ID: MRFR/ICT/0384-HCR | February 2021 | Region: Global | 145 pages
Global Manufacturing Analytics Market Overview
Manufacturing analytics can be termed as a statistical tool that extends its help in the analysis of manufacturing data as well as information. This will help in enabling the users for better understanding as well as in the improvement, reinforcing, and identifying the best practices. With the global manufacturing analytics market trends, the workforce can identify issues as well as have an idea about the cause and effect relationship, producing, yielding, and cost.
Market Research Future (MRFR) projects substantial gains for the manufacturing analytics market 2020 at a high rate between 2017 and 2027 (assessment period).
Covid 19 Analysis
Before the lockdown and pandemic hit the manufacturing industries, the global manufacturing industries were gaining a lot of momentum. After the first lockdown wave, there were uneven recoveries for the different manufacturers in the market. The outbreak of the COVID 19 global pandemic is also negatively influencing the global FDI inflows overall. The most vulnerable areas of service owing to the adverse effects of coronavirus are chemicals, aircraft, automobiles, and the field of electronics.
Businesses on a global scale are attempting to take up necessary solutions and measures that are very cost-effective. The aim behind them is to generate a demand slump so that there is a boost in the market for the manufacturers to offer the best insights in the market. The manufacturing market research aims for a predicted boost for the manufacturers by the end of the first and commencement of the second quarter of 2021. Artificial intelligence (AI), augmented reality (AU), as well as, virtual reality (VR) is the sought solutions.
Global Manufacturing Market dynamics
The small manufacturing industries are showing major interest as well as investment in the infrastructure of the managers who are continuous as well as discrete. The expected industrial IoT connections are expected to reach approximately 13.8 billion by 2027. This is expected to foster both connectivities as well as digitization amongst the manufacturing enterprises.
The global manufacturing analytics market has been exposed to different kinds of competitions and uncertainties related to raw material and energy. The operational costs are counted as well. The result of this is that they are looking for opportunities to reduce the cost and mold the enterprises that are efficient as well as accelerated in providing the desired quality of the product to the consumers. The use of smart industrial solutions is being adapted on a large scale along with developments and enhancements in the areas of automation and connectivity.
To keep and maintain the international standards, there is a need for up-gradation and modernization concerning the systems for legacy control. The continuous need for investment and capital, new skills, along effective data security are some of the major restraints. These transitory restraints and challenges can be challenged with the help of improvised technology and significant investments.
Enabling technology like conditioning monitory, making use of artificial intelligence, internet of things (IoT), industrial 3D printing as well as digital twinning are going to fetch benefits. Another major emergency is information technology like MES, PAM, HMI as well as WMS. The marketing analytics marketing research is estimated to grow at a high CAGR of 16% in the year 2027. Many factors in the market will help in boosting the growth and automation of the manufacturing processes on a global level. Also, it has been witnessed that the government is supporting industries in regulating their compliances, increase and changes in supply chain management, steps for a reduction in time and cost, and much more.
For the marketing market research, the global manufacturing analytics market is bifurcated in many ways owing to the difference in demand, supply, and operations. This segmentation is done based on the application and types, industries of the end-user as well as deployment model.
Based on type
The market segmentation is based on type includes 2 significant things. Software as well as the services. Further, the section of services is bifurcated into managed services and professional services. The global manufacturing analytics market requires a variety of services, to overcome issues of forced recession and bounce back.
Based on Application
The field of global manufacturing analysis research divided the manufacturing analytics market based on application. There are predictive asset management, supply chain analysis, sales and emergency, customer support, energy and power, as well as, inventory management. All these have separate and their specific share of contribution to the global manufacturing units.
Based on deployment
The global manufacturing analytics market is dominated by the forces of demand and supply. These are known as the market forces. By deployment, the market is divided into on-demand and on-premises. Deployment refers to providing the required assistance in manufacturing industries worldwide. The region plays an important role while considering the bifurcation of deployment in the market.
Global Market Regional Analysis
Owing to the manufacturing analytics market trends, North America is expected to lead the market with the widest market share. The main reason behind this is the emergence and growth of the manufacturing companies in the continent. Europe is also to emerge as a dominant by the end of the forecasted period of 2027. The Asia Pacific will follow this.
As the manufacturing industries are expected to increase their production globally, there is expected use of sophisticated products, processes as well as production materials and technologies. The United States, Japan, Germany as well as the United Kingdom are expected to be the most competitive nations for advanced manufacturing tilts, thus, shifting to a higher value of CAGR by 2027.
The prominent and emerging leaders in the manufacturing analytics market research are stated as follows:
Many global manufacturing companies along with dealing with the adverse effects of the global pandemic are gearing up and opting for strategies for a better comeback.
IBM is one of the most competitive and promising companies in the market that is taking into consideration the qualitative and quantitative aspects of the experts and leaders. They are aiming to get an insight into the market and thus are improving on the industry performance.
Recent developments in the Global Manufacturing Analytics Market Research
Global Manufacturing Analytics Market Research Report Overview
The full report is inclusive of the following:
The research has resulted in a segmentation of the global manufacturing analytics market report based on components, use, technology as well as region.
Hardware, software, services
3D printing, machine execution systems, plant asset management, product lifestyle management, human-machine interference, and much more
Automotive, defense, oil and gas, healthcare, aerospace, industrial equipment, food, chemicals, agriculture, materials, etc
North America, Europe, Asia Pacific, Latin America
|Market Size||USD 13.8 Billion (2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||types, application and deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Computer Science Corporation (CSC), Zensar Technologies Ltd., SAS Institute, Inc., Oracle Corporation, SAP SE, IBM, Tableau Software, Statsoft, Inc. 1010data, Inc., Alteryx|
|Key Market Opportunities||Improvements, identification and reinforcement of the best practices|
|Key Market Drivers||Growth and development of manufacturing companies.|
Frequently Asked Questions (FAQ) :
The high rate of digital transformation, rising investments in analytics, and the surging demand for location data & remote services and real-time data to monitor and track the spread of novel coronavirus are major tailwinds pushing the growth of the global manufacturing analytics market.
Stringent regulations and high prices are major growth impeders for the global manufacturing analytics market.
North America holds the largest share in the global manufacturing analytics market, followed by Europe, and the Asia Pacific region, respectively.
Oracle Corporation (U.S.), Wipro Limited (India), SAP SE (Germany), Zensar Technologies Ltd. (India), 1010Data (U.S.), Dell Statsoft (U.S.), Alteryx (U.S.), Tibco Software (U.S.), IBM Corporation (U.S.), Computer Science Corporation (U.S.), Tableau Software (U.S.), and SAS Institute (U.S.), are some of the top players operating in the global manufacturing analytics market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global Manufacturing analytics market adopt to gain a larger competitive advantage.