Manufacturing analytics is mainly big data analytics structured particularly for manufacturing. It works with systems and factory data to address manufacturing-related difficulties. The manufacturing platform analyzes an extensive variety of data comprehensively to reveal connections between processes and issues that may not be generally evident. MarketsandMarkets forecasts the global manufacturing analytics market to grow to USD 8.45 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period. Major growth drivers of the manufacturing analytics market include the adoption of advanced data-management strategies across varied manufacturing applications, need for process optimization, emergence of industrial Internet of Things, increased business agility and scalability, and self-service access to centrally managed data.
Many organizations across various sectors have been utilizing big data analytics to enhance real-time and strategic decision-making. However, there are two specific aspects of the manufacturing industry that make big data analytics a perfect fit for it. Firstly, the growing market pressures, such as global rivalry, regulations, slender margins, and quickened design cycles, compel manufacturers to have the capacity to take quick data-driven decisions. Secondly, owing to rapid digitization, more data is being generated by systems, equipment, automation, and products than ever before, which requires thorough analysis. Thus, manufacturers are adopting big data analytics to gather valuable insights that would simplify and streamline the decision-making process in the industry.
Some of the major applications of manufacturing analytics include predictive maintenance & asset management, inventory management, supply chain planning & procurement, energy management, emergency management, and sales & customer management, and others. Energy management is expected to witness the highest CAGR during the period 2016-2021. Manufacturing analytics solutions are used widely by major manufacturing industry verticals globally, such as automotive & aerospace manufacturing, electronics equipment manufacturing, food & beverages manufacturing, chemicals & materials manufacturing, machinery & industrial equipment manufacturing, pharma & life sciences, paper, pulp, plastic & rubber manufacturing, and others for different business needs. Food and beverages manufacturing is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potential, and market forecast on the basis of type, service, deployment model, application, and industry verticals. The market is seeing a rapid growth in various emerging regions such as APAC, MEA, and Latin America. The North American region is expected to have the largest market share for the next five years, followed by Europe. APAC is expected to be the fastest-growing region in the manufacturing analytics market during the forecast period. Globally, manufacturing analytics adoption is increasing due to the growing demand of smart technologies in the APAC and Latin American regions. Companies such as IBM Corporation (U.S.), SAS Institute (U.S.), SAP SE (Germany), TIBCO Software (U.S.), and Tableau Software (U.S.) offer a competitive product portfolio across these regions.
