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.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/manufacturing-analytics-market/requestsample
Factors Affecting the Growth of the Manufacturing Analytics Industry:
- Quality Control:
Maintaining high product quality is vital for manufacturers to meet the expectations of individuals and comply with regulations. Moreover, manufacturing analytics allows companies to monitor and control product quality effectively by analyzing data from various stages of the production process. Manufacturers can take immediate corrective actions to prevent non-conformities and reduce scrap, rework, and warranty claims by detecting defects, anomalies, or deviations in real time. Furthermore, analytics-driven quality control enables continuous process improvement, as insights gained from data analysis can inform corrective and preventive measures to address the root causes of quality issues.
- Rising Focus on Predictive Maintenance:
Predictive maintenance benefits in minimizing downtime, reducing maintenance costs, and prolonging the lifespan of equipment. In addition, manufacturing analytics enables predictive maintenance by leveraging machine learning (ML) algorithms to analyze historical data and detect patterns indicative of impending equipment failures. Besides this, companies can schedule maintenance activities proactively, optimize resource allocation, and avoid costly unplanned downtime by predicting maintenance needs before they occur. This not only improves equipment reliability and availability but also enhances overall operational efficiency and satisfaction of individuals.
- Operational Efficiency:
Manufacturers are increasingly focusing on operational efficiency to remain competitive in the evolving dynamic market. Additionally, manufacturing analytics plays a pivotal role by providing real-time insights into production processes, supply chain management, and equipment performance. Besides this, organizations can optimize workflows and reduce waste by analyzing data from various sources. This not only improves productivity but also lowers operational costs and enhances overall efficiency. Furthermore, manufacturers can quickly identify areas for improvement and implement targeted interventions with manufacturing analytics due to its ability to monitor key performance indicators (KPIs) in real time.
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, which can be accredited to its ability to optimize operations and enhance product quality.
By Deployment Model:
- Cloud-based
- On-premises
On-premises hold the biggest market share due to the increasing focus on data security.
By Application:
- Predictive Maintenance
- Inventory Management
- Supply Chain Optimization
- Others
Predictive maintenance accounts for the largest market share as it helps manufacturers avoid costly unplanned downtime by identifying potential equipment failures before they occur.
By Industry Vertical:
- Semiconductor and Electronics
- Energy and Power
- Pharmaceutical
- Automobile
- Heavy Metal and Machine Manufacturing
- Others
Automobile exhibits a clear dominance in the market on account of the rising adoption of industry 4.0 technologies.
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 a leading position in the manufacturing analytics market, which can be attributed to the presence of a highly developed manufacturing sector.
Global Manufacturing Analytics Market Trends:
Manufacturing analytics facilitates supply chain optimization by providing visibility into key metrics, such as inventory levels, supplier performance, and demand forecasts. Companies can identify inefficiencies, optimize inventory levels, and improve demand forecasting accuracy by analyzing data from across the supply chain. This enables them to reduce lead times, minimize stockouts, and enhance overall supply chain resilience. Moreover, analytics-driven supply chain optimization supports strategic decision-making, such as supplier selection, production planning, and logistics management.
Furthermore, technological advancements, such as big data, ML, and the Internet of Things (IoT), enable manufacturers to gather and analyze vast amounts of data from sensors, machines, and other sources to make data-driven decisions.
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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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