The manufacturing analytics market is projected to register a CAGR of 24% during the forecast period (2020 - 2025). The application of analytics in various segments of the manufacturing process is increasing the demand for the manufacturing analytics market thereby minimize operational cost and streamlining the overall supply-chain logistics.
- The emergence of industrial internet of things (IIoT) along with increasing business agility and scalability has helped in the adoption of advanced data management strategies having surging demand for process optimization.
- Increasing multiple industry data sources across in-factory databases have increased the demand for big data analytics in the manufacturing sector, whereas complex operation and low return on investment from manufacturing analytics tools is hindering its market growth.
- Moreover, with the introduction of Industry 4.0, the production establishments took a step forward and implemented many IoT and IIoT solutions to get live feedback from factories and working environments.
Scope of the Report
Manufacturing analytics is used for gathering data from local or geographically distributed sources in the form of different data streams, that can be organized and structured to enable meaningful analysis. It helps in utilizing the existing production data by integrating and visualizing the data to further analyze it by using suitable data mining methods. Standalone manufacturing analytics solutions such as root-cause analysis, process debottleneck analysis, defect reduction initiatives among others, are considered under the scope of the market.
Key Market Trends
Automotive Sector is Expected to Grow at a Significant Rate
- The automotive industry is currently transitioning towards a more data-driven industry to avoid the costs associated with faulty assembly, over inventory stocking, and can plan for the maintenance of the assembly lines more accurately. It has all been possible due to the adoption of predictive analytics in the industry.
- With the emergence of industry IoT, a networked system, M2M communication the automotive industry is positioning itself towards industry 4.0 ready. Sensors, RFIDs, barcode readers, and robots are now standard in the industry’s manufacturing floor. These devices have increased the data generation points exponentially.
- Big data analytics, especially with the advancement of predictive analytics, is a growing at a tremendous rate and helps in centralizing the data across multiple sites so that the consistency of data is achieved during the manufacturing workflow across the automotive sector.
North America is Expected to be the Largest Market
- North America is the leading market due to increasing focus on innovations, as well as ongoing research, and development in manufacturing analytics technology for stable economic growth in the US and Canada.
- The early adoption of these tools among the manufacturing sector is an important factor behind the growth of the market in North America. With the significant presence of manufacturing sector especially heavy industries across the region is expected to be the front-runners in the growth of manufacturing analytics market.
- Moreover, the presence of some the prominent players of the manufacturing analytics market such as SAP SE, IBM Corporation, General Electric Company, TIBCO Software, among others across the North America region is driving the growth of the market during the forecast period.
The manufacturing analytics market is moderately competitive and consists of several players. In terms of market share, few of the major players currently dominate the market. Moreover, due to innovation across the cloud segment, most of the companies are increasing their market presence, thereby tapping customers across the subsequent markets.
- April 2019 - TIBCO Software Inc. announced that it has enhanced its collaboration with Singapore Polytechnic (SP) to expand data analytics and Internet of Things (IoT) knowledge in the region, supporting Singapore’s mission to nurture local entrepreneurs. As part of the collaboration, SP and TIBCO will expand the network of universities in Singapore, TIBCO’s regional hub, offering initiatives that both drive innovation and position these institutions to add economic value.
- April 2019 - Alteryx Inc. announced its new office opening in Tokyo. The new office will support the success of hundreds of current customers in the country, including Honda and Toyo Engineering, and growing demand for its end-to-end analytics and data science platform in the broader APAC market. This office opening is indicative of the company’s 96% Y-o-Y growth in international markets for the full year, which accounted for 29% of overall revenue in 2018.
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