Big Data Analytics in Manufacturing Market Size to be Worth USD 11.03 Billion Growing at 33.1% CAGR till 2028
Increasing application of big data analytics in manufacturing industry for demand forecasting and growing demand for solutions for asset optimization
VANCOUVER, BRITISH COLUMBIA, CANADA, November 15, 2022 /EINPresswire.com/ — The global big data analytics in manufacturing market is expected to reach a market size of USD 11.03 Billion by 2028 and register a high revenue CAGR, according to latest analysis by Emergen Research. A key driving factor includes increasing application of big data analytics in manufacturing industry for demand forecasting. Increasing demand for asset optimization solutions is expected to further fuel growth of the global big data analytics in manufacturing market growth during the forecast period. Rising adoption of automation in manufacturing industry is also expected to propel global big data analytics in manufacturing market growth.
The high cost of big data analytics solutions is expected to hamper growth of the global big data analytics in manufacturing market to a certain extent during the forecast period.
The report studies the factors influencing the growth of the industry in the global market and offers accurate predictions about the growth pattern. The report pays special attention to the key elements of the market, such as drivers, restraints, opportunities, threats, risks, limitations, and other aspects. The report covers a comprehensive analysis of the competitive landscape with a detailed analysis of the company profiles, product portfolio, and business expansion strategies.
Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
In the manufacturing sector, raw materials are transformed or components are put together to create completed goods that are prepared for sale in the market. Manufacturing businesses have extremely complex organisational structures that include numerous operational and business departments with a variety of roles and duties in order to ensure efficiency at every level. The shop floor, which is the production area of the manufacturing industries, has undergone significant transformation as a result of the fourth industrial revolution.
Process equipment equipped with several robots and digital tools is being introduced by businesses. This makes it feasible to automate the setting and control of operations, accelerating production while maintaining a high level of precision. Additionally, every day, huge amounts of data are produced, which may be gathered and analysed to improve process resilience and efficiency and create a technical cycle that uses less energy and material. Nevertheless, despite the potential advantages provided by the use of big data, many industrial organisations are only just beginning to use it.
Key Highlights of Report
Increasing adoption of big data analytics software for production forecasting and business performance measurement is driving revenue growth of the solution segment currently, which is expected to register a significantly high CAGR of 33.2% over the forecast period.
In terms of market share, the cloud-based segment is expected to lead among the other deployment segments in the global big data analytics in manufacturing market during the forecast period due to increasing implementation of cloud technology in manufacturing industry.
Increasing need to reduce the number of failures during production is expected to contribute to revenue growth of the predictive maintenance segment in the global big data analytics in manufacturing market during the forecast period.
Factors such as robust presence of domestic and international market players such as Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, and SAS Institute Inc., among others in countries in North America, are resulting in the market in the region accounting for comparatively larger revenue share than other regional markets.
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Performance improvements can result in significant productivity improvements even if they simply affect the margins because manufacturing profits wearily depend on optimising the value of assets. Similar to this, fewer asset failures can lessen inefficiencies and stop losses. Manufacturers focus on maintenance and continuously improve asset performance for these reasons.
Manufacturers may find enormous value in this data, but many are taken aback by its overwhelming amount. They can capture, purify, and analyse machine data with the aid of data analytics to gain insights that will help them perform better.
Emergen Research has segmented the global big data analytics in manufacturing market on the basis of component, deployment, application, and region.
Component Outlook (Revenue, USD Billion; 2021–2028)
Solution
Service
Deployment Outlook (Revenue, USD Billion; 2021–2028)
On-Premises
Cloud-Based
Application Outlook (Revenue, USD Billion; 2021–2028)
Predictive Quality
Predictive Maintenance
Anomaly Detection
Tool Life-cycle Optimization
Computer Vision
Supply Chain Management
Production Forecasting
Work Cell Optimization
Product Lifecycle Management (PLM)
Others
Regional Analysis:
The report sheds light on the region expected to dominate the big data analytics in manufacturing market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the big data analytics in manufacturing market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
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Leading Companies of the big data analytics in manufacturing Industry and Profiled in the Report are:
Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., Alteryx Inc., Fair Isaac Corporation, MicroStrategy Incorporated, and Angoss Software Corporation.
The report further sheds light on the competitive landscape of the Big Data Analytics in Manufacturing market to offer the readers an advantage over others. The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
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