IMARC Group's report titled "Manufacturing Analytics Market Report by Component (Software, Services), Deployment Model (Cloud-based, On-premises), Application (Predictive Maintenance, Inventory Management, Supply Chain Optimization, and Others), Industry Vertical (Semiconductor and Electronics, Energy and Power, Pharmaceutical, Automobile, Heavy Metal and Machine Manufacturing, and Others), and Region 2024-2032", The global manufacturing analytics market size reached US$ 12.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 60.5 Billion by 2032, exhibiting a growth rate (CAGR) of 18.2% during 2024-2032.
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Factors Affecting the Growth of the Manufacturing Analytics Industry:
- Increasing Demand for Process Optimization:
Manufacturing analytics enables companies to analyze vast amounts of data generated during production processes. By leveraging this data, companies can identify inefficiencies and bottlenecks, enabling them to streamline operations, enhance production rates, and minimize downtime. With the integration of analytics, manufacturers can monitor their operations in real-time. This allows for immediate adjustments in processes, helping to optimize production without delays. Real-time data analysis helps in making informed decisions that directly impact the efficiency and output of manufacturing processes.
- Need for Better Quality Control:
By leveraging data analytics, manufacturers can predict potential quality issues before they occur. This predictive approach not only prevents defects but also reduces the costs associated with reworking or scrapping defective products. Predictive analytics uses historical data to identify patterns and trends that may lead to quality issues, enabling proactive management of the production process. Manufacturing analytics enables continuous monitoring of production processes, allowing for real-time quality checks and immediate corrective actions if deviations from set standards are detected.
- Adoption of Cloud-Based Solutions:
Cloud-based manufacturing analytics solutions offer scalable computing resources, which means manufacturers can easily adjust their analytics capabilities based on their current needs without significant upfront investments in IT infrastructure. This flexibility is crucial for manufacturers of all sizes, particularly for small to medium-sized enterprises that may not have the resources for large-scale on-premises solutions. Cloud solutions typically operate on a subscription-based model, which shifts capital expenditure to operational expenditure.
Leading Companies Operating in the Global Manufacturing Analytics Industry:
- Alteryx Inc.
- General Electric
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Sisense Inc.
- Tableau Software LLC (Salesforce.com Inc.)
- TIBCO Software Inc.
- Wipro Limited
- Zensar Technologies Ltd.
Manufacturing Analytics Market Report Segmentation:
By Component:
- Software
- Services
Software represents the largest segment as software forms the backbone of manufacturing analytics by providing the necessary tools for data integration, analysis, and visualization, which are essential for deriving actionable insights from complex datasets.
By Deployment Model:
- Cloud-based
- On-premises
On-premises account for the majority of the market share owing to the requirement of companies to prioritize control over their data and systems, or where regulatory requirements demand data to be stored locally.
By Application:
- Predictive Maintenance
- Inventory Management
- Supply Chain Optimization
- Others
Predictive maintenance exhibits a clear dominance in the market due to its ability to minimize downtime and extend machinery life by using data analytics to predict equipment failures before they occur.
By Industry Vertical:
- Semiconductor and Electronics
- Energy and Power
- Pharmaceutical
- Automobile
- Heavy Metal and Machine Manufacturing
- Others
Automobile holds the biggest market share driven by its reliance on manufacturing analytics for optimizing production lines, quality control, and reducing manufacturing costs, given the complex and large-scale nature of automotive manufacturing.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the manufacturing analytics market on account of its early adoption of advanced technologies, strong industrial base, and significant investments in research and development (R&D) activities, which enhance the region's capacity to integrate analytics into manufacturing processes.
Global Manufacturing Analytics Market Trends:
Manufacturers are adopting predictive and prescriptive analytics tools to foresee future scenarios and make informed decisions that preempt potential issues, optimize processes, and enhance operational efficiency. There is a growing trend of integrating Internet of Things (IoT) devices and Industry 4.0 principles within the manufacturing sector.
The shift to cloud-based solutions continues to gain momentum due to their scalability, cost-effectiveness, and the ability to manage large volumes of data more efficiently. This trend is particularly beneficial for small to medium-sized enterprises that require advanced analytics capabilities without the hefty investment in IT infrastructure.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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