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Key Factor Supporting Global Manufacturing Analytics Market Development in 2025: Increase In The Need For Process Optimization Driving Growth In The Manufacturing Analytics Market
Manufacturing Analytics Market
How Large Will the Manufacturing Analytics Market Size By 2025?
The scale of the manufacturing analytics market has experienced a quick expansion in the preceding years. It is projected to escalate from $13.97 billion in 2024 to approximately $16.64 billion in 2025, boasting a compound annual growth rate (CAGR) of 19.1%. The significant growth observed in the historic phase can be linked to the heightened demand for operational efficiency and cost curtailment, initiatives towards the enhancement of quality, optimization of the supply chain, progress in data processing and storage technologies, the advent of cloud-based solutions, and an increased focus on real-time analytics.
How Big Is the Manufacturing Analytics Market Size Expected to Grow by 2029?
The scale of the manufacturing analytics market is projected to experience unprecedented expansion in the coming years. With a compound annual growth rate (CAGR) of 24.1%, it is predicted to reach $39.49 billion by 2029. Factors such as the enhancement of robotics data using analytics, the demand for flexibility and scalability in analytics solutions, improving cybersecurity for manufacturing data, optimizing energy efficiency via analytics, and progress in data visualization and reporting tools are all attributing to this growth within the forecast period. Throughout the forecast, key trends are expected to be regulatory compliance and reporting, emphasis on staff training and data literacy, the advent of industry 4.0 and intelligent manufacturing, integration of IoT and sensors, as well as predictive maintenance.
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Which Key Market Drivers Powering Manufacturing Analytics Market Expansion and Growth?
The demand for process optimization is predicted to fuel the expansion of the manufacturing analytics market in the future. This concept implies minimizing or completely eradicating unnecessary costs, time and resource waste, bottlenecks, and errors to achieve the goal of the process. The inclusion of process optimization in manufacturing analytics offers several advantages, such as quicker issue resolution at the machine level, and enhanced maintenance, thus contributing to its expansion and amplifying the requirement for this method. For example, research by Bain & Company, a US-based management consulting firm, revealed that business process optimization strategies save 10% or more for 21% of companies. Consequently, the surge in demand for process optimization is propelling the growth of the manufacturing analytics market.
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Which Fast-Growing Trends Are Poised to Disrupt the Manufacturing Analytics Market?
The rise of new product innovation serves as a significant trend in the manufacturing analytics market. Major firms in this space are striving to create technologically advanced software to solidify their market presence. An example is the Google Cloud Platform by Google, a U.S.-based tech company, which rolled out Manufacturing Data Engine and Manufacturing Connect in May 2022. These tools allow manufacturers to merge detached assets, process and standardize data, as well as enhance visibility from the manufacturing floor up to cloud data storage. These applications offer critical AI and analytics based functions such as manufacturing analytics and insights, predictive maintenance, and machine-level anomaly detection once the data is harmonized. Manufacturing Data Engine and Manufacturing Connect, both of which are currently available, aid manufacturers in consolidating their data and enables their workforce through user-friendly analytics and AI solutions built on cloud infrastructure.
What Are the Emerging Segments in the Manufacturing Analytics Market?
The manufacturing analyticsmarket covered in this report 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
Subsegments:
1) By Software: Analytics Software, Visualization Software, Reporting Software, Predictive Analytics Software
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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Who Are the Global Leaders in the Manufacturing Analytics Market?
Major companies operating in the manufacturing analytics market include SAP SE, Oracle Corporation, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., International Business Machines Corporation, Alteryx Inc., Sisense Inc., Wipro Limited, Bridgei2i Analytics Solutions, Cisco Systems Inc., FICO, Domo Inc., Neubrain Solutions Private Limited, Aegis Software, MachineMetrics Inc., Lantek, General Electric Company, Dell Technologies Inc., Zensar Technologies Ltd, Northwest Analytics Inc., DXC Technology Company, QlikTech Inc., Microsoft Corporation, Siemens AG, Hitachi Ltd, Rockwell Automation Inc., Honeywell International Inc., Schneider Electric SE, PTC Inc., Sight Machine Inc., InfinityQS International Inc., Epicor Software Corporation
Which are the Top Profitable Regional Markets for the Manufacturing Analytics Industry?
North America was the largest region in the manufacturing analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the manufacturing analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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