Market Research Future (MRFR) projects substantial gains for the manufacturing analytics market 2020 at a high rate between 2017 and 2027 (assessment period). We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
Impact Analysis on COVID-19
The COVID-19 analysis by MRFR suggests that the manufacturing analytics market can benefit from the high rate of digital transformation, rising investments in analytics combined with the surging demand for location data and remote services, and the mounting need for real-time data to monitor and track the spread of novel coronavirus. The long-term impact of COVID-19 can be significant revenue loss, with the short term impact resulting in closing down of various manufacturing plants in the face of the lockdown situation. However, experts remain hopeful as the manufacturing analytics market is presumed to remain resilient, in line with emerging opportunities induced by COVID-19.
Primary Boosters and Key Deterrents
With the increasing need to find COVID-19 breakthrough, the healthcare industry is facing massive pressure to provide prophylactic, PPE, anti-viral drugs and ventilators around the world. Healthcare institutes make extensive use of advanced technologies, like analytics, machine learning and artificial intelligence (AI) to assess the complex data generated during the pandemic COVID-19 to bring down the virus’s impact.
The demand for cloud-based manufacturing analytics solutions, considering their time-efficient features and affordability, has risen exponentially across enterprises that are in constant need for low cost solutions. The need for manufacturing analytics solutions has shot up in the food and beverages industry, as a result of rising expectations for better quality as well as quantity of products at minimum expense. This is viewed as an attractive opportunity for the renowned players in the manufacturing analytics industry.
Some of the well-known players in the worldwide market are IBM Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute (U.S.), Tibco Software (U.S.) and more. Post SARS-CoV-2, most of these vendors are more actively seeking innovative strategies such as partnerships, new product launches, mergers and acquisitions and collaborations to boost their offerings and their position in the manufacturing analytics market. To cite a reference, in May 2020, Tableau Software, a renowned analytics platform, launched Tableau 2020.2, which can deliver COVID-19 based data at county level, assess hospital data at an institution level and monitor data at date level, saving time while completing higher number of complex analysis. This can be quite relevant while evaluating the COVID-19 impact across the world.
For enhanced understanding, the global manufacturing analytics market has been segregated into 6 categories, namely component, deployment, application and vertical.
The market segmentation with respect to component comprises services as well as software.
Deployment-wise segments covered in the market study are on demand and on premise.
Application areas of manufacturing analytics include Inventory Management, Predictive Maintenance & Asset Management, Emergency Management, Energy Management, Supply Chain Planning & Procurement, Sales & Customer Management and others.
Verticals extensively deploying manufacturing analytics solutions and services include food & beverages, pharmaceuticals & life sciences, chemicals, automotive, aerospace, industrial, electronics, and more.
The regional study of the manufacturing analytics industry has been carried out across Europe, North America, APAC or Asia Pacific and RoW or Rest of the World.
North America can remain the most lucrative market in the following years, with the U.S and Canada expected to be the top-performing countries. The manufacturing analytics market in the region is thriving on the back of a huge number of renowned companies like Tableau Software, SAS Institute, Oracle Corporation, Tibco Software, Computer Science Corporation, Dell Statsoft and IBM Corporatio, to name a few. The U.S. market is observing noteworthy growth, thanks to the escalating demand for process optimization across enterprises. However, since the region is manufacturing-driven, the impact of SARS-CoV-2 has been quite significant on all the industries. For example, automobile giants like Ford, Fiat Chrysler and General Motors had to shut down their manufacturing plants to contain the spread of the pandemic.
With the fastest expansion rate, the APAC market can possibly benefit from the high uptake of Industrial IoT or IIoT, mounting need for process optimization, and growing investments in big data for manufacturing. Moreover, post COVID-19 outbreak, more and more enterprises have collaborated with specialists and professional service providers to achieve technical benefits as well as analytics capabilities that can help them build optimum operational framework. These kinds of collaborations and similar strategies can bolster the manufacturing analytics market in the region.
Some of the eminent contenders profiled in the market review include Wipro Limited (India), Oracle Corporation (U.S.), SAP SE (Germany), 1010Data (U.S.), Zensar Technologies Ltd. (India), Dell Statsoft (U.S.), Tibco Software (U.S.), Alteryx (U.S.), IBM Corporation (U.S.), Tableau Software (U.S.), Computer Science Corporation (U.S.), SAS Institute (U.S.), and more.
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