Manufacturing Analytics Market – Industry Insights
The manufacturing sector has developed at a dramatic rate over the past few years. It has been introduced to countless new changes and these have worked in the favor of this market. Owing to the development in the manufacturing sector, the global Manufacturing Analytics Market too has started gaining impetus. According to the research report published by MRFR (Market Research Future), this market will come across many growth opportunities during the forecast period of 2017-2027.
Manufacturing analytics can help in undertaking rule-based analysis to improve business process and production quality. By its employment users can thoroughly understand the entire manufacturing process. Ultimately this technology aids in enhancing, evaluating and employing the best practices for any manufacturing company.
At present, the manufacturing sector across the globe is under pressure to cut down on production costs and manufacturing analytics can help in doing that. Therefore, it is being speculated that the worldwide manufacturing analytics market will witness unprecedented growth during the projection period. Figuratively too, the future looks good for the market and the encouraging CAGR further confirms this fact.
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The usage of data-management strategies for several manufacturing applications has become commonplace these days. This is one of the many factors that contributes towards the growth of the market.
Additional factors that further positively influence market expansion can be listed as higher need for process optimization, sudden increase in structured and unstructured manufacturing data, rising business agility and scalability, adoption of Industrial internet of Things (IIoT) and lastly the switch from conventional BI methodologies to advanced analytics methods.
Market Segmentation
The worldwide manufacturing analytics market has been segmented into four equal divisions. Each of these divisions has a sub-segment of its own and they are listed as below:
By deployment model – On premise and on demand.
By type – Services and Software. The services segment is further branched out into professional and managed.
End users – Automotive and aerospace industries, pharma and life science industry, rubber manufacturing industries, electronics equipment industry, food and beverages, chemicals and materials, paper, pulp & plastic industry and machinery and industrial equipment manufacturing industries. Amongst these, electronics equipment industry leads the market with largest number of shares.
Applications – Inventory management, sales & customer support, predictive asset management, supply chain analysis, emergency and power & energy management. Out of these energy management sub-division is anticipated to grow at the fastest pace with a promising CAGR.
Industry News
March 21, 2018 – A market giant Imeptus Technologies recently announced that it has finally received its license and a multi-million dollar agreement for its product called StreamAnalytix. It is an application that has been specifically designed for manufacturing companies. The market is awaiting the launch of this product. This project is expected to benefit the market in an immense measure.
Market Players & Key Strategies
The industry is filled with skilled and reliable players, some of them are SAP SE, Computer Science Corporation, Alteryx, Inc., Zensar Technologies Ltd. and SAS Institute.
All of these players make constant efforts to improve their services by updating themselves with the changing industry standards and adapting to new technologies. Apart from they also employ various strategies like acquisitions, business expansion and investment in research and development activities.
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In-depth Geographical Analysis
The manufacturing analytics market has been successful in establishing its prominence on the global map. The areas where its presence is felt pre-dominantly can be listed as North America, Asia Pacific, Europe and Rest of the World.
After a careful analysis of all the regional growth trends, the research report by MRFR (Market Research Future) suggested that North America dominates this market. It owes its lead to the emergence of many new manufacturing companies in this region. Europe holds the second rank in terms of market share, whereas the Asia Pacific region too is expected to expand considerably during the forecast period.
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