collecting, analyzing, and visualizing this data, enabling manufacturers to make informed decisions that drive efficiency and growth.
The adoption of Industry 4.0 technologies, including AI and Radio Frequency Identification (RFID), is further accelerating the development of the manufacturing analytics market. Companies are increasingly recognizing the value of these solutions in gaining actionable insights into their operations, leading to improved efficiency and output.
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Regional Outlook
North America is expected to dominate the global manufacturing analytics market (Markt für Fertigungsanalysen) from 2023 to 2031, driven by the widespread adoption of analytics tools in manufacturing and significant investment in research and development of advanced technologies. In 2022, North America held the largest share of the market, a trend that is likely to continue in the coming years.
Meanwhile, Asia Pacific is projected to be the fastest-growing region for manufacturing analytics, fueled by the increasing demand for big data analytics in the manufacturing sector. The region's rapid industrialization and technological advancements are expected to contribute significantly to the market's growth.
Key Players and Recent Developments
The global manufacturing analytics market is highly competitive, with several key players actively contributing to its growth. Some of the leading companies in the market include TIBCO (Cloud Software Group, Inc.), SAS Institute Inc., Sisense Inc., SAP SE, Alteryx, Inc., Tableau Software, Inc., Oracle Corporation, KNIME, GE Digital, QlikTech International AB, IBM Corporation, Infragistics, Northwest Analytics, Inc., Aegis Software, and Keysight Technologies, Inc.
Recent developments in the market include:
• Rootstock Software launched Enterprise Insights in May 2023, a new analytics solution designed to provide manufacturers with a comprehensive view of their business, enabling them to make informed decisions.
• Databricks introduced Lakehouse in April 2023, a platform specifically designed for manufacturing companies. The platform features advanced capabilities such as predictive maintenance and digital twin technology, allowing engineers to monitor and model systems in real-time.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provid es custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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