Rise in investments in big data for manufacturing, surge in industrial IoT (IIoT) adoption, and increase in need for process optimization drive the growth of the global manufacturing analytics market
PORTLAND, Oregon, Dec. 11, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Manufacturing Analytics Market by Component (Software and Service), Deployment (Cloud and On-premise), Application (Predictive Maintenance, Inventory Management, Supply Chain Optimization, and Others), and Industry Vertical (Semiconductor & Electronics, Energy & Power, Pharmaceutical, Automobile, Heavy Metal & Machine Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global manufacturing analytics industry generated $5.95 billion in 2018, and is estimated to reach $28.44 billion by 2026, registering a CAGR of 16.5% from 2019 to 2026.
Prime determinants of growth
Rise in investments in big data for manufacturing, surge in industrial IoT (IIoT) adoption, and increase in need for process optimization drive the growth of the global manufacturing analytics market. However, scarcity of skilled professionals and lack of integration with legacy systems hinder the market growth. On the other hand, usage of advanced technologies including AR and VR creates new opportunities in the market.
The software segment to maintain its leadership position throughout the forecast period
Based on component, the software segment held the largest market share in 2018, accounting for more than four-fifths of the global manufacturing analytics market, and is estimated to maintain its leadership position throughout the forecast period. This is due to benefits such as reduction in downtime and operating costs along with improvement in productivity, performance, efficiency, and equipment lifetime. However, the service segment is expected to register the fastest CAGR of 19.3% from 2019 to 2026. This is attributed to surge in demand for cloud-based manufacturing analytics services.
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The supply chain optimization segment to maintain its highest share by 2026
Based on application, the supply chain optimization segment contributed to the highest market share in 2018, contributing nearly half of the global manufacturing analytics market, and is estimated to maintain its highest share in terms of revenue by 2026. This is attributed to reduction in the risks related to management of supply chain such as prediction of possible delays in stocks and suppliers' delivery along with formation of backup plans. However, the predictive maintenance segment is expected to grow at the fastest CAGR of 21.4% during the forecast period. This is due to adoption of predictive analytics for detection of the catastrophes that may arise in heavy equipment along with need to reduce the costs regarding unpanned outages.
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North America to maintain its dominant position during the forecast period
Based on region, North America held the major market share, contributing to nearly two-fifths of the total share of the global manufacturing analytics market in 2018, and is estimated to maintain its dominant position during the forecast period. This is attributed to presence of number of key market players in North America that utilize big data analytics in their manufacturing plants and adoption of Industry 4.0 and IIoT. However, the Asia-Pacific region is estimated to grow at a CAGR of 19.6% from 2019 to 2026. This is due to rapidly growing manufacturing industry in countries including China and India along with rise in investment in the manufacturing sector for digitalization.
Market players grabbing the highest share
- SAP SE
- Oracle Corp.
- SAS Institute Inc.
- Tableau Software Inc.
- TIBCO Software Inc.
- IBM Corp.
- Alteryx Inc.
- Sisense Inc.
- Wipro Limited
- General Electric Company
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