- Advent of Industry 4.0, evolution of IIoT, and increase in operational efficiencies from big data initiatives drive the growth of the global manufacturing predictive analytics market
PORTLAND, Oregon, Oct. 14, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Manufacturing Predictive Analytics Market by Component (Software and Services), Deployment (Cloud and On-premise), Application (Demand Forecasting, Machinery Inspection & Maintenance, Product Development, Supply Chain Management, and Others), and End User (Semiconductor & Electronics, Energy & Power, Pharmaceutical, Automobile, Heavy Metal & Machine Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." The report provides a detailed analysis of the top investment pockets, wavering market trends, market size & estimations, and competitive scenario. As per the report, the global manufacturing predictive analytics industry was estimated at $535.0 million in 2018 and is expected to hit $2.52 billion by 2026, growing at a CAGR of 21.7% from 2019 to 2026.
Drivers, restraints and opportunities
Advent of Industry 4.0, evolution of IIoT, and rise in operational efficiencies from big data initiatives fuel the growth of the global manufacturing predictive analytics market. On the other hand, dearth of skilled workforce and threat of cyber-attack restrain the growth to some extent. Nevertheless, development of smart data-driven organizations and interference of artificial intelligence (AI) into manufacturing are expected to create multiple opportunities in the near future.
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The software segment to lead the trail by 2026
Based on component, the software segment contributed to more than four-fifths of the global manufacturing predictive analytics market share in 2018 and is expected to dominate throughout 2019–2016. Rise in demand for Software-as-a-Service solutions among manufacturing industry owing to its user-friendly quality is one the major factors propelling the growth of the segment. The services segment, on the other hand, is projected to grow at the fastest CAGR of 24.4% during the study period.
The on-premise segment held the lion's share in 2018
Based on deployment, the on-premise segment accounted for nearly two-thirds of the global manufacturing predictive analytics market revenue in 2018 and is anticipated to retain its dominance by 2026. This is due to its high-performance capability offered via on-premise services. Simultaneously, the cloud segment would grow at the fastest CAGR of 24.4% throughout the estimated period.
North America to rule the roost throughout the forecast period
Based on geography, North America held the lion's share in 2018, generating nearly two-fifths of the global manufacturing predictive analytics market. North American countries are expected to implement manufacturing predictive analytics solutions at a high rate to perk up the production factories operational efficiency in IT infrastructure. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 24.6% till 2026. This is owing to the strong penetration of software-based services and rise in industrializations such as advent of Industry 4.0 in emerging economies such as China and India.
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Key market players-
- Bridgei2i Analytics Solutions
- Microsoft Corporation
- Cisco Systems
- Fair Isaac Corporation
- Alteryx Inc.
- SAS Institute Inc.
- IBM Corporation
- Tibco Software Inc.
- Oracle Corporation Inc.
- SAP SE
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SOURCE Allied Market Research